Business

Dan-Bunkering, Bunker Holding and CEO guilty of Syria sanctions violations; fined USD 5.17 million in total

Dan-Bunkering was fined USD 4.56 million; Bunker Holding received a USD 610,000 penalty while its CEO Keld R Demant faces a conditional prison sentence of four months in prison, according to court judgement.

Published

5 years ago

December 14, 2021

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Disclaimer: An online translation service was used in the production of the current editorial piece which is based from the Court of Odense’s judgement.

The Court in Odense on Tuesday (14 December) found Dan-Bunkering, Bunker Holding and its CEO guilty of sanctions violations where the parties negligently supplied a total of approximately 172,000 metric tonnes (mt) of jet fuel for use in Syria, according to the judgement seen by Manifold Times.

The violations specifically relate to eight trades of jet fuel that took place in the period between the period of February to May 2017.

Dan-Bunkering was found to had sold jet fuel to two Russian companies which were general agents for the Russian navy and conducted a total of 33 trades with deliveries to the eastern Mediterranean in the period between October 2015 to May 2017.

In all cases, the trades were concluded from Dan-Bunkering’s branch office in Kaliningrad, Russia.

A review of the trade documents, mails, unloading documents and AIS data proved the Russian companies, after receiving the jet fuel from Dan-Bunkering, had delivered the jet fuel in the Syrian port of Port Banias after which the jet fuel had been used by the Russian air force for military operations in Syria.

“The Court found that the deliveries objectively constituted infringements of EU sanctions,” stated the judgement.

Opinion of the judges at court

The majority of the judges found it was “overwhelmingly probable” that Dan-Bunkering must have realised the jet fuel would be used by the Russian military in Syria for all 33 trades, according to the judgement.

Further, since the trades were entered into by Russian employees at Dan-Bunkering’s branch office in Kaliningrad the staff must have been aware of the Russian intervention in Syria.

It was also emphasised the two Russian companies had not purchased jet fuel from Dan-Bunkering prior to October 2015; based on the amount of jet fuel delivered and on Dan-Bunkering’s knowledge that the two companies were general agents of the Russian fleet – the jet fuel should be used by the Russian military.

The minority at the court found that since one Russian company was sanctioned by the US authorities from September 2016, it was only after that date which Dan-Bunkering committed an intentional violation of EU sanctions.

The same group also agreed Dan-Bunkering negligently violated sanctions as the company should have realised the Russian companies supplied jet fuel for use in Syria which is in violation of EU sanctions.

Unanimously, the judges found Bunker Holding and Keld R. Demant to have contributed to a negligent violation of EU sanctions. Both should have stopped trading with the Russian company after the Danish Business Authority’s inquiry to Dan-Bunkering in December 2016, and after internal investigations by the group.

Prosecution and defence’s recommendations to the judge

The prosecution demanded Dan-Bunkering, Bunker Holding and its CEO be sentenced in accordance with the indictment.

They argued Dan-Bunkering should be fined DKK 319 million (USD 48.54 million) corresponding to approximately half of the amount for which jet fuel had been sold.

Bunker Holding should be fined DKK 81 million (USD 12.32 million) while its CEO Keld R. Demant should be punished with imprisonment for two years, according to principles related to the eight trades of jet fuel.

Lawyers representing the defendants maintained their claims of acquittal and argued a possible fine to the companies was to be calculated on the basis of the companies’ profits from the trades which amounted to less than 3%.

Court’s judgement

By the court’s judgment, Dan-Bunkering was fined DKK 30 million (USD 4.56 million), and Bunker Holding received a DKK 4 million (USD 610,000) fine.

Both fines are measured on the basis of the companies’ profits from the trades; the fine for Dan-Bunkering’s intentional violation of the rules is measured at approximately double the profit, while the fine for Bunker Holding’s negligent infringement is measured so that it roughly corresponds to the profit of the last eight trades of jet fuel.

CEO Keld R. Demant has been sentenced to four months in prison, which has been made conditional.

The court also emphasised, amongst other things, that Keld R. Demant is only punished for negligent violation of the sanctions.

In addition, Dan-Bunkering has confiscated the dividends from the traders which have been calculated by the court to be approximately DKK 15.65 million (USD 2.38 million).

Editor’s note: The judgement from the Court in Odense written in Danish can be found here.

Note: Earlier Manifold Times coverage regarding Bunker Holding/Dan-Bunkering’s alleged breaches of EU sanctions can be found below:

Photo credit: Sasun Bughdaryan on Unsplash
Published: 14 December, 2021

Winding up

Singapore: Notice of intended dividend issued for Xihe Holdings’ subsidiaries

Creditors will need to produce proofs of debt to liquidators of Da Xin Tankers and Nan Chiau Maritime by 5 August, according to Government Gazette notice.

Published

31 minutes ago

July 23, 2026

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Two notices to declare the intended dividend of Xihe Holdings’ subsidiaries to their creditors have been posted on the Government Gazette on Wednesday (22 July).

The subsidiaries are Da Xin Tankers Pte Ltd and Nan Chiau Maritime Pte Ltd.

The following are the details of the notices of intended dividend:

Name of Company : Da Xin Tankers (Pte) Ltd (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 198400895W
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Last Day for Receiving Proofs : 5 August 2026 at 5:00 pm by email to [email protected]
Name of Liquidators : Paresh Tribhovan Jotangia and Ho May Kee
Address : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960

Name of Company : Nan Chiau Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No.: 200814296Z
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Last Day for Receiving Proofs : 5 August 2026 at 5:00 pm by email to [email protected]
Name of Liquidators : Paresh Tribhovan Jotangia and Ho May Kee
Address : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960

Photo credit: steve pb from Pixabay
Published: 23 July, 2026

Biofuel

South Korea: S-Oil launches B30-VLSFO bio bunker fuel supply

Company says it has established an integrated operating system in the Ulsan region covering the entire value chain, from feedstock procurement and blending to supply.

Published

33 minutes ago

July 23, 2026

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South Korea: S-Oil launches B30-VLSFO bio bunker fuel supply

South Korean petroleum and refining company S-Oil on Wednesday (22 July) said it has started supplying B30 very low sulphur fuel oil (VLSFO), as the company seeks to support shipping’s decarbonisation efforts and growing demand for lower-carbon bunker fuels.

The company said its B30 VLSFO contains 30% sustainable biofuel blended with conventional VLSFO and can be used without requiring modifications to existing vessels, enabling shipowners to comply more readily with emissions regulations from the International Maritime Organization (IMO) and the European Union (EU).

S-Oil said it has established an integrated operating system in the Ulsan region covering the entire value chain, from feedstock procurement and blending to supply. The system combines VLSFO produced at its Onsan refinery with biofuel production facilities and storage infrastructure in the Ulsan region, allowing the entire process to be carried out within a single logistics hub.

According to the company, the integrated supply chain reduces transportation requirements during production while improving supply efficiency and reliability.

S-Oil also highlighted Ulsan Port as a strategic location for marine biofuel supply, noting the port has strong demand for bio-bunker fuels, particularly from car carriers, enabling prompt and stable deliveries to key customers.

An S-Oil official stated: “In the bio-marine fuel market, not only product quality but also securing a stable supply of raw materials and an efficient supply system are important competitive advantages.

“Based on our existing bunkering business capabilities and the excellent supply infrastructure in the Onsan area, we plan to supply stable and competitive low-carbon fuel.”

Photo credit: S-Oil
Published: 23 July, 2026

Decarbonisation

Yang Ming and PSA to develop integrated sea-land decarbonisation solutions

Both will explore solutions spanning emissions measurement and verification, a digital Book-and-Claim framework, and a joint maritime-land inset token package.

Published

35 minutes ago

July 23, 2026

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Yang Ming and PSA to develop integrated sea-land decarbonisation solutions

PSA International (PSA) on Monday (20 July) said it has signed a Memorandum of Understanding (MoU) with Yang Ming Marine Transport Corporation (Yang Ming) to jointly accelerate the adoption of low-carbon solutions across the maritime value chain.

Beyond emissions measurement and verification, the collaboration will focus on a digital Book-and-Claim framework and a joint maritime-land based inset token package.

“This synergy provides cargo stakeholders with a transparent and accountable sea-land pathway to achieve their decarbonisation targets,” PSA said on its website.

Yang Ming launched the green transport service, EcoSea+. This initiative integrates Yang Ming’s low-carbon navigation capabilities to empower customers with a flexible and transparent strategy to effectively reduce their Scope 3 transportation emissions. By joining forces with PSA, Yang Ming is able to expand the impact of these sustainability actions beyond the ocean.

Building on its position as a global port operator, PSA advances its Node to Network strategy through integrated port and supply chain capabilities that enable a green network of terminal and landside operations to reduce end-to-end supply chain emissions.

The agreement was officially signed by Mr Ivan Chiang, Chief Logistics Officer & Senior Vice President of Yang Ming, and Mr Eddy Ng, Group Head of Operations, Technology and Sustainability of PSA International.

Mr Ong Kim Pong, PSA International Group CEO, said, “As responsible stewards of tomorrow, PSA is committed to delivering sustainable impact across the global port and supply chain ecosystem.

“Tackling the challenges arising from climate change will require the collective efforts of all players in the maritime supply chain sector. We are excited to partner Yang Ming on the decarbonisation of global supply chains and support the transition towards a more sustainable global economy.”

Photo credit: PSA International
Published: 23 July, 2026