More Than Half of Mercuria’s South Korean Bunker Traders Jump Ship

SINGAPORE, March 12 (Reuters) – More than half of a South Korea-based marine gas buying and selling workforce taken on by Swiss buying and selling home Mercuria following the collapse of OW Bunker has left after simply over three months, two buying and selling sources mentioned on Thursday.

The 9 merchants who’ve left at the moment are in talks to hitch World Fuel Services, the biggest marine gas dealer in South Korea after OW Bunker’s chapter, the sources conversant in the matter mentioned.

Despite the dent in its South Korean workforce’s energy, Mercuria mentioned it deliberate to proceed increasing its marine gas enterprise, Minerva, with extra hirings.

“We will recruit 20 to 40 specialists in Asia this year. We will continue to build and put support behind our South Korea, Singapore and Japan offices. We are also committed to expand in the United States, China and Europe,” its spokesman mentioned on Thursday.

WFS couldn’t instantly be reached for remark.

Mercuria absorbed almost 40 individuals from OW Bunker, which had managed round 7 p.c of the worldwide delivery gas market, together with 15 employees in South Korea and a workforce in Singapore because it regarded to beef up its marine gas, or bunker gas, enterprise.

The groups joined Mercuria’s stand-alone unit Minerva, which specialises in marine gas, however 9 of the South Korea workers had now left, the sources mentioned.

They included supervisor Joon Kim and 5 senior merchants overseeing the South Korea, Japan and Chinese markets.

Kim was anticipated to be joined by three administrative employees, one of many sources added.

OW Bunker filed for chapter in Denmark in November after revealing losses of at the least $125 million.

South Korea sells as much as 600,000 tonnes of marine gas a month, a couple of fifth of month-to-month gross sales in Singapore, the world’s prime bunkering hub. (Reporting by Jane Xie; Editing by Richard Pullin and Mark Potter)