---

OW Bunker, one of the world’s largest suppliers and traders of marine fuel, has today announced the appointment of Kasper Kristensen as the new Financial Manager for OW Bunker Asia, effective from January 2010.

With responsibility for strategic financial planning and control, Mr Kristensen will work closely with OW Bunker Asia’s General Manager, Lars Møller to continue the growth that the company has realized in the region over the past few years.

Over the past few years OW Bunker has established an office in South Korea in 2007 and further developed its existing business operations in Singapore. The company also set up an Australian branch in 2008 in order to take advantage of growth opportunities in the Pacific Basin region.

"The growth in Asia, especially China, makes it a critical market for the shipping sector and an important area of focus for OW Bunker. All ship owners and operators are facing significant pressures from their customers to increase efficiencies, making it vital that they have timely access to quality products and services when and where they need them," OW Bunker said in a statement.

With bunker fuel accounting for over 50% of a vessel’s operating costs, OW Bunker says it is also continuing to strengthen its risk management division in the region, working consultatively with customers to implement effective strategies to lock in and control costs in order to maximise profits.

Prior to this appointment, Mr Kristensen worked as a financial controller for Wrist Group, the parent company of OW Bunker where he was responsible for the financial management of operations and activities in Germany and Chile, as well as the offshore markets in the Northern Atlantic, the Pacific and West Africa. He also holds a masters degree in business administration, accounting and control from Aarhus Business School.

Commenting on the appointment, Lars Møller, General Manager, OW Bunker Asia, said: “I am delighted to welcome Kasper to OW Bunker Asia. The Far East is a very important market for OW Bunker, where we have shown exponential growth over the past few years through controlled expansion into new regions as well as developing our presence in established markets.

"It is vital that we retain tight financial control and operational accountability as we look to continue this process, and I am confident, based on his track record and understanding of both the business and the industry, that Kasper will provide real value in helping to drive further growth and development.”