Global energy trading firm, Sing Fuels Pte. Ltd. (Sing Fuels) on Tuesday (7 June) said it is acquiring the assets of independent bunker-buying management service Prime’s Bunkersplus Services L.P (Prime’s Bunkers) based in Athens, Greece.
Headquartered in Singapore, Sing Fuels currently has operations in Singapore, South Africa, the United Arab Emirates, the United Kingdom, and the United States. The partnership is the first in the company’s 10-year history, providing it with a foothold into one of the largest shipping markets in the world and strengthening Sing Fuels’ position for further expansion in Europe.
The partnership is also the first step in Sing Fuels’ plans to build a global alliance of independent brokerage and trading partners, with deep knowledge and specialism in their respective markets, and working together to provide an alternative to larger global competitors.
Prime’s Bunkers, which was founded by Irene Notias in 2002, specialises in the Greek shipping market. It focuses on implementing cost-effective, intelligent bunker buying strategies with key decision makers, providing an effective alternative to local major market traders.
Following the deal, Prime’s Bunkers will continue its operation under the name of Sing Fuels Pte. Ltd. (Hellas) and additional investment will be made to increase the company’s current headcount, adding more traders, and broadening its service offering in Greece. Founder Irene Notias will continue to lead the business.
Vikash Dhanuka, Chief Executive, Sing Fuels, said, “We are thrilled to be joining forces with Prime’s Bunkers. Sing Fuels already had a presence in Greece since May21 with Panos Tsikleas coming on board. Irene and her team are well-connected in the Greek shipping market and as long-time associates, our companies share a similar ethos and vision. Bringing together the experience, knowledge and network of both teams will further strengthen our foothold into the local market. We are both deeply committed to operational excellence and believe there is room to capture more market share with our proactive approach and after service.”
He continued, “This partnership is this first of many others we hope to form as part of our strategy to build a global alliance of like-minded independent brokers and traders, who have deep specialisms in their markets, to work together to expand our market share.”
Irene Notias, Founder, Prime’s Bunkers, said, “This partnership is a natural next step for our business. Sing Fuels has been a trusted associate over many years, and we believe their team’s deep experience and resources will be valuable in helping us to scale our offering in Greece and the European region. We are excited about the possibilities of what a global alliance of like-minded partners can offer as this expands in the future. We look forward to working together to continue to raise service and operational excellence standards across our industry.”
Photo credit: Manifold Times
Published: 7 June, 2022
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