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2020: Bunker Holding forecasts credit tightness

Christoffer Berg Lassen explains to Manifold Times why he forecasts credit to be a major issue in 2020, and Bunker Holding’s plans to prepare for the major switchover.

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Middelfart-based Bunker Holding, the parent company of 43 international subsidiaries specialising in the supply of marine fuel, believes the bunkering industry will experience a reduction in the availability of credit from banks by 2020.

“2020 is something we have a very sharp focus on,” Christoffer Berg Lassen, the new Chief Commercial Officer at Bunker Holding, told Manifold Times in an interview.

“One important thing is as a bunker trader and physical supplier you need to be able to provide credit when it comes to 2020.”

Most vessels will have to use varieties of low sulphur marine fuels such as low sulphur fuel oil (LSFO) or marine gas oil (MGO) by 2020 in order to meet the 0.5% sulphur limit cap mandated by the International Maritime Organization (IMO).

“The switch to distillates or low sulphur heavy fuel [by 2020] will most likely mean that the bunker cost for our clients will be much higher,” Lassen explains.

“The shipowners will need more credit for same amount of volume they face today because by 2020 they are going to burn the same amount of tonnage but it’s going to be more expensive.

“So, we are working to make sure we have the right credit facilities in place for our clients who may suddenly need as much as 30% more credit to do the same volume.

“I think it’s very important that people focus on having the right amount of credit ready by 2020.”

Lassen, meanwhile, expects bunker prices to increase between 15 to 35% by 2020; Bunker Holding currently has substantial credit facilities available with the banks.

“And we are even looking to scale that up even further.”

Moving forward, Lassen notes Bunker Holding to be in the process of securing 2020 compliant bunker avails for future deliveries; a project which he is working hand-in-hand with Carlos G. Torres, the former head of Marine Fuels at BP, who is now employed at Bunker Holding.

“Carlos is going to run most of the 2020 strategy in cooperation with me and we are going to take us [Bunker Holding] to 2020 in a safe manner,” he says.

“We are focusing a lot on the supply side to make sure that we get the right parcels in the right places.

“[Even] If we have to switch to LSFO, we need to get the best parcel and the most parcels; because there is some evidence that there is not going to be enough LSFO to start with and some people will have switch to distillates – which is going to be more expensive.

“At Bunker Holding, we are always striving to become and maintain the position as number one in the world in terms of bunkers; our goal is to be the biggest and most preferred bunker supplier in the world for our clients.”

Photo credit: Bunker Holding
Published: 4 April, 2018

 

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LNG Bunkering

Malaysia: Port of Tanjung Pelepas achieves milestone with first SIMOPS LNG bunkering op

LNG bunker vessel “MT Paolina Cosulich” refuelled LNG dual-fuel container ship “Bangkok Express”, operated by Hapag-Lloyd AG at the port.

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Malaysia: Port of Tanjung Pelepas achieves milestone with first SIMOPS LNG bunkering op

Port of Tanjung Pelepas (PTP) on Sunday (16 February) said it successfully conducted its first Simultaneous Operations (SIMOPS) of liquefied natural gas (LNG) bunkering.

This significant achievement involved the LNG dual-fuel container ship Bangkok Express, operated by Hapag-Lloyd AG, and the LNG bunker vessel MT Paolina Cosulich.

“This milestone underscores PTP's dedication to enhancing our competitive edge in the global market by facilitating clean and efficient maritime operations,” the port said in a social media post.

“We are proud to have partnered with PETCO Trading Labuan Co., Ltd. (PTLCL) and Hapag-Lloyd on this pioneering initiative.”

Manifold Times previously reported the port also achieving its first LNG bunkering operation last year. 

The port completed its first-ever ship-to-containership methanol bunkering operation in November last year. 

Manifold Times previously reported the port achieving its first LNG bunkering operation last year. 

Related: Malaysia: Port of Tanjung Pelepas achieves milestone with first methanol bunkering op
Related: Malaysia: Port of Tanjung Pelepas completes first LNG bunkering operation
Related: Malaysia: Tanjung Pelepas selected to join P41 initiative to achieve green bunkering hub ambition
Related: Port Of Tanjung Pelepas joins G2G decarbonisation scheme between Malaysia and Australia

 

Photo credit: Port of Tanjung Pelepas
Published: 18 February, 2025

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LNG Bunkering

Kunlun Energy wraps up first STS offshore LNG bunkering operation in Hong Kong

Kunlun Energy, a red-chip controlled by PetroChina, said its bunkering vessel refuelled container ship “Zim Haifa Blue Stone” with 2,200 metric tonnes of LNG bunker fuel in a seven-hour operation.

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Kunlun Energy wraps up first STS offshore LNG bunkering op in Hong Kong

Kunlun Energy, a red-chip controlled by PetroChina, on Monday (17 February) said it completed Hong Kong’s first ship-to-ship (STS) offshore liquefied natural gas (LNG) bunkering operation on 14 February. 

Kunlun Energy's 8,300 m3 capacity LNG bunkering vessel refuelled the container ship Zim Haifa Blue Stone with 2,200 metric tonnes (mt) of LNG in a seven-hour operation. 

The bunkering vessel involved in the operation is operated by a Kunlun Energy subsidiary. 

According to a PetroChina official, the receiving vessel Zim Haifa Blue Stone departed from Busan, South Korea, on 3 February and passed through Qingdao, Shanghai, and Ningbo before arriving in Hong Kong on 12 February. 

Its final destination is Istanbul, Turkey. This refuelling operation can meet the ship's fuel needs for the entire journey. 

“The successful implementation of this "ship-to-ship" offshore LNG bunkering operation is another example of Kunlun Energy's efforts to help improve the international shipping hub of the Guangdong-Hong Kong-Macao Greater Bay Area,” Kunlun Energy said. 

“It is expected to attract more green-fuel vessels to pass through Hong Kong, encourage more environmentally friendly companies to conduct business in Hong Kong, accelerate transformation and technological innovation in the shipping industry, and promote the construction of Hong Kong as a green and smart port.”

“This operation holds significant importance for Hong Kong's push toward a green and sustainable shipping industry.”

 

Photo credit: Kunlun Energy
Published: 18 February, 2025

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Biofuel

Wallenius Wilhelmsen successfully completes its first biofuel bunkering trial in Japan

“M/V Tamesis” bunkered 400 metric tonnes of B24 VLSFO blended biofuel, supplied by Mitsubishi Corporation Energy at Port of Yokohama.

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Wallenius Wilhelmsen successfully completes its first biofuel bunkering trial in Japan

Wallenius Wilhelmsen on Monday (17 February) said it has successfully completed its first biofuel bunkering trial at the Port of Yokohama in Japan.

M/V Tamesis bunkered 400 metric tonnes (mt) of B24 VLSFO blended biofuel, supplied by Mitsubishi Corporation Energy. 

This milestone is part of Wallenius Wilhelmsen’s ongoing efforts to reduce its environmental impact and promote sustainability in shipping.

“As part of our commitment to reducing greenhouse gas emissions, we have expanded our locations for biofuel supply. Since 2023, the expansion has included key ports in Belgium, Korea and Singapore,” the company said.

“Expanding to Japan enhances our ability to operate more efficiently and sustainably across our global network.”

Wallenius Wilhelmsen has set ambitious emission reduction targets to reach net-zero by 2040. This includes a 40% absolute reduction of well-to-wake greenhouse gas emissions by 2030 compared to our 2022 baseline, as approved by the Science Based Targets initiative.

Yasuyuki Sakurai, Senior Manager, the Orcelle Accelerator taskforce at Wallenius Wilhelmsen, said: “Achieving these targets require a major shift in energy sources from conventional fuels to low and zero-carbon alternatives. Expanding supply locations and securing sufficient biofuels remain a priority, and we are pleased to have conducted our first B24 VLSFO blended biofuel bunkering trial in Yokohama.”

“While our Reduced Carbon Service customers fully support our mass-balance concept, ensuring sufficient biofuel usage across our entire fleet and trade lanes is key to achieving our long-term sustainability goals.”

Mitsuo Ueda, General Manager of Mitsubishi Corporation Energy, said: “In anticipation of growing demand for biofuel in the marine sector, we have begun storing biofuel at our oil terminal in Onahama (Fukushima Prefecture) and supplying B24 in Tokyo Bay using our barges.:

“We deeply admire Wallenius Wilhelmsen’s leadership in the decarbonisation of the shipping industry and remain committed to playing our part in creating a more sustainable future. We will continue striving to meet industry needs through a stable supply of biofuels and contribute to the realisation of a carbon-neutral society.”

This milestone was achieved through close collaboration between Wallenius Wilhelmsen’s Energy Sourcing team and the Orcelle Accelerator taskforce, which has worked for the past two years to establish biofuel bunkering capabilities in Japan.

 

Photo credit: Wallenius Wilhelmsen
Published: 18 February, 2025

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