Business

Argus Media: Panama HSFO availabilities tighten as IMO 2020 nears

Panama bunker suppliers looking into stocking up with 0.5pc sulphur marine fuel ahead of 2020, says report.

Published

7 years ago

September 23, 2019

Admin

Global energy and commodity price reporting agency Argus Media on Thursday (19 September) provided a marine fuels industry related update regarding supply of HSFO at Panama:

Demand for high-sulphur fuel oil (HSFO) for bunkering was high in Panama in June, July and August, but availabilities tightened as imports fell.

Sales of residual bunker fuel in Panama rose by 5pc to 2.73mn t from January to July 2019, compared with 2.59mn t during the same period in 2018, according to the Panama port authority. But Panama's fuel oil imports dropped by 3pc in the first seven months of 2019, to 2.84mn t, compared to the same period in 2018, according to oil analytics firm Vortexa, as suppliers are looking to reduce their HSFO inventories before the January 2020 marine fuel regulation diminishes demand for it.

Panama imported resid from the US, Ecuador, Peru, Mexico, Colombia, Chile and Canada during the first seven months of 2019. Due to its large storage capacity and geographical location, Panama also serves as a fuel transshipment hub between north America and Latin America. Panama re-exported 180,177t of residual fuel oil to the US, the Bahamas, Mexico, and Nicaragua from January to July 2019. In the past, fuel oil re-exports from Panama have also made their way to Ecuador and Peru to be used for bunkering.

Panama bunker suppliers, much like their global counterparts, are looking into stocking up with 0.5pc sulphur marine fuel ahead of 2020. A shipment of 201,716 bl of low-sulphur fuel oil from Ivory Coast discharged in Panama at the end of August, according to Vortexa. Demand for 0.5pc sulphur bunkers has not yet picked up, with only about one or two inquiries per day. Traders are pegging the Panama 0.5pc-3.5pc sulphur fuel oil premium at around $100/t today.

Marine gasoil (MGO) sales in Panama increased sharply, up 50pc to 310,592t in the first seven months of 2019, compared with 268,778t in the first seven months of 2018. Panama is typically the cheapest Latin American port for MGO. Panama meets all of its distillate demand with imports from the US.

Source: Argus Media
Published: 23 September, 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

22 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

22 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

22 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