French international banking group BNP Paribas SA has halted all new commodity trade finance deals while it assesses its involvement in the industry in Europe, Middle East and Africa, reports Bloomberg.
The bank has allegedly informed its clients that no new deals will be made without any contractual obligation.
BNP’s commodity trade finance department has suffered losses following the bank’s exposure to companies like energy firm GP Global Group, and coffee dealer Coex Coffee International.
During this hiatus, the bank is purportedly considering several options for the future of its specialised commodities trade department, including merging it with BNP’s broader transactions divisions or shutting it down altogether.
BNP’s move comes after Societe Generale terminated its Singapore trade commodity finance unit following its decision to cut off new credit for oil trading firms in the APAC region after Hin Leong Trading collapse.
Photo credit: Floriane Vita
Published: 6 August, 2020.
Singapore’s bunker sales have dropped for two consecutive months. Trade sources said demand shifted to North Asia in July and August.
Development an ‘exciting and positive next step in GoodFuels’ journey,’ says GoodFuels CEO Dirk Kronemeijer.
Zhoushan is becoming the key port for bunker-only calls in China, where they plan to sell 7 million tons of bonded fuel via 11 suppliers in 2020, reads report.
VLCC Hull No. 99 is to be equipped with an air lubricated hull and VLCC Hull No. 100 will feature a newly developed auxiliary sail assistance system for propulsion.
‘Woodside Energy is finalising plans for an LNG bunkering operation in the Pilbara to capture the environmental and economic benefits of using LNG,’ says its VP.
‘We are glad that the process has now been completed,’ says Mika Wiljanen, CEO of St1 Norge AS.
Caroline Yang, President of SSA, addresses issues earlier raised by players; including PMC No. 04, the seven-day restriction, contactless bunkering, sampling point, hose connection, and more.
IBIA Asia, ABIS, sources from Singapore’s bunkering and surveying companies, and an industry veteran share with Manifold Times the issues expected from MPA’s latest Covid-19 measures.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
