Bomin Bunker Oil Pte Ltd., the Singapore arm of marine fuels trading and supply firm Bomin Group, intends to follow through earlier contractual obligations upon its gradual wind down of operations at Singapore, says its Managing Director.
The company on Friday (21 September) announced that it will exit the bunker markets in Singapore and Antwerp, confirming earlier industry rumours first reported by Singapore-based independent bunker publication Manifold Times.
“We would like to share with you that Bomin Bunker Oil Pte Ltd. currently plans on scaling back its future business activities in Singapore, as such Bomin Bunker Oil Pte Ltd. will not be concluding any new back-to back trading activities starting from today’s date,” said Paul Bradshaw in a note to the bunkering industry.
“Not only does Bomin Bunker Oil Pte Ltd. belong to a large group of companies, it remains a reputable company committed to complying with all of its contractual obligations, which especially includes making all of its contractual payment obligations as well as fully performing and completing all of its contractual services.
“We look forward to continuing our commercial relationship and working together. Should you have any further questions, please do not hesitate to contact us anytime.”
Related: Official: Bomin exits Singapore and Antwerp bunker markets
Related: Breaking: Bomin Singapore, Mabanaft fuel oil team allegedly exiting market
Related: Bomin closes Dubai office, appoints new MD
Related: Mabanaft: ‘Unsatisfactory’ 2017 bunker results
Related: Bomin sells off German bunker subsidiary
Published: 24 September, 2018
‘Generally, you have to heat VLSFOs to prevent waxing, but the more you heat them the lower the shelf life is going to be,’ Dr Malcolm Cooper, the Group Managing Director of VPS, tells Manifold Times.
Current low prices for road and aviation fuels in September could mean another increase of flashpoint off-spec cases for MGO when players start introducing the products back into the bunker stream.
Some bunker suppliers at various ports have even achieved their sales target for the year; the trend doesn't seem to be slowing down and suppliers are expecting a boom during end of September.
The company has entered a memorandum of agreement with Millenium Satu Ltd to acquire the 7,550 dwt oil tanker to increase service flexibility; vessel will be paid over an installment period of 36 months.
Deloitte & Touche JMs believe IPP has a viable claim against Dr Goh Jin Hian for breaches of his director’s duties to act with skill, care and diligence which he owned to IPP, states court document.
An earlier MPA notice outlined precautionary measures for personnel to observe when conducting marine refuelling operations at port in order to minimise the risk of contracting Covid-19.