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Official: Bunker Holding, Keld R. Demant and Dan-Bunkering will not appeal verdict, says statement

Bunker Holding and Dan-Bunkering have decided not to appeal the city court ruling in the case where the companies were on trial for breaching EU sanctions against Syria, states USTC.

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Bunker Holding Group

A/S United Shipping & Trading Company, the parent firm of group company Bunker Holding A/S, on Wednesday (29 December) released a statement indicating its decision not to appeal the verdict against its entities which were indicted of having breached EU sanctions in Syria:

In the judgement that was delivered on December 14th in the city court of Odense, the court found that Dan-Bunkering’s Russian branch should have known that the company’s Russian clients would likely use the fuel in violation of EU sanctions against Syria. The court also found that Bunker Holding and its CEO had acted with unintentional negligence in regard to trades made in the spring of 2017. The court did not find that the companies had acted with direct intent to violate EU sanctions or that Bunker Holding and its CEO had acted intentionally to breach EU sanctions.

Bunker Holding, Keld R. Demant and Dan-Bunkering acknowledge the decision of the court and have decided not to appeal the verdict.

Putting an end to a complicated case

“Through the entire case the companies have expected to be acquitted so we are surprised by the verdict. However, we have decided not to appeal the ruling because we want to put an end to the case. From the outset we have taken the accusations very seriously and we accept the outcome of the legal proceedings”, says Klaus Nyborg, vice chairman of the board of directors at Bunker Holding.

This is a very complicated case, which is also reflected in the fact that the judges were not able to reach consensus on Dan-Bunkering’s level of intent.

The judgement shows that it is no longer sufficient to screen trades against direct counterparties. Rather it points out the need to check your customers counterparts, even including several links downstream, in order to control the usage of the product being sold.

Comprehensive compliance system and procedures

Bunker Holding has traded in oil products to global customers for more than 40 years and is today the world’s largest bunker company. Since the company was founded, Bunker Holding and subsidiaries have operated in accordance with international sanctions and continuously expanded its capabilities as the requirements for sanctions compliance have increased. In the latter years the development and expansion of the company’s compliance system and procedures have been intensified significantly and Bunker Holding’s compliance system is today regarded among the best in the shipping industry.

The system checks more than 100,000 trades per year against international sanctions lists and media information while using Big Data and artificial intelligence to follow sailing patterns and the use of AIS trackers. Based on this, the system flags specific trades and can stop trades if it identifies unusual trading and payment patterns.

Since 2017 Bunker Holding has strengthened and centralised its global compliance team to ensure that the group’s compliance procedures function optimally. Bunker Holding has also further expanded its internal compliance training program for all employees in the group. Everyone undergoes annual mandatory training and newly hired traders must complete intensive onboarding training when joining the company. The compliance department also conducts training tailored for the specific needs of local offices based on their trading patterns and customers.

In the verdict, which is the first sanctions case brought against the company in its more than 40-years history, none of the counterparties that Dan-Bunkering were involved with has ever been on the EU’s sanctions list. As a result, the verdict highlights how difficult it has become to navigate international sanctions and underlines the importance of continuously improving internal training, systems and monitoring.

Strong support from customers and business partners also after the verdict

Bunker Holding and Dan-Bunkering have experienced continued strong and unchanged support from customers, suppliers, banks, and credit insurance companies as well as confidence in the compliance system and procedures that Bunker Holding has built over the years. The group’s compliance set-up is regularly evaluated and validated by external, international experts in the field.

Full trust in CEO

Contrary to Bunker Holding’s expectations, CEO Keld R. Demant received a suspended sentence for acting with unintentional negligence. The court did not find that he had acted with direct intent or intentionally had acted in breach of EU sanctions. Keld R. Demant accepts the verdict and has decided not to appeal.

“Keld R. Demant has the full and unchanged support of the board of directors and the ownership and will continue as the CEO of Bunker Holding”, says Klaus Nyborg. Torben Østergaard-Nielsen, chairman of the board of directors at Bunker Holding and co-owner of the company, also expresses his full support of Keld R. Demant.

We must learn from this case

For Torben Østergaard-Nielsen it is crucial that everyone within Bunker Holding learns from the case.

“It is a core value for me and the entire Bunker Holding group that we act with decency in everything we do. I regard this entire case and the fact that the court reached the conclusion that EU sanctions have been breached with the utmost gravity. This case simply does not reflect the values or the culture that we stand for and that we are known for. It has obviously been a serious matter for Dan-Bunkering and Bunker Holding, but certainly also for me personally. Bunker Holding is the world’s largest bunker company, and as such we have an obligation to take the lead in compliance and set the highest standards for ourselves to ensure that the company at all times abides by all trade sanctions”, says Torben Østergaard-Nielsen.

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

Related: Statement regarding the city court of Odense’s ruling against Dan-Bunkering, Bunker Holding and CEO
RelatedDan-Bunkering, Bunker Holding and CEO guilty of Syria sanctions violations; fined USD 5.17 million in total
RelatedDan-Bunkering trial: Defence lawyer pleads for full acquittal of clients in court
RelatedDan-Bunkering trial: Court denies request sending case to European Court of Justice
RelatedDan-Bunkering trial: Denmark also bombed Syria, confirms defence counsel
Related: Dan-Bunkering trial: Prosecutors question Bunker Holding CEO Keld Demant
Related: Dan-Bunkering trial: Prosecution examines revealing email to Group Directors
Related: Dan-Bunkering trial: Hearing resumes after accusation of impartiality
RelatedDan-Bunkering trial: Hearing temporarily suspended due to impartiality
Related: Prominent prosecutor to lead spectacular lawsuit against Dan-Bunkering
RelatedBunker Holding:  ‘No signs’ in alleged breach of EU sanctions post internal investigation
Related: Experts: Bunker Holding alleged jet fuel sale significant to outcome of Syrian War
Related: Bunker Holding ‘surprised’ at fuel sale charge; maintains ‘full confidence’ in Group CEO
Related: Danish prosecutor proposes jail sentence for Bunker Holding Group CEO over jet fuel sale
Related: Bunker Holding & Dan Bunkering allegedly charged over EU sanctions violations
Related: Dan Bunkering ‘surprised’ SØIK has pressed charges over alleged EU sanction violations
Related: Dan-Bunkering: Everything has been investigated – the case should be closed
Related: Name ban on parties involved with Dan-Bunkering Syrian jet fuel deal lifted
Related: Dan-Bunkering Middelfart office searched by commercial crimes police
Related: Firm linked to alleged Dan-Bunkering Syrian war activities under sanction
Related: Update: Dan-Bunkering Syria jet fuel supply ops allegedly longer than thought
Related: Dan-Bunkering faces preliminary charges by SOIK with violation of EU Syria sanctions
Related: Investigations on Dan-Bunkering over alleged Syrian jet fuel deal start
Related: Danske Bank casts doubts on Dan-Bunkering reason for Syria investigation
Related: Danske Bank reported Dan-Bunkering to police in EU sanctions case
Related: Bunker company acknowledges flawed statement in EU sanctions case
Related: Unioil Supply dragged into Dan-Bunkering sanctions allegations
Related: Dan-Bunkering has not violated EU’s sanctions against Syria, it insists
Related: Nordea highlights stance on compliance after Dan-Bunkering discovery
Related: Danish media alleges Dan-Bunkering jet fuel deliveries during Syria war

 

Photo credit: Bunker Holding
Published: 29 December, 2021

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Winding up

Singapore: High Court to hear Norvic Shipping Asia winding up application on 31 July

Application for the winding up of Norvic Shipping Asia Pte Ltd was filed by Netherlands-registered Mur Shipping BV on 8 April, according to Government Gazette notice.

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RESIZED singapore high court

An application for the winding up of Norvic Shipping Asia Pte Ltd was filed by Netherlands-registered Mur Shipping BV on 8 April, according to a Tuesday (21 July) notice on the Government Gazette.

It noted the winding up application is directed to be heard before the Judge sitting in the General Division of the High Court at 10am on 31 July.

Any creditor or contributory of the company desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose.

A copy of the winding up application will be furnished to any creditor or contributory of the company requiring the copy of the winding up application by the solicitors of the applicant’s, Oon & Bazul LLC, on payment of the regulated charge for the same.

The Applicant’s address is Hiridostraat 5, Gebouw Prismatrium, 1101CW Amsterdam, The Netherlands.

The Applicant’s solicitors are Oon & Bazul LLC of 103 Penang Rd, #04-04/05/06 Singapore 238467. 

Queries on the winding up application may be directed to the following email addresses: [email protected] and [email protected].

 

Photo credit: Manifold Times
Published: 22 July, 2026

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Methanol

World Fuel and partners complete first green methanol bunkering of car carrier in Shanghai

Operation involved the delivery of approximately 2,800 MT of green methanol to “Arctic Tern” via a ship-to-ship transfer using SIPG Energy’s dedicated methanol bunkering vessel “M/V Hai Gang Zhi Yuan”.

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World Fuel and partners complete first green methanol bunkering of car carrier in Shanghai

Marine fuel provider World Fuel on Tuesday (21 July) said it successfully completed the first green methanol bunkering of M/V Arctic Tern, with EUKOR Car Carriers and SIPG Energy at the Port of Shanghai. 

Arctic Tern is the first vessel in the new Shaper Class series of car carriers. 

The operation involved the delivery of approximately 2,800 MT of green methanol to Arctic Tern via a ship-to-ship transfer using SIPG Energy’s dedicated methanol bunkering vessel M/V Hai Gang Zhi Yuan, the largest vessel of its kind in operation. 

The bunkering operation was carried out at Haitong Terminal, Waigaoqiao Port Area, Shanghai Port, with cargo handling operations conducted simultaneously during bunkering.

This marks EUKOR Car Carriers’ first green methanol operation and the first time Arctic Tern has bunkered methanol since its delivery on 9 July. The operation marked the first bunkering at Shanghai Port of green methanol produced locally in Shanghai for an international PCTC operator. 

It also demonstrated the city’s integrated green methanol value chain, spanning local production, storage and bunkering, and established a replicable “Shanghai Model” for green methanol supply.

World Fuel arranged the supply and delivery of the fuel on behalf of EUKOR Car Carriers, working with SIPG Energy as the physical supplier at the Port of Shanghai.

The green methanol supplied was produced from municipal solid waste, ISCC-EU certified, and had a carbon intensity value below 25 gCO₂e/MJ.

Arctic Tern is the first of fourteen Shaper Class vessels ordered by Wallenius Wilhelmsen. With a capacity of 9,300 car equivalent units and methanol dual-fuel capability, the vessel will be operated by EUKOR Car Carriers, jointly owned by Wallenius Wilhelmsen and Hyundai Motor Group. Following her first green methanol bunkering, Arctic Tern will continue her maiden voyage from Asia to Europe.

Xavier Leroi, COO Shipping Services at Wallenius Wilhelmsen and CEO of EUKOR Car Carriers, said: “Completing Arctic Tern’s first green methanol bunkering shortly after delivery is a significant milestone towards our decarbonisation ambition for both EUKOR Car Carriers and Wallenius Wilhelmsen. It demonstrates how investments in next-generation vessel technology and fuel flexibility are being translated into real-world operations. 

“This achievement reflects the strong collaboration between all parties involved. Together, we have shown how partnerships across the maritime value chain can help make lower-emission fuels available and operationally viable at scale.”

Mark Tamsitt, SVP Global Marine Sales at World Fuel, said, “The first bunkering event with a new fuel is a significant moment for any shipowner, and our role is to make it as seamless as possible. By connecting EUKOR Car Carriers with SIPG Energy’s proven green methanol capability at the Port of Shanghai, we were able to deliver on reliable supply, fuel quality, and safe processes. As more of our customers bring methanol dual-fuel tonnage into service, we are committed to being the partner that makes these kinds of operations routine.”

Mr. Zhang Da, General Manager of SIPG Energy, said, “Welcoming Arctic Tern to the Port of Shanghai for her first green methanol bunkering demonstrates the strength and maturity of our supply capability. Building on our well-established methanol ship-to-ship bunkering services for container vessels, we have already extended such services to pure car and truck carriers (PCTCs). This bunkering sets a new record for the largest single SIMOPs green methanol bunkering for PCTCs in China, marking another step in building Shanghai’s position as a global green energy hub for international shipping.”

This operation follows Wallenius Wilhelmsen’s announcement on 9 July that Arctic Tern would complete her first methanol bunkering shortly after delivery. The vessel entered service on routes between Asia and Europe immediately following handover from China Merchants Jinling Shipyard in Nanjing.

 

Photo credit: World Fuel
Published: 22 July, 2026

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Ammonia

HPA and MB Energy develop safety concept for STS ammonia bunkering

HPA says the Port of Hamburg will become “bunker ready” for ammonia, laying the groundwork for safe and reliable ammonia bunkering in the future.

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HPA and MB Energy develop safety concept for STS ammonia bunkering

The Hamburg Port Authority (HPA) and integrated energy company MB Energy on Tuesday (21 July) said they have completed a comprehensive risk analysis and developed a dedicated safety concept for ship-to-ship ammonia bunkering.

MB Energy said the analysis lays the groundwork for the safe introduction of ammonia as a future marine fuel.

“With our planned ammonia import terminal in Hamburg-Blumensand, MB Energy intends to provide the reliable land side supply infrastructure needed to support this transition across northern German ports,” it said in a social media post. 

Mabanaft Group was renamed to MB Energy last year and merged over 50 existing brands under one identity. 

Separately, HPA said the Port of Hamburg will become “bunker ready” for ammonia, laying the groundwork for safe and reliable ammonia bunkering in the future.

“The focus is in particular on container ships, cruise ships as well as RoRo and ConRo (Container/RoRo) ships,” it said. 

“We expect ammonia to establish itself as an alternative marine marine fuel in the coming years. With our preparatory work, we are already creating the conditions to welcome the first ammonia-powered ships in Hamburg and to bunker them safely.:

HPA added that the import terminal for ammonia planned by MB Energy from 2029 will make a decisive contribution to ensuring the reliable availability of ammonia as a bunker fuel in northern German ports in the long term. 

“The use of an ammonia bunker barge is considered a possible addition to the landside infrastructure to enable ship bunkering in the port and beyond in the future,” it said.

Related: Mabanaft Group renames as MB Energy, merging over 50 brands under one identity

 

Photo credit: Hamburg Port Authority
Published: 22 July, 2026

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