Ghost Terminals: How Two Phantom Tank Storage Companies Targeted a Global Commodities Firm

A months-long investigation by Real News Online has uncovered two companies presenting fabricated petroleum storage contracts to commodity supply firms — while operating from addresses that belong to others, listing infrastructure that does not exist, and collecting fees for services that cannot be verified.

SYDNEY / DUBAI / ROTTERDAM / MANILA — April 14, 2026                                                                                                                                     

By the RNO Investigations Desk | Real News Online | realnewsonline.org                                                                                                                                             

Two companies presenting themselves as legitimate petroleum terminal operators in the United Arab Emirates and the Netherlands have been found to  be                             fabrications      —           entities          with stolen                    addresses,         nonexistent infrastructure, and documents riddled with indicators of coordinated fraud, a Real News Online investigation has found.

The two firms — Kelder Walt Ltd and Terneuzen Terminal BV — were introduced to SGL, an Asia-Pacific commodity supply firm, by an Australian and Dubai-based intermediary as proof of storage capacity for a proposed Ultra Low Sulphur Diesel transaction. The product described in the agreements would, at current market rates, be valued at between $270 million and $330 million. [Source 15]

Neither Kelder Walt Ltd nor Terneuzen Terminal BV can be found in any port authority directory [Source 5], any national chamber of commerce register [Source 7], or any trade publication reviewed during this investigation. Both claim the Port of Fujairah as an operational base. Neither appears in any Fujairah port authority record. [Source 6]

© 2026 Real News Online | realnewsonline.org | RNO Investigations Desk | Part One of Three

NOTE: This is Part One of a three-part series. Part Two examines the documents themselves in forensic detail. Part Three investigates the broader networks connecting these entities to other known fraud operations.

A storage agreement without any storage

The primary agreement reviewed by Real News Online — bearing reference number KWFJ73D1724909-EN, dated October 22, 2025 — names Kelder Walt Ltd as the terminal operator at the Port of Fujairah. A forensic review identified 21 distinct indicators that the document is not what it purports to be. [Source 14]

A Tank Storage Agreement has one non-negotiable requirement: it must identify the tanks. By registration number. At a named terminal. With independently verified capacity figures. The Kelder Walt agreement lists all tank numbers throughout the body of the document as “TBA” — to be advised. The terminal name in the agreement’s annexures is also listed as “TBA.”

A Tank Storage Agreement in which the tanks are to be advised is not a storage agreement. It is a piece of paper.

The contract names three operational staff — a logistics manager, a logistics coordinator, and a health and safety supervisor. All three share an identical telephone number. Its refund clause references four ports — Houston, Singapore, Fujairah, and Rotterdam — in a document ostensibly specific to Fujairah. The only coherent explanation is that the clause was copied directly from                a     master     template      used     simultaneously                across             multiple      fraud operations. [Source 14]

Whatever its failings as proof of infrastructure, the contract is precise about payment: a $25,000 monthly retainer payable in advance before any tank is inspected or any product purchased, and a minimum monthly invoice of $38,000 regardless of throughput. The operator’s liability for the storage it claims to be providing is capped at $1 million — against a contract purporting to cover product worth up to $330 million. The financial exposure runs in one direction only.

Kelder Walt Ltd: A Covent Garden address built on air

Kelder Walt Ltd presents itself as a petroleum storage operator registered in the United Kingdom and the Netherlands. Its listed London address — 75 Shelton Street, Covent Garden — is among the most widely exploited virtual office addresses in Britain, used by thousands of companies with no physical presence and a documented history in UK fraud investigations. [Source 8]

Its Dutch address, in the Waalhaven port zone of Rotterdam, cannot be verified. Legitimate terminal operators in Rotterdam appear in the Port of Rotterdam Authority’s published directory. [Source 5] Kelder Walt does not.

© 2026 Real News Online | realnewsonline.org | RNO Investigations Desk | Part One of Three

Kelder Walt Ltd is listed on the official fraud blacklist maintained by FERM Rotterdam (ferm-rotterdam.nl), the security authority for the Port of Rotterdam. [Source 4]

Terneuzen Terminal BV: A real address, a fake tenant

The second entity — presenting itself as Terneuzen Terminal BV via the website terneuzenterminal.com — has also been formally blacklisted by FERM Rotterdam. [Source 4]

The terminal lists its address as Finlandweg 17, Terneuzen, Netherlands — a real address. It belongs to Packaging Terminal Terneuzen, a legitimate subsidiary of Verbrugge International (verbrugge.nl), a Dutch stevedoring company with a history going back to 1958. [Source 9] The real tenant has no connection to Terneuzen Terminal BV and no knowledge of any entity using that name from their premises.

The deception is precise: a counterparty checking the address finds a real industrial facility at a genuine Dutch port location. The fraud is only exposed when someone actually calls the building.

The fraudulent website also references Torrance Logistics as a preferred partner — a name borrowed without authorisation from the real Torrance Logistics, now operating under PBF Energy (pbfenergy.com). [Source 10] ScamAdviser, evaluating terneuzenterminal.com across 40 technical data points, found it flagged as malicious by DNSFilter in the 30 days before this report’s publication. [Sources 11, 12] The site’s SSL certificate was expired. Its server infrastructure is shared with other known fraudulent websites. [Source 13]

Months of questions. No answers.

SGL’s executive vice president, identified in this report as Mr. Salcedo, understood from the outset what Tank Storage Agreements are supposed to represent: a buyer’s commitment in infrastructure, proof that physical storage is reserved and ready to receive product when a transaction closes.

When the agreements did not hold up to scrutiny, Mr. Salcedo did not walk away. He pressed. He documented. He raised discrepancies through every available channel, including through a representative — identified as Mr. Joseph — who had been appointed by the Australian and Dubai-based intermediary to liaise with SGL. When Mr. Salcedo’s questions passed through that intermediary, they reached the firm’s principals. Over months of careful, documented inquiry, no satisfactory response was provided. [Source 3]

This investigation is ongoing. Parts Two and Three of this series will examine the documents in forensic detail and trace the broader networks connecting

© 2026 Real News Online | realnewsonline.org | RNO Investigations Desk | Part One of Three

these entities to other known fraud operations across the global commodity supply chain.

INDUSTRY ALERT: If you have been presented with a Tank Storage Agreement related to Kelder Walt Ltd or Terneuzen Terminal BV: verify the terminal operator directly with the relevant port authority before taking any further steps. Preserve all correspondence and documentation. Report concerns to FERM Rotterdam at ferm-rotterdam.nl and to your national financial crimes authority. Consult legal counsel immediately if any financial commitment has already been made.

Sources & References

All sources consulted during the reporting of Part One of this investigation. Primary documents are held by the RNO Investigations Desk and available to credentialed journalists and law enforcement upon request.

PRIMARY DOCUMENTS                                                                                                                                                     

01 Tank Storage Agreement — Kelder Walt Ltd [Primary Document]

Reference No. KWFJ73D1724909-EN, dated October 22, 2025. Purported petroleum storage agreement naming the Port of Fujairah as the operational location. Reviewed in full by the RNO Investigations Desk. Original held on file.

02 Tank Storage Agreement — Terneuzen Terminal BV [Primary Document]

Companion agreement also presented to SGL as proof of storage capacity. Reviewed in full by the RNO Investigations Desk. Original held on file.

03 Correspondence between SGL (Mr. Salcedo) and intermediary (Mr. Joseph) [Primary Document]

Multi-month documented exchange of queries, responses, and escalations regarding the validity of both Tank Storage Agreements. Reviewed by the RNO Investigations Desk. Originals held on file.

OFFICIAL REGISTERS & PORT AUTHORITY RECORDS                                                                                                                                                           

04 FERM Rotterdam — Fraud Blacklist [Fraud Authority]

Official fraud prevention and security authority for the Port of Rotterdam. Blacklist entries confirmed for both Kelder Walt Ltd and Terneuzen Terminal BV.

ferm-rotterdam.nl

05 Port of Rotterdam Authority — Operator Directory [Official]

Published directory of licensed and verified terminal operators within the Port of Rotterdam. Neither Kelder Walt Ltd nor Terneuzen Terminal BV appears in this directory.

portofrotterdam.com

06 Port of Fujairah — Operator Records [Official]

Records of licensed terminal operators at the Port of Fujairah, UAE. Neither entity appears in any Fujairah port authority record.

fujairahport.ae

07 Dutch Chamber of Commerce (Kamer van Koophandel) — Company Register [Registry]

National business register of the Netherlands. Neither Kelder Walt Ltd nor Terneuzen Terminal BV appears in any KvK record.

kvk.nl

© 2026 Real News Online | realnewsonline.org | RNO Investigations Desk | Part One of Three

08 UK Companies House — Company Search [Registry]

UK national register of incorporated companies. Kelder Walt Ltd’s listed London address — 75 Shelton Street, Covent Garden — is a widely documented virtual office address with extensive use in UK fraud investigations.

find-and-update.company-information.service.gov.uk

CORPORATE & ADDRESS VERIFICATION                                                                                                                                                  

09 Verbrugge International — Corporate History & Subsidiary Records [Official]

Dutch stevedoring company established 1958, parent of Packaging Terminal Terneuzen. Confirmed no connection to or knowledge of Terneuzen Terminal BV operating from their Finlandweg 17, Terneuzen premises.

verbrugge.nl

10 PBF Energy / Torrance Logistics — Brand Verification [Official]

Confirmed that the Torrance Logistics name referenced on the Terneuzen Terminal BV website is the legitimate company now operating under PBF Energy. No authorisation was granted for its use.

pbfenergy.com

DIGITAL & TECHNICAL ANALYSIS                                                                                                                                                          

11 ScamAdviser — Domain Analysis: terneuzenterminal.com [Commercial Tool]

Evaluated terneuzenterminal.com across 40 technical data points. Site flagged as malicious by DNSFilter in the 30 days prior to publication. SSL certificate expired. Server infrastructure shared with other known fraudulent websites.

scamadviser.com

12 DNSFilter — Malicious Domain Flagging [Commercial Tool]

DNS-layer security platform. Flagged terneuzenterminal.com as malicious within the 30-day window before this report’s publication date.

dnsfilter.com

13 Server infrastructure cross–reference analysis [RNO Analysis]

Internal forensic review by the RNO Investigations Desk establishing shared server infrastructure between terneuzenterminal.com and other websites identified as fraudulent. Full technical findings to be published in Part Two.

14 Forensic document review — Kelder Walt Ltd Tank Storage Agreement [RNO Analysis]

Internal forensic analysis identifying 21 distinct indicators of document fabrication. Full findings to be published in Part Two of this series.

MARKET DATA                                                                                                                                                                    

15 Ultra Low Sulphur Diesel — Current Market Pricing [Market Data]

Prevailing spot market rates for ULSD, used to calculate the estimated value range ($270M–$330M) of the product volume described in the disputed agreements.

argusmedia.com / spglobal.com/platts

Editorial note: Real News Online contacted representatives of the Australian and Dubai-based intermediary firm, Kelder Walt Ltd, and Terneuzen Terminal BV prior to publication. No substantive response was received from any party. Primary documents, correspondence, and forensic analysis reports are held by the RNO Investigations Desk and are available to credentialed journalists, law enforcement agencies, and regulatory authorities upon verified request. Contact: investigations@realnewsonline.org