Mass flowmeter (MFM) bunkering operations for fuel oil officially started at Singapore in 2017 and coincidentally the industry saw the exit of several players from the local market.
The reason why these firms left the market was due to their inability to respond to changes, says a spokesperson of Singapore domicile bunker trading house Sing Fuels.
‘The most important criteria to survive in the current market condition is to swiftly improvise and adapt to the ever-changing market conditions,’ he told Manifold Times.
‘Failure to adapt promptly will cause the player to be out of the game.’
According to the spokesperson, the current biggest commercial pressures faced are smaller profit margins and heightened risks.
Sing Fuels currently overcome these commercial pressures by varying its operations.
‘We are diversifying in niche ports globally to provide our services to a wider client base. With the strength of our trading platform now, we have recently expanded into Nigeria and Turkey,’ he notes.
‘We also believe in establishing close relationships with our business associates for a long lasting and positive partnership. ‘
The company is also exploring the possibilities of expanding its suite of offerings to include all petro-chemical related products and services, adds the spokesman.
‘In this new economy, it is not sufficient for Sing Fuels to be strong in only one vertical in business, it is pertinent to diversify into related niches and build strength in multiple verticals to support and encourage growth of the organization.’
Image credit: FreeImages.com/Steven Goodwin
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