SINGAPORE Fri Dec 5, 2014 12:23am EST
SINGAPORE Dec 5 (Reuters) - A Dubai-based venture half-owned by commodities trader Vitol SA has hired more than 10 ex-OW Bunker employees in China, showing how swiftly merchants are filling the vacuum left by the former top marine fuel supplier, China-based traders said on Friday.
The hiring spree by Cockett Marine Oil follows a similar move by Swiss trader, Mercuria, who has scooped up close to 20 ex-OW Bunker employees in South Korea and Japan.
OW Bunker, once the leading supplier of the marine fuel oil know as "bunker" with a 7 percent market share, filed for bankruptcy in Denmark in November after revealing losses of at least $125 million at one of its Singapore-based subsidiaries.
Cockett Marine's hiring will extend its reach in China, where total sales of bunker fuel amount to around 900,000 tonnes of bunker fuel a month. Dubai-based Cockett Marine currently sells about 30,000-50,000 tonnes a month in China, according to a China-based trader,
OW Bunker China, which had offices in Beijing and Shanghai, sold around 80,000-100,000 tonnes of shipping fuel a month in China, nearly 10 percent of the entire Chinese market.
Market sources said there were at least 10 traders in the China team, and that finance and operations staff have also been absorbed by Cockett Marine.
Besides seizing OW Bunker China's businesses, Cockett Marine is also looking to hire six to seven traders from OW Bunker's Singapore office, Singapore-based industry sources said.
Cockett Marine and Vitol declined to comment.
Cockett Marine is a 50-50 joint venture between Vitol and South Africa-based Grindrod Group which has businesses in logistics, shipping, and commodities. (Reporting By Jane Xie, with additional reporting by Jacob Gronholt-Pedersen in SINGAPORE and Dmitry Zhdannikov in LONDON; Editing by Tom Hogue)
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