Business

Argus Media: IMO-compliant fuel oil cargoes heading to Singapore

Celsius Perth, Oceania, Marvel with 0.5% sulphur limit cargoes on route to the world’s largest bunkering port.

Published

7 years ago

August 16, 2019

Admin

Global energy and commodity price reporting agency Argus Media on Thursday (15 August) provided an industry update on IMO 2020 compliant fuel oil cargoes heading to the Singapore market:

A Handy-size vessel is carrying 30,000t of 0.5pc sulphur fuel oil from Europe to Asia-Pacific in a rare fixture for Handy-size tankers — Singapore is attracting marine fuels and blending components compliant with the International Maritime Organisation's (IMO) 2020 sulphur cap.

The Celsius Perth loaded 30,000t of IMO-compliant fuel oil in Genoa on 3 August and set off for Asia-Pacific, a market participant said. The loading port suggested Italian independent refinery Iplom probably supplied the product. Iplom's 46,000 b/d Busalla refinery supplies IMO-compliant fuel oil and it has already sold two 30,000t cargoes to the shipping company Euronav in 2019.

IMO-compliant marine fuel and blending component demand from Asia-Pacific could attract more cargoes to the region until 2020, as Singapore is the world's largest bunkering hub with monthly marine fuels sales of around 4mn t. This is around three times the sales total of Rotterdam, Europe's largest bunkering port. Firmer demand in Singapore drove companies to start storing IMO-compliant products in floating storage this summer. Euronav will also use its 442,000t dwt floating storage vessel Oceania for these products in Asia-Pacific, after having loaded around 300,000t since March in the central Mediterranean. The Oceania started sailing to Singapore from the Mediterranean last week.

Another Handy-size vessel could also be carrying 0.5pc fuel oil to Singapore. The Marvel probably picked up a cargo in Haifa from ORL's 197,000 b/d refinery. The vessel signalled Haifa at the end of July and turned off its transponder on 2 August offshore Israel, and then reappeared on ship tracking on 8 August with a higher draught. The Marvel is currently in the Red Sea. ORL's Haifa refinery produces 0.5pc fuel oil and sold two 30,000t cargoes of the product to Euronav in June and July.

Handy-size tankers rarely take dirty products from Europe to Asia-Pacific, as 130,000t Suezmax or 270,000t very large crude carriers usually carry fuel oil eastbound. Asian buyers also started purchasing European low-sulphur straight-run (LSSR), as a blending component for IMO-compliant marine fuels. Fresh demand drove prices of LSSR to all-time highs this week.

Low-sulphur fuel oil (LSFO) cargo swaps' premium to high-sulphur Rotterdam barges in northwest Europe reached their widest since November 2008 yesterday at $74.50/t. Fresh export demand and buying interest from the shipping industry lent support to LSFO prices.

Source: Argus Media
Published: 16 August, 2019

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

12 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

12 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

12 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026