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IBIA Convention 2020: Session summary of the APAC – Bunker Suppliers and Buyers Panel

Representatives of Oldendorff, Stena Bulk, Fratelli Cosulich, and TOTAL Marine Fuels Global Solutions discuss IMO 2020, activities in the last 12 months, and future bunker industry developments.

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APAC Bunker supplier and buyers panel final

The second day of the International Bunker Industry Association (IBIA) Convention kicked off on Wednesday (11 November, 2020) with the Asia-Pacific edition of the Bunker Suppliers and Buyers Panel.

Representatives from Oldendorff, Stena Bulk, Fratelli Cosulich, and TOTAL Marine Fuels Global Solutions gathered to discuss IMO 2020, activities in the last 12 months, and future industry developments in a session moderated by Singapore bunker publication Manifold Times.

IMO 2020 – A tick off the box by shipowners

Jens Maul Jorgensen, the Director of Bunkers at Oldendorff, was glad earlier preparations by the German dry bulk shipowner paid off.

“Looking back, I will not use the word ‘a piece of cake’ but it was much easier than we expected. We closed our IMO 2020 taskforce group in February because it was already done and now we just looking forward to IMO 2030,” he said.

Jorgensen notes Oldendorff to have experienced lesser quality issues with the new generation of Very Low Sulphur Fuel Oils (VLSFOs) when compared to High Sulphur Fuel Oils (HSFOs).

“We have to remember HSFOs have always been a blended but shady product with all kinds of stuff thrown in,” he explains.

“VLSFOs, though also blended, are produced under a more controlled environment. So therefore, I would say it’s much better now than before.”

Jorgensen’s view was echoed by Lars Malmbratt, General Manager Bunker Procurement of tanker shipping company Stena Bulk.

“I can agree that it has been a lot of work putting this together in 2018 to 2019 but once we reached the end of 2019 till early 2020 I will say that it actually went well,” says Malmbratt.

“There were some bottlenecks here and there in the early stages but as it is right now it went better than we expected actually.”

He believed bunker suppliers have learned from the Houston marine fuel contamination crisis seen in 2017 and have now integrated fuel testing into the operations to ensure the product to be fit for purpose.

“So, now we have seen an improved quality on bunker fuels in general. Energy values have moved up a little bit as well and now we have fewer sulphur issues not only for APAC but also for pretty much all over the world.”

Bunker suppliers discuss commodity trading mishaps of 2020

An unusual amount of market dynamics took place in 2020 where issues such as Covid-19, bunker price fluctuations, commodity trading mishaps, and new practises of working from home were introduced.

Timothy Cosulich, the CEO of Singapore bunker supplier and trader Fratelli Cosulich, was keen to share his opinion on the widely reported Singapore commodity trading mishaps.

“It is true that our sector has seen a number of cases, and frauds and bankruptcies and so on. And the problem is that those cases has kind of painted the bunkering industry as an almost undesirable one, from a financing point of view,” he said.

“I challenge that idea because I don’t think that is the case. I’m not denying that there have been cases where banks have lost a lot of money but I do think banks are also responsible to do their own due diligence on their clients.

“In some cases, we know that there were millions, hundreds of millions, of losses hidden for years and I wonder how it is possible for a bank not to check that kind of thing.”

Cosulich, who is the current Vice Chairman of the board at IBIA, and also the Chairman of IBIA Asia, believes the situation could be avoided with a higher level of transparency between financial institutes and their stakeholders.

“I think it is important that there is a bigger shift from the industry point of view where every player has to be prepared to be transparent and share financial information with counterparts,” he states.

“On the other side, banks need to continue to support our industry and at the same time also request a higher level of transparency and governance from players.”

Jesper Rosenkrans, the Global Sales and Business Development Director of TOTAL Marine Fuels Global Solutions (TMFGS), believes a key takeaway for 2020 to be in the choice of business partners.

“It’s hard to mention the last 12 months without mentioning a couple of pretty newsworthy credit related events in our part of the world, though we [TMFGS] haven’t really been impacted by that as a company,” he says.

“Choosing who we work with is probably the most important decision that we make. This is the first decision before any kind of protocols and procedures in place to mitigate risk.

“This has been a year where the importance of that decision has been underlined. And I think that is, for me, one of the big takeaways from 2020.”

Expected developments moving forward

The final part of the Bunker Suppliers and Buyers Panel focused on future developments forecast by the panellists. Malmbratt and Cosulich both expect more market consolidation to take place in the coming year.

“In terms of the of the market, I expect more consolidation, we touched the subject on credit and the reliable partners and things like that,” notes Malmbratt.

“I do think that we’re going to see the market moving in the direction of consolidation. The suppliers are talking about having reliable clients, but from our side it’s equally important to have financially sound suppliers that stand up for you.

“We have experienced from past cases where it’s been terrible dealing with bunkering companies that are not performing.”

“I think there will be a move towards, not only more reliable, but certainly more structured bunker traders as well as marine fuel suppliers. I also believe there will be an increased kind of appreciation for more organised players in the bunkering industry,” adds Cosulich.

Rosenkrans had much to share regarding TMFGS’ future plans.

“On the marine fuels side, one of the big developments this year is the increase in Chinese bunker volumes; particularly at the Zhoushan Ningbo area where we’ve seen quite a lot of growth there and think that’s going to continue. We are happy to be present there as part of a joint venture (Zhejiang Petroleum Marine Fuels Co Ltd),” he said.

“On the longer term, TMFGS has very actively made quite a lot of investments both in Europe and Asia in terms of LNG infrastructure to assist our ship owning clients as part of the expected energy transition in support of shipping’s decarbonisation strategy.

“We’re not suggesting that LNG bunker fuel is the only or permanent solution for all vessels but if you’re looking at investing in a newbuilding program, now or in the coming few years, you’re probably having to decide between oil or gas as fuel because the other technologies aren’t quite ready yet.

“From TMFGS’ point of view, LNG is a very good solution for the transition period until we find a carbon neutral solution to fuel ships. So, that’s what we see happening in the next 12 months and beyond.”

 

Photo credit: International Bunker Industry Association
Published: 12 November, 2020

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

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