Business

Bunker One accuses rival of unfair competition with Russian oil

The supplier has raised concerns at a meeting with authorities about ”unfair competitive advantages” in Danish waters. The company denies the allegations.

Published

2 years ago

May 9, 2024

Admin

The following article on Manifold Times was originally written by Danish independent online media ShippingWatch; which has given the Singapore bunkering publication permission to post the article for its readers:

BY PETER THOMSEN, LIV ALMER, METTE GRUBE CONDRUP
Published: 3 April 2024

Latvian Fast Bunkering has been accused by Bunker One of engaging in unfair competition because the Latvian oil company has apparently been supplying ships with Russian bunker oil in the waters off Skagen in Denmark for months.

Bunker One made the accusation at a closed meeting with the Danish Transport Authority in November, according to documents which ShippingWatch has gained.

”This (the supply of Russian bunker oil, ed.) gives them an unfair competitive advantage over the many companies that do not trade with Russian bunker oil – and that this option should be stopped, ” the Danish Transport Authority summarizes in a report to the Ministry of Foreign Affairs.

Both Russian fuel and the ongoing servicing of tankers with Russian oil have long been a point of contention among several of the suppliers active at Reden near Skagen.

As one of the key operators, Bunker One itself has refused to supply Russian oil, claiming that it could damage the company’s reputation.

Chief executive Peter Zachariassen tells ShippingWatch that ”Bunker One does not generally relate to other suppliers’ behavior in the market” and therefore chooses not to comment on the accusations.

Fast Bunkering initially did not respond to ShippingWatch’s inquiries, but has returned after the publication of this article.

The company denies having been ”involved in the delivery of Russian marine fuel at Skagen (Red, ed.) for months and that it gives our company an unfair advantage”.

“These allegations are not true, ” writes chairmain Aleksei Volkov in a written comment to ShippingWatch.

He also emphasizes that the Latvian bunker company’s operations have not involved the import of Russian bunker oil since the area became subject to sanctions in February 2023.

“We have conducted our business within the Scandinavian bunker market under fair and competitive conditions,” Volkov writes.

In short, the oil trade has been considered among the primary revenue streams funding the Russian war effort in the country, which according to recent casualty figures has cost the lives of 31,000 Ukrainian soldiers.

The central role of trade in the Russian economy has meant that since the end of 2022, the sale of Russian crude oil as well as petroleum products has been subject to sanctions and price caps to curb Russian energy export cash flows.

However, the increasing pressure of sanctions over the past year has sent the shipping industry into a sea of gray areas when it comes to transporting and servicing the continued oil trade on European territory.

The issue has previously divided the Danish industry, with some suppliers refusing to sell fuel to ships traveling to and from Russia – even if they comply with all sanctions – while others have sent the decision to set the trade fenceposts to Christiansborg and others.

Trading is ”certainly legal”

In its warnings to the Danish Transport Authority, Bunker One has emphasized that Fast Bunker’s deliveries have only affected competition, but not necessarily illegal in relation to, for example, sanctions against Russia. According to the report to the agency, the Middelfart-based bunker company emphasized that the transaction ”is certainly legal”.

In practice, Bunker One is one of the subsidiaries of the United Shipping & Trading Company group (USTC) owned by billionaire Torben Østergaard, just like Dan Bunkering, for example.

“In December 2023, the Danish Transport Authority received a confirmation from Bunker One about their view on the case,” the agency writes in a written comment and adds:

“The Danish Transport Agency has not itself been in contact with Fast Bunkering about the case, as the agency is only the competent authority in relation to the ban on Russian ships calling at Danish ports.”

The Danish Competition and Consumer Authority states that it does not comment on “any pending cases until a decision has been made”. The agency does not wish to comment on whether the specific case is under consideration.

Bunker One: Not our policy

At Bunker One, CEO Peter Zachariassen does not comment on whether Fast Bunkering, in the company’s view, is currently gaining an unfair competitive advantage.

In the comment sent to ShippingWatch, the CEO does not reject the Danish Transport Authority’s interpretation of the contact between the Danish bunker operator and the authorities, but distances himself from the process.

“That employees at a meeting with the Danish Transport Authority, in connection with knowledge sharing about expectations for future bunkering of green fuels and the importance for Danish commercial ports, have inadvertently mentioned other suppliers, is not Bunker One’s policy or position,” writes Peter Zachariassen in a written comment.

Photo credit: Bunker One
Source: ShippingWatch
Published: 9 May 2024

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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

4 hours ago

July 23, 2026

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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

4 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

4 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