When Germany's Bomin Bunker Oil Corp delivered fuel to a DryLog bulker at Balboa, Panama, in 2014, middleman OW Bunker was set to earn just $865 from a bill of more than $719,000.

But ING Bank, which took over OW's claims to unpaid bills when the Denmark-based fuel giant collapsed, has been pursuing payment for almost five years.

The Dutch bank and Bomin are squaring off in a US federal appeals court in New Orleans in one of the key remaining legal battles in the fallout from OW's collapse in 2014.