Singapore-based TFG Marine Pte Ltd, a joint venture between Trafigura, Frontline Ltd. and Golden Ocean Group Limited, on Wednesday (1 April) appointed Anders Gronborg as its Chief Executive to oversee expansion efforts, according to Reuters.
Gronborg is joining Trafigura after 27 years in various roles at World Fuel Services, the most recent being global head of marine fuel supplies in 2018.
TFG Marine was formed on 13 August 2019 between Trafigura, Frontline Ltd. and Golden Ocean Group Limited, to establish a global supplier of marine fuels.
During its incorporation, it was decided that Frontline and Golden Ocean will respectively acquire 15% and 10% interests in the joint venture company, while Trafigura will contribute its existing physical bunkering activities to the new entity.
Related: Trafigura joint venture TFG Marine starts bunker trading operations at Singapore
Related: Trafigura forms bunkering JV with Frontline and Golden Ocean
Photo credit: Swanil Bapat
Published: 2 April, 2020
Captures differentials of compliant and high sulphur fuel; ‘significantly de-risking initial investment’, says CEO.
230 vessels, 1.44 million TEUs, 85 service loops, 200 ports shared between ‘K’ Line, Mitsui, NYK Shipping.
The Senior Associate of HFW discusses investment choices and contract negotiation for shipowners using scrubbers.
Development due to low spot availability of HSFO and 0.5% sulphur LSFO products; no issues with MGO avails.
To support orders of more than 200 vessels including 20 mega container ships by 2020.
Contrary to media reports, the vessel remains afloat and is being attended to by a salvage vessel, it states.
The bunker player at Hong Kong and Chinese ports shares with Manifold Times what local shipping sectors went through during the early days of COVID-19 and how business is resuming.
April bunker sales results released on Wednesday caught several players, who expected volume to fall due to lower international trade and COVID-19, by surprise.
‘OTPL has a strong group of employees who have the requisite expertise and experience in ship chartering and management, which has commercial value and should be kept intact.’
Company believes market and business partners ‘likely to have greater confidence and comfort in continuing business dealings’ if placed under judicial management, says Director.
Panellists covered several marine fuel related topics including bunker fuel quality testing, COVID-2019, and long term storage of VLSFOs experienced during the first 100-day period.
Latest development alleges Chua Chin Lan facing total debt of approximately USD 5 million due to personal guarantees undertaken with Innovek and Global Energy Trading.
