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Argus Media: GP Global asset sale talks drag on valuation gap

GP Global keen to ensure its assets are sold at “right value”, to reflect that its UAE bunkering operations are currently running well, reports Argus Media.

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Keyvan Hedvat of global energy and commodity price reporting agency Argus Media on Thursday (26 November) published a summary of commodity trading firm GP Global’s delayed asset sale discussions since it was forced into restructuring in August this year:

Dubai-based commodity trading firm GP Global has yet to make significant progress in talks to sell off its assets, refusing to countenance any kind of fire or distressed sale as it works to bridge the gap on their valuation.

Energy and commodities trading firm Mercuria, global tank storage operator Vopak, private equity investor Brookfield and private investment firm Prostar Capital are amongst companies that have likely expressed interest in GP Global assets, but the extent to which the talks have progressed remain unclear.

GP Global’s M&A lead Abhishek Shah told Argus today that the firm was working closely with FTI Consulting special adviser Rod Sutton, appointed by GP Global in August as its chief restructuring officer, “on making things happen that would be most appropriate for all stakeholders”.

The firm sees its restructuring process and talks with its lenders as having progressed well since it was forced into restructuring after failing to win lender backing. But GP Global is keen to ensure its assets are sold at their “right value”, saying that any distressed valuation would not reflect that its UAE bunkering and other operations are currently running well. GP Global is confident that progress in talks to sell its highest value assets will be made by the end of the year.

Central to those assets are the Fujairah and Hamriyah bunkering terminals, with 412,000m³ (2.6mn bl) and 204,000m³ of storage capacity, respectively. All the Hamriyah tanks are currently leased out to third parties. It also has refining, lubricants and bitumen assets in the UAE.

The firm still plans to nearly double capacity at its 7,600 b/d Sharjah refinery which produces naphtha, gasoil, fuel oil and light cycle oil to 14,000 b/d. But the investment is contingent on its restructuring and asset sales.

Having completed its purchase of a 50,000 t/yr lubricant blending plant from Nigeria’s Grand Petroleum in April this year, GP Global has already invested in upgrading the facility to international quality standards. While it is on the verge of gaining all the necessary operating licences to run the unit, it has already begun production and marketing of its Hi-Speed brand of lubricants to local customers.

The firm continues to operate its Hamriyah bitumen storage terminal, as well as a speciality plant — also in Hamriyah — that produce bitumen membranes and polymer-modified bitumen (PMBs).


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Argus Media
Published: 27 November, 2020

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Incident

MPA: 25 crew rescued after abandoning “MSC HERMES III” east of Vietnam

MRCC Singapore coordinated the rescue after receiving a distress alert at about 8.45am as the vessel was within Singapore’s Maritime Search and Rescue Region.

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The Maritime and Port Authority of Singapore (MPA) on Tuesday (22 September) said all 25 crew members from the Liberia-registered container vessel MSC HERMES III were rescued on 22 September 2026. 

The Maritime Rescue Coordination Centre (MRCC) Singapore coordinated the rescue after receiving a distress alert at about 8.45am (Singapore Time). 

“The vessel was within Singapore’s Maritime Search and Rescue Region (MSRR), about 300km east of Vietnam,” MPA said in a statement. 

MRCC Singapore immediately issued a broadcast requesting vessels in the vicinity to render assistance. Three vessels responded, and MSC RUBY recovered all 25 crew members after they had abandoned MSC HERMES III in a lifeboat. 

“All 25 crew members are safe, with no injuries reported,” MPA said. 

“MRCC Singapore is coordinating with the Vietnamese MRCC on arrangements for the rescued crew members to return safely to shore.”

 

Photo credit: Manifold Times
Published: 23 September, 2026

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Alternative Fuels

GCMD, Equinor to combine expertise on alternative bunker fuels, decarbonisation solutions

Equinor brings extensive experience to partnership as a vessel charterer and marine fuel supplier, including chartering dual-fuel LNG and methanol tankers, testing biofuels and supplying methanol.

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GCMD, Equinor to combine expertise on alternative bunker fuels, decarbonisation solutions

The Global Centre for Maritime Decarbonisation (GCMD) and Equinor on Tuesday (22 September) announced a five-year Impact partnership.

The partnership brings together GCMD’s capabilities in conducting real-world maritime pilots with Equinor’s experience as a charterer, energy provider and developer of low-carbon solutions.

Together, the organisations will leverage their complementary expertise to help address technical and operational gaps in scaling alternative marine fuels and supporting the development and uptake of other maritime decarbonisation solutions.

GCMD’s work on alternative fuels, including biofuels, ammonia and methanol, focuses on two critical aspects of deployment: operational safety and robust monitoring, reporting and verification (MRV). Its pilots and studies are generating operational data to support safe bunkering and handling of these fuels. 

At the same time, its assurance work seeks to strengthen confidence in quantity, quality and GHG emissions abatement.

“Equinor brings extensive experience as a vessel charterer and marine fuel supplier. This includes chartering dual-fuel LNG, LPG and methanol tankers, testing and using biofuels and supplying methanol to the maritime sector,” GCMD said.

Equinor is also piloting the use and supply of ammonia as a marine fuel, contributing to the development of associated safety, regulatory and bunkering arrangements.

Combining these perspectives can help address practical barriers to alternative fuels deployment while strengthening assurance across emerging marine fuel value chains.

Beyond alternative fuels, GCMD is working to accelerate the adoption of solutions that can reduce emissions from the existing fleet, including energy efficiency technologies (EETs) and onboard carbon capture and storage (OCCS).

GCMD’s work on EETs includes quantifying real-world fuel savings from technologies such as wind-assisted propulsion systems and developing financing mechanisms to scale their adoption. In OCCS, Project CAPTURED demonstrated an end-to-end value chain for onboard captured and liquefied CO₂, generating evidence that contributed to the recognition of captured CO2 under the EU ETS and in-principle support at the IMO for recognising carbon mineralisation as permanent storage.

Equinor brings decades of experience in offshore CO₂ storage, including its role in the development and operation of Northern Lights, the world’s first cross-border CO2 transport and storage facility, where liquefied CO₂ is transported by ship to an onshore receiving terminal before it is sent by pipeline for permanent geological storage beneath the North Sea.

Through the partnership, GCMD and Equinor will explore opportunities to combine their respective capabilities and experience to support the deployment and scaling of maritime decarbonisation solutions.

 

Photo credit: Global Centre for Maritime Decarbonisation
Published: 23 September, 2026

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Decarbonisation

Wah Kwong NatPower, AREL partner on maritime electrification in Hong Kong

Collaboration will examine opportunities to deploy shore power facilities, vessel charging infrastructure and battery energy storage solutions, alongside the development of electric vessels.

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Wah Kwong NatPower, AREL partner on maritime electrification in Hong Kong

Wah Kwong NatPower (WK NatPower) on Tuesday (22 September) said it has signed a Memorandum of Understanding (MoU) with Aberdeen Restaurant Enterprises Limited (AREL) to explore the electrification of piers, vessels and supporting energy infrastructure in the Aberdeen area of Hong Kong.

Against the backdrop of the HKSAR Government’s latest policy direction to advance green shipping, smart port development and shore power infrastructure, WK NatPower and AREL will explore the development of an integrated marine electrification ecosystem in the Aberdeen and Shum Wan areas. 

The collaboration will examine opportunities to deploy shore power facilities, vessel charging infrastructure and battery energy storage solutions, alongside the development of electric vessels for future transport and tourism services.

The initiative supports Hong Kong to become a leading hub for sustainable maritime innovation while contributing to the revitalisation of one of the city’s most iconic waterfront communities. As an initial phase of the collaboration, the two parties will explore the opportunity for the construction of a series of electric vessels and transport vessels. 

The initiative will also examine the potential deployment of the ApliAber® electric vessel fleet as a new benchmark for sustainable waterfront mobility and hospitality experiences in Hong Kong.

Vincent Ni, General Manager of WK NatPower, said: “This MoU marks an important step in supporting Hong Kong’s marine energy transition. Aberdeen has long been an iconic part of Hong Kong’s maritime heritage, and we are delighted to explore opportunities to develop integrated shore power and vessel electrification solutions that can support a cleaner and more sustainable future for the harbour.”

Wong Tai Yu, Director of AREL, said: “Through this collaboration, we look forward to exploring practical ways to introduce cleaner energy, electric vessels and sustainable waterfront experiences, while supporting the revitalization of Jumbo Kingdom® for future generations.”

 

Photo credit: Wah Kwong NatPower
Published: 23 September, 2026

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