Connect with us

Business

Argus Media: GP Global clarifies that it has shut only lesser performing trading desks

Sources say GP Global’s bunkering desks are not closed but “on hold” while it continues talks with creditors; Employee salaries were paid in full last month, reports Argus.

Admin

Published

on

post 47409

Keyvan Hedvat and Elshan Aliyev of global energy and commodity price reporting agency Argus Media on Thursday (3 September) published an update to UAE-based oil and bunkering firm GP Global’s restructuring process where it denied closure of its trading desks: 

Dubai-based commodity trading firm GP Global has shut trading desks in two of its lesser performing businesses as part of a wider restructuring exercise affecting around 10% of its workforce.

The company today denied media reports of a wholesale closure of its trading desks. It has not specified which desks have been closed but said the affected operations are in areas that do not include its key bunker trading desks.

Trading sources say GP Global’s bunkering desks are not closed but are on “on hold” while the firm continues talks with banks and creditors. Employee salaries were paid in full last month.

GP Global was forced into financial restructuring in July after failure to win backing from some of its lenders left it short of cash. The company subsequently launched an internal investigation into alleged irregular transactions involving some of its Sharjah and Fujairah-based employees.

The company owns bunkering terminals at Hamriyah and Fujairah in the UAE. It has 412,000m³ (2.6mn bl) of storage capacity in Fujairah and 204,000m³ at Hamriyah. It owns a 7,600 b/d refinery in Sharjah which produces naphtha, gasoil and fuel oil and is a major supplier of bitumen to India. It also trades oil, lubricants, steel, minerals and agricultural products.


Photo credit: GP Global

Source: Argus Media
Published: 4 September, 2020

Continue Reading

Methanol

Chimbusco completes bunkering op of China’s first 16,000K TEU methanol DF boxship

“COSCO SHIPPING YANGPU” was supplied approximately 900 metric tonnes of methanol marine fuel by Chimbusco in Shanghai on 11 May.

Admin

Published

on

By

Chimbusco completes bunkering of China’s first 16,000K TEU methanol DF boxship

China Marine Bunker (PetroChina) Co Ltd (Chimbusco) completed a bunkering operation of the first domestically manufactured methanol dual-fuel container ship in Shanghai on 11 May, according to COSCO Shipping on Thursday (15 May). 

COSCO SHIPPING YANGPU was supplied approximately 900 metric tonnes (mt) of methanol marine fuel by Chimbusco at Pier 1 of COSCO Shipping Heavy Industry. 

The operation started on 7 May but was postponed due to unfavourable weather from the Jianghuai Cyclone.

Chimbusco completes bunkering of China’s first 16,000K TEU methanol DF boxship

COSCO Shipping said the operation marked an important achievement in green and low-carbon transformation in shipping, from ship construction and ecological layout of the entire green fuel industry chain of the company. 

Manifold Times previously reported the naming ceremony of China’s first 16,000 TEU methanol dual-fuel container ship, COSCO SHIPPING YANGPU in Yangzhou.

The methanol dual-fuel container ship named was the first in a series of vessels from COSCO Shipping Holdings, constructed by COSCO Shipping Heavy Industry Yangzhou. 

Related: COSCO Shipping names China’s first 16,000 TEU methanol dual-fuel container ship

 

Photo credit: Cosco Shipping
Published: 23 May, 2025

Continue Reading

Vessel Arrest

Malaysia: MMEA detains Thai tanker off Kelantan after shown suspicious documents

Initial checks revealed that insurance documents and other documents related to the vessel appeared suspicious and all six crew members on board failed to provide valid identification documents.

Admin

Published

on

By

Malaysia: MMEA detains Thai tanker off Kelantan after shown suspicious documents

The Kelantan Malaysian Maritime Enforcement Agency (MMEA) on Thursday (22 May) said it has detained a suspicious tanker at about 100 nautical miles from the Tok Bali estuary on 20 May. 

Kelantan MMEA director, Maritime Captain Erwan Shah Soahdi said an MMEA asset had detained the tanker while patrolling the Malaysia-Vietnam border. 

The vessel was detected after displaying several suspicious signs at around 1 pm before it was successfully detained 20 minutes later.

Malaysia: MMEA detains Thai tanker off Kelantan after shown suspicious documents

“Initial checks revealed the vessel has six crew members, including a captain and all are believed to be Thai citizens aged between 38 and 70,” he said.

It was also found that the insurance documents and other documents related to the vessel appeared suspicious and all the crews on board the vessel failed to provide valid identification documents during the check. 

The case is being investigated under the Immigration Act 1959/63 and the Merchant Shipping Ordinance 1952.

 

Photo credit: Malaysian Maritime Enforcement Agency
Published: 23 May, 2025

Continue Reading

LNG Bunkering

Shell wraps up its first LNG bunkering operation for TUI Cruises in Barcelona

Milestone was achieved by Shell’s LNG bunker barge “Haugesund Knutsen” supplying the “Mein Schiff Relax” cruise ship at Port of Barcelona, says Dexter Belmar of Shell.

Admin

Published

on

By

Shell wraps up its first LNG bunkering operation for TUI Cruises in Barcelona

Energy giant Shell recently conducted its first LNG bunkering operation for TUI Cruises in Barcelona, according to Dexter Belmar, General Manager and Head of Global Downstream LNG on Thursday (22 May).

He said the milestone was achieved by Shell’s LNG bunker barge Haugesund Knutsen supplying the Mein Schiff Relax cruise ship.

“Barcelona, one of Europe and the Mediterranean’s leading cruise ports, is also a key LNG bunkering location for Shell as we help more cruise ships transition to lower-emission fuels,” he said in a social media post. 

“A huge thank you to Royal Caribbean Group for their trust, and to Knutsen and Port of Barcelona for their collaboration in making this bunkering safe and efficient.”

Shell wraps up its first LNG bunkering operation for TUI Cruises in Barcelona

Belmar said LNG is leading the way as the preferred alternative bunker fuel in the cruise industry. 

“At Shell, we’re proud to support LNG fuelling needs at 26 locations worldwide, including major cruise ports like Bahamas, Barcelona, Canaveral, Everglades, Jamaica, Miami, Singapore, Southampton, and Tenerife,” he added. 

 

Photo credit: Shell
Published: 23 May, 2025

Continue Reading

Trending