Uni-Fuels Holdings (Uni-Fuels), the ultimate parent of Singapore-based marine fuels trading and brokerage firm Uni-Fuels Pte Ltd, on Tuesday (14 January) announced the pricing of its underwritten initial public offering of 2,100,000 Class A Ordinary Shares at a public offering price of USD 4.00 per share, for total gross proceeds of USD 8.4 million to the company, before underwriting discounts and commissions. 

All of the Class A Ordinary Shares are being offered by Uni-Fuels. The Class A Ordinary Shares began trading on the Nasdaq Capital Market under the ticker symbol “UFG” on 14 January. The Offering is expected to close on 15 January subject to satisfaction of customary closing conditions.

Uni-Fuels has granted the Underwriters an option to purchase up to 315,000 additional Class A Ordinary Shares within 45 days of the effective date of the company’s registration statement in relation to the IPO.

The total proceeds from the offering are expected to be approximately USD 9.66 million, if the Underwriters exercise their option to purchase the additional Class A Ordinary Shares in full.

Uni-Fuels intends to use the proceeds from the IPO for scaling up its reselling activities to gain market share from existing and new markets; for strengthening its workforce and expanding its market presence in new geographical locations; and cash reserve and general corporate purposes.

A registration statement on Form F-1 relating to the shares being sold in IPO was initially filed with the U.S. Securities and Exchange Commission (SEC) on 28 October 2024; and was declared effective by the SEC on 10 January 2025.

Manifold Times previously reported Uni-Fuels announcing its plans for an IPO on Nasdaq Capital Market.

Related: Marine fuels trading, broking firm Uni-Fuels Holdings files for IPO on Nasdaq

Photo credit: Uni-Fuels Holdings
Published: 15 January, 2025

Zhoushan Hi-Tech Zone Administrative Committee on Friday (10 January) said Zhoushan, the fourth largest bunkering port of the world, delivered 7.26 million metric tonnes (mt) of marine fuel in 2024.

This marked about a 3% increase from 7.04 million mt in 2023. 

The committee also highlighted the progress Zhoushan Port has made in the past year including actively planning to build an alternative fuel bunkering centre.

It has successfully obtained approval for the national biodiesel promotion and application pilot project. The construction of a project to produce an annual 1 million mt of marine biodiesel has begun.

The first methanol vehicle-to-ship pilot was carried out, and the first methanol bunkering barge in Zhoushan was officially built and is expected to be put into use by the end of 2025.

The port has also improved the fuel supply efficiency of various bunkering anchorages in Zhoushan including Tiaozhumen Anchorage adding three bunkering anchorages on top of the original five and has successfully carried out night bunkering operations. 

Xiushandong and Mazhi anchorages have added a total of three new bonded bunkering anchorages, which can implement all-weather and fully automatic anchorage reservations, and provide advance reservations and priority refueling services for large ships and large orders.

The committee also highlighted Dong Fang Zhao Yang becoming the first domestic bunkering barge to obtain the mass flow meter system certification under the ISO22192:2021 standard. The barge conducted a successful pilot for the bunkering of bonded fuel oil using a mass flow meter at Xiushandong Anchorage on 9 December. 

A spokesperson of the committee said Zhoushan will focus on promoting alternative bunker fuels such as biofuel and LNG and accelerating the completion of methanol refuelling safety assessments.

Related: IPEC 2024: Zhoushan port records 7.04 million mt annual bunker volume for 2023
Related: China: Zhoushan Port launches night bunkering ops in Tiaozhoumen outer anchorage
Related: China: Zhoushan shortlisted for national pilot project to promote biodiesel bunker fuel
Related: China: Zhoushan completes pilot bonded bunkering op with mass flow meter

Photo credit: Zhoushan Hi-Tech Zone Administrative Committee
Published: 14 January, 2025

Bunker fuel prices in the port of Singapore touched multi-month highs today, supported by a rally crude futures.

13 January 2025

Ice Brent Singapore crude reached $81.23/bl by close of trading in the port city, following the announcement of sweeping sanctions by the US administration on Russian energy exports. Shipowners and bunker buyers in Singapore were cautious about procurement given the elevated prices. Many pushed back their bunker buying, preferring to monitor near-term market developments.

Very-low sulphur fuel oil (VLSFO) prices on a delivered basis in Singapore jumped by $16.7/t to $590.72/t, the highest since 24 October 2024. Deals concluded by 19:00 Singapore time had touched $599/dob and could breach $600/t in the coming days if strength in the energy complex continues.

"Market is firm… I would not dare to fix anything today," a ship owner said, adding that "buyers should be very careful" when making procurement decisions. Another vessel owner said its earliest VLSFO bunker requirement would be for delivery from 26 January, and it was not looking to trade at the moment.

"It is very difficult to know how things will proceed, but think it might move higher," said a UK-based bunker trader.

VLSFO supply availability is limited, which could further support upward movement in prices in the coming days.

High sulphur fuel oil (HSFO) prices jumped by $34.67/t today to $507.67/t dob, the highest since 26 July 2024. Marine gasoil (MGO) prices were at a six-month high $731/t dob in Singapore, up by $30/t from the previous session.

The upside in crude futures was reflected in marine biodiesel prices, with B24 rising in Singapore. B24, which is a blend of 24pc used cooking oil methy ester (Ucome) and 76pc VLSFO, were assessed by Argus$14-15/t higher at $721-726/t dob.

Traders said B24 prices will follow the trend in VLSFO cargo prices, but spot liquidity may remain thin.

"Today people are still trying to figure out what right value is," said a key shipowner and trader, adding that prices could rise further this week.

By Mahua Chakravarty and Cassia Teo

Photo credit and source: Argus Media
Published: 14 January, 2025