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ElbOil at 15: Marine fuel trader reflects on expansion and energy transition in bunkering

Founder and CEO Harro Booth says the company’s development mirrors the transformation of the bunker sector itself.

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ElbOil at 15: Marine fuel trader reflects on expansion and energy transition in bunkering

Marine fuel trader ElbOil on Tuesday (10 March) announced that the company is marking its 15th anniversary this year, reflecting on a period of steady international expansion and growing involvement in the maritime energy transition.

Founded in Hamburg in March 2011, the company started as a specialist broker and trader for marine fuels. Over the past decade and a half, ElbOil has expanded into a global network with offices in Europe, Asia and the Middle East, serving shipowners and operators along major shipping routes.

Key milestones include the creation of ElbOil Trading AG in Zug, Switzerland (2014) and the opening of offices in London (2016), Singapore (2020), Dubai (2021) and Shanghai (2024). In parallel, the company launched 4seee in 2019, a data-driven platform designed to analyse bunker markets and improve price forecasting.

Today the group works with more than 200 suppliers worldwide and has supplied over 15,000 vessels across global bunkering hubs and handles around 2 million tonnes of marine fuels per year. Founder and CEO Harro Booth said the company’s development mirrors the transformation of the bunker sector itself.

“When we started ElbOil in 2011, the bunker market was far more predictable than it is today. Over the last fifteen years, geopolitics, regulation and market volatility have fundamentally changed the environment in which shipping companies operate.”

Those changes have accelerated in recent years as shipowners face pressure from decarbonisation policies and new regulatory frameworks such as the EU emissions trading system for maritime transport.

“Decarbonisation is clearly shaping the future of marine fuels, but the transition is complex. Shipowners are navigating questions around fuel availability, infrastructure and cost, and traders have to support that process with practical solutions.”

ElbOil has responded by expanding into biofuels trading, digital market tools and sustainability-linked initiatives. Since 2020 the company has been certified under both REDcert and ISCC Plus, internationally recognised sustainability certification schemes for biofuels and biomass supply chains. The company has also invested in projects related to alternative fuels, carbon management and ecosystem restoration, reflecting a broader shift in the industry toward lower-emission energy sources.

Despite the increasing role of technology and data analytics, Booth believes that bunker trading remains a relationship-driven business.

“Digital tools can improve transparency and timing, but shipping is still a people industry. Experience, trust and judgement remain essential when markets become volatile or disputes arise.” 

Looking ahead, ElbOil expects the coming decade to bring further structural change to the maritime fuel market, particularly as alternative fuels gradually gain scale.

“Shipping has always adapted to new energy realities,” Booth said. “The challenge for the industry now is to manage that transition without losing efficiency or reliability in global trade.”

Related: Interview: ElbOil highlights growth, sustainability, and the human touch in marine fuels
Related: ElbOil Group adds green methanol to marine fuels product portfolio with latest China deal
Related: ElbOil celebrates sixth year of operations in Singapore with new local office

 

Photo credit: ElbOil
Published: 12 March, 2026

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Methanol

Ningbo-Zhoushan Port completes Zhejiang’s largest single-ship green methanol bunkering op

“COSCO SHIPPING Libra” received around 5,500 mt of green methanol at Ningbo-Zhoushan Port, setting a new provincial record for a single international vessel.

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Ningbo-Zhoushan Port completes Zhejiang’s largest single-ship green methanol bunkering op

China (Zhejiang) Pilot Free Trade Zone on Monday (24 August) said Ningbo-Zhoushan Port has completed Zhejiang province’s largest single-ship green methanol bunkering operation.

Methanol dual-fuel containership COSCO SHIPPING Libra received around 5,500 metric tonnes (mt) of green methanol at the Meishan port area on 23 August.

The operation was carried out under the supervision of Meishan Customs, part of Ningbo Customs, and was conducted by the methanol bunkering vessel Zhong Ran Lv Neng 85.

The operation set a new record for the volume of green methanol bunkered by a single international trading vessel in Zhejiang. 

The milestone comes as Ningbo-Zhoushan Port seeks to expand its large-scale green methanol bunkering capabilities.

Zhong Ran Lv Neng 85 entered commercial operation at Ningbo-Zhoushan Port in July, becoming the port’s first newly built dedicated methanol bunker vessel.

According to the authorities, the customs department used its digital supervision system to enable paperless declaration and review of vessel movements and fuel supply information, while optimising on-site supervision arrangements.

 

Photo credit: China (Zhejiang) Pilot Free Trade Zone
Published: 27 August, 2026

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Bunker Fuel

PO/Marine supplies nearly 913,154 mt of bunker fuels in 2025

‘With a market share of 39.2%, PO/Marine has proudly maintained our leadership in the marine fuels sector for seven consecutive years,’ the company said.

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PO/Marine supplies nearly 913,154 mt of bunker fuels in 2025

Turkey’s Petrol Ofisi on Wednesday (26 August) said its bunkering arm PO/Marine reached a total sales volume of 913,154 metric tonnes (mt) of bunker fuels in 2025, based on Turkey’s Energy Market Regulatory Authority’s (EMRA) data.

According to the company, it achieved 46.3% share in the domestic marine fuel market and 37.5% share in the transit market. 

“With a (total) market share of 39.2%, PO/Marine has proudly maintained our leadership in the marine fuels sector for seven consecutive years,” the company said in a social media post. 

“With our strong performance in both the domestic market and transit sales, we continue to be a trusted partner at sea.”

Manifold Times previously reported PO/Marine reaching a total sales volume of nearly 1 million mt of bunker fuels in 2024. 

Related: PO/Marine supplies nearly 1 million mt of bunker fuels in 2024

 

Photo credit: PO/Marine
Published: 27 August, 2026

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Alternative Fuels

Olam Agri, Vitol Bunkers wrap up co-processed VLSFO bio-bunkering operation in Singapore

“MV Scion Mathilda” was supplied with 246.5 mt of co-processed VLSFO at the Port of Singapore, comprising 212 mt of conventional VLSFO and 34.5 mt of co-processed CNSL VLSFO.

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Olam Agri, Vitol Bunkers wrap up co-processed VLSFO bio-bunkering operation in Singapore

Agri-business Olam Agri on Thursday (20 August) said it successfully completed Singapore’s first bio-bunkering operation with Vitol Bunkers, using Very Low Sulphur Fuel Oil (VLSFO) co-processed with Cashew Nutshell Liquid (CNSL), showcasing a waste-to-energy approach. 

MV Scion Mathilda was supplied with 246.5 metric tonnes (mt) of co-processed VLSFO at the Port of Singapore, comprising 212 mt of conventional VLSFO and 34.5 mt of co-processed CNSL VLSFO. The product was supplied by Vitol Bunkers and procured by Olam Agri’s ocean freight business.

The fuel was subsequently consumed during a voyage from Caofeidian (China) to Rotterdam (Netherlands), followed by a ballast leg from Rotterdam to Barcarena (Brazil). 

Total fuel consumption across the voyage comprised 1,354 mt of VLSFO, 101 mt of MGO and 34.1 mt of co-processed VLSFO. The vessel completed the voyage without any operational remarks, confirming the product’s performance in real-world conditions.

The operation marks a significant step forward in the search for practical, scalable alternatives to conventional marine fuels, and demonstrates that meaningful greenhouse gas (GHG) reductions can be achieved without any change to vessel operations.

Martin Fynbo, Head of Bunkers at Olam Agri’s ocean freight business, said: “The successful deployment of this product, achieving verified greenhouse gas mitigation alongside ensuring operational integrity, serves as a definitive proof of concept. This milestone provides validation to a traditionally risk-averse sector, demonstrating that a previously disregarded bio-product solution can both be operationally viable and sustainable.”

Sherman Yeo, Trading Manager, Vitol Bunkers, said: “This operation proves that co-processed VLSFO can be delivered and consumed at sea without any compromise to vessel performance or operational routine. The mass balance solution we have developed opens up a genuinely new avenue for GHG reduction in marine fuels.”

The co-processed VLSFO carries a GHG intensity of 2.02 gCO2eq/MJ, delivering savings of at least 120 MT CO2eq compared with conventional VLSFO on an equivalent basis. This outcome was achieved with no additional onboard handling or fuel treatment requirements.

Vitol’s co-processing and mass balancing methodology resolves a longstanding challenge in the use of CNSL as a marine biofuel. Direct blending of CNSL has historically been dismissed by the industry due to material compatibility and handling issues. By co-processing CNSL within the refinery stream, Vitol has opened a commercially viable pathway for CNSL to contribute to GHG reduction in shipping.

The co-processed VLSFO used in this operation conforms to RMG380 VLSFO grade and has the same chemical composition and quality as conventional fuel, eliminating the need for additional permissions or special clauses in charter party agreements.

“CNSL, derived as a by-product of cashew processing, represents an underutilised feedstock with genuine potential as a scalable marine biofuel component,” Olam Agri added. 

“This trial demonstrates that with the right processing approach, it can be integrated into existing supply chains without disruption.”

 

Photo credit: Vitol
Published: 21 August, 2026

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