Business

Diamond S expects IMO 2020 to be ‘super positive for our business’

Demand for medium and heavy crudes, crude oil to increase due to more production of distillate products.

Published

7 years ago

May 15, 2019

Admin

Crude and product tanker owner and operator Diamond S Shipping believes IMO 2020 to be a positive development for its sector.

“I guess the most talked about issue in the industry over the last two years has been IMO 2020 and going from 3.5% sulphur fuel to 0.5%. It's a very significant event for the industry, and it's super positive for our business,” said Chief Executive Officer Craig H Stevenson Jr in a recent earnings call.

“Demand for medium and heavy crudes, crude oil, is stronger, because it will yield more distillate products. That's what's needed to produce the compliant fuel. This will continue to drive ton miles given the disconnect between these oils and the location of complex refineries.

“About 3 to 4 million barrels a day of high sulfur fuels will be displaced by this light oil or even gas/oil blends. Refineries are expected to change their feedstock slates in order to supply this compliant fuel.”

Stevenson Jr notes the shipping industry to be also investing in scrubbers in anticipation of a cost advantage over vessels that buy compliant fuel.

“Today about 16% of the tanker fleet is investing in scrubbers. Diamond S is a participant in this. We have five scrubber contracts, and we're gonna evaluate two others,” he said.

“And we expect in the second half of 2019 we'll see scrubber tonnage going offline to install these systems, creating the opportunity for the shipping market to capture stronger returns.”

Diamond S posted net loss of $1.0 million during the first quarter (Q1) of 2019, significantly lesser than loss of $13.7 million during the similar quarter last year.

The company successfully completed a merger with the tanker business of Capital Product Partners L.P. on 27 March, creating a publicly traded, large scale company with 68 crude and product carriers with an estimated gross vessel asset value of over $1.6 billion as of April 2019.

“The merger of Diamond S with the tanker fleet of Capital Product Partners has created one of the leading publicly traded tanker operators in the world,” notes Stevenson Jr.

“We are hard at work finalizing the integration of the two fleets. We believe the combination of our two platforms will drive operating and overhead efficiencies that will result in significant cost savings.

“Our emergence in the public markets could not come at a better time as we believe the broader tanker market is entering a multi-year up cycle driven by restrained vessel supply growth, steady demand improvement and the massive industry changes to come as a result of marine fuel sulphur regulations.”

Published: 15 May, 2019

Winding up

Singapore: Notice of intended dividend issued for Xihe Holdings’ subsidiaries

Creditors will need to produce proofs of debt to liquidators of Da Xin Tankers and Nan Chiau Maritime by 5 August, according to Government Gazette notice.

Published

9 hours ago

July 23, 2026

Admin

Two notices to declare the intended dividend of Xihe Holdings’ subsidiaries to their creditors have been posted on the Government Gazette on Wednesday (22 July).

The subsidiaries are Da Xin Tankers Pte Ltd and Nan Chiau Maritime Pte Ltd.

The following are the details of the notices of intended dividend:

Name of Company : Da Xin Tankers (Pte) Ltd (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 198400895W
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Last Day for Receiving Proofs : 5 August 2026 at 5:00 pm by email to [email protected]
Name of Liquidators : Paresh Tribhovan Jotangia and Ho May Kee
Address : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960

Name of Company : Nan Chiau Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No.: 200814296Z
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Last Day for Receiving Proofs : 5 August 2026 at 5:00 pm by email to [email protected]
Name of Liquidators : Paresh Tribhovan Jotangia and Ho May Kee
Address : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960

Photo credit: steve pb from Pixabay
Published: 23 July, 2026

Biofuel

South Korea: S-Oil launches B30-VLSFO bio bunker fuel supply

Company says it has established an integrated operating system in the Ulsan region covering the entire value chain, from feedstock procurement and blending to supply.

Published

9 hours ago

July 23, 2026

Admin

South Korea: S-Oil launches B30-VLSFO bio bunker fuel supply

South Korean petroleum and refining company S-Oil on Wednesday (22 July) said it has started supplying B30 very low sulphur fuel oil (VLSFO), as the company seeks to support shipping’s decarbonisation efforts and growing demand for lower-carbon bunker fuels.

The company said its B30 VLSFO contains 30% sustainable biofuel blended with conventional VLSFO and can be used without requiring modifications to existing vessels, enabling shipowners to comply more readily with emissions regulations from the International Maritime Organization (IMO) and the European Union (EU).

S-Oil said it has established an integrated operating system in the Ulsan region covering the entire value chain, from feedstock procurement and blending to supply. The system combines VLSFO produced at its Onsan refinery with biofuel production facilities and storage infrastructure in the Ulsan region, allowing the entire process to be carried out within a single logistics hub.

According to the company, the integrated supply chain reduces transportation requirements during production while improving supply efficiency and reliability.

S-Oil also highlighted Ulsan Port as a strategic location for marine biofuel supply, noting the port has strong demand for bio-bunker fuels, particularly from car carriers, enabling prompt and stable deliveries to key customers.

An S-Oil official stated: “In the bio-marine fuel market, not only product quality but also securing a stable supply of raw materials and an efficient supply system are important competitive advantages.

“Based on our existing bunkering business capabilities and the excellent supply infrastructure in the Onsan area, we plan to supply stable and competitive low-carbon fuel.”

Photo credit: S-Oil
Published: 23 July, 2026

Decarbonisation

Yang Ming and PSA to develop integrated sea-land decarbonisation solutions

Both will explore solutions spanning emissions measurement and verification, a digital Book-and-Claim framework, and a joint maritime-land inset token package.

Published

9 hours ago

July 23, 2026

Admin

Yang Ming and PSA to develop integrated sea-land decarbonisation solutions

PSA International (PSA) on Monday (20 July) said it has signed a Memorandum of Understanding (MoU) with Yang Ming Marine Transport Corporation (Yang Ming) to jointly accelerate the adoption of low-carbon solutions across the maritime value chain.

Beyond emissions measurement and verification, the collaboration will focus on a digital Book-and-Claim framework and a joint maritime-land based inset token package.

“This synergy provides cargo stakeholders with a transparent and accountable sea-land pathway to achieve their decarbonisation targets,” PSA said on its website.

Yang Ming launched the green transport service, EcoSea+. This initiative integrates Yang Ming’s low-carbon navigation capabilities to empower customers with a flexible and transparent strategy to effectively reduce their Scope 3 transportation emissions. By joining forces with PSA, Yang Ming is able to expand the impact of these sustainability actions beyond the ocean.

Building on its position as a global port operator, PSA advances its Node to Network strategy through integrated port and supply chain capabilities that enable a green network of terminal and landside operations to reduce end-to-end supply chain emissions.

The agreement was officially signed by Mr Ivan Chiang, Chief Logistics Officer & Senior Vice President of Yang Ming, and Mr Eddy Ng, Group Head of Operations, Technology and Sustainability of PSA International.

Mr Ong Kim Pong, PSA International Group CEO, said, “As responsible stewards of tomorrow, PSA is committed to delivering sustainable impact across the global port and supply chain ecosystem.

“Tackling the challenges arising from climate change will require the collective efforts of all players in the maritime supply chain sector. We are excited to partner Yang Ming on the decarbonisation of global supply chains and support the transition towards a more sustainable global economy.”

Photo credit: PSA International
Published: 23 July, 2026