Connect with us

Business

SIBCON 2020: TR 48 reaps annual savings of at least SGD 80 million for bunkering sector

Case study found 66.3%-76.0% reduction in operation costs for bunker suppliers and shipowners in manpower savings and process efficiency.

Admin

Published

on

MFM on Marine Vicky

Editor: The following article was updated on 12 October (8pm Singapore time) to correct errors; the updated figures have been bold under the bullet points:

A case study on TR 48:2015 on Bunker Mass Flow Metering initiated by the Singapore Chemical Industry Council (on behalf of Enterprise Singapore) in April 2019 and successfully completed in February 2020 has found the standard to have improved productivity for bunkering at Singapore port.

The implementation of TR 48 resulted in annual potential net savings of between SGD 80.6 million to SGD 199.4 million for the bunkering ecosystem, including:

  • 66.3%-76.0% reduction in operation costs for bunker suppliers and shipowners in manpower savings and process efficiency.
  • 33.9%-25.6% fewer disputes between bunker suppliers and shipowners over the quantity of transferred fuel; and
  • 0.6%-2.3% increase in cost for bunker suppliers and MPA to verify the test results for mass flow meters and equipment maintenance respectively.

For bunker suppliers surveyed, it was reported that operational turnarounds have increased. A number surveyed also reported that crew could be involved in duties other than directly in the sounding of bunker tanks.

Overall cost savings for bunkering operations have reduced due to the reduction in the number of dispute resolutions as well as the time taken to resolve these resolutions account for the remainder. These are the key findings from a case study initiated by SDO@SCIC, on behalf of Enterprise Singapore and the Singapore Standards Council.

For crew management, some ship owner respondents reported that they had reduced their spot checks of their on-board fuel inventory. A number of added that inventory management had improved with the increased certainty in the quantity of bunkers received. They highlighted that the transparency arising from MPA’s strict implementation of TR 48 has increased their preference to purchase bunkers in Singapore

Data-handling benefits were seen by the Maritime and Port Authority of Singapore (MPA) which had reported significant time savings of up to 90% in the handling of bunkering data.

TR 48 has since been upgraded to a Singapore Standard, SS 648, which includes new requirements for distillate fuels and bunkers to meet IMO regulations.

TR 48 and SS 648 have since formed the basis for the development of two ISO standards on bunkering.

Led by Singapore, ISO 21562: Bunker Fuel Mass Flow Meters on Receiving Vessel – Requirements was published in July this year. ISO 22192: Bunkering of Marine Fuel Using the Coriolis Mass Flow Meter System is expected to be published by end of the year.

Comments from industry stakeholders

“The validation of the benefits of the TR 48 which was based on the ISO Methodology for the Economic benefits of standards has further strengthened Singapore’s position as a thought leader in bunkering industry standards. Though TR 48 has been revised to SS 648, there were no major changes for SS 648 so the benefits observed with TR 48 are not expected to be impacted when it replaces TR 48,” said Lee Wai Pong, Chairman, Working Committee for TR 48.

“The case study has demonstrated the transparency and system integrity that TR 48 has effected for the smooth and efficient running of bunkering operations, as well as bolstering the assurance of quantity ordered and delivered. Savings in time for bunkering processes and dispute resolution have also been experienced by a number of our members,” said Caroline Yang, President of the Singapore Shipping Association.

“The benefits of TR 48 validated through this case study would be useful when shared with the bunkering industry stakeholders outside of Singapore as the economic benefits as well as the improved efficiency, productivity and transparency demonstrated, will facilitate the implementation of the MFM system by countries who wish to adopt TR 48,” said Timothy Cosulich, CEO, Fratelli Cosulich Group and Chairman, IBIA Asia.

“The new TR 80: 2020 will further strengthen the supporting infrastructure for the MFM system while the new SS 660: 2020 will help in obtaining similar MFM system benefits further up the chain with both standards expected to assist the overseas bunkering industry as well.”

 

Photo credit: Manifold Times
Published: 7 October, 2020

Continue Reading

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Admin

Published

on

By

RESIZED Sora Shimazaki on Pexels

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July). 

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions. 

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Related: Singapore: Hin Leong Founder OK Lim gets jail term slashed to 13.5 years

 

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Continue Reading

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Admin

Published

on

By

RESIZED Drew Beamer

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

  • That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

  • that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
  • that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
  • that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd. 

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Related: Singapore: Director declares Heng Tong Fuels & Shipping’s inability to continue business
Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market

 

Photo credit: Drew Beamer
Published: 21 July, 2026

Continue Reading

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Admin

Published

on

By

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions. 

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post. 

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024. 

 

Photo credit: Pacific International Lines
Published: 21 July, 2026

Continue Reading

Trending