The Singapore branch of the Bomin Group, a trader and supplier of bunker oil, and the fuel oil team of its parent firm Mabanaft is allegedly winding down operations, according to a notice obtained by Manifold Times.
The notice below describing the above development was widely circulated in the Singapore bunker marketplace during Friday trading hours:
Dear customers, suppliers, friends and various combinations of the aforementioned!
With regret I must inform you that Bomin Singapore and the Mabanaft Fuel Oil team will be shut down over the coming months. This decision has been taken by our shareholders, ultimately bunkering doesn't really fit in to their business model.
I will remain working in the office until the 31 October however with immediate effect we cease all back to back trading i.e. buying off third party suppliers. We will run our Singapore physical operation until 31 October so will continue to quote until around 25 October.
All existing stems and contracts will be honoured and all legitimate invoices will be paid to terms.
Bomin in June closed its Dubai office while announcing a new Managing Director; in January the company sold subsidiary NWB Nord- und Westdeutsche Bunker GmbH to Varo Energy subsidiary Reinplus VanWoerden Bunker GmbH.
Manifold Times earlier reported Mabanaft recording ‘unsatisfactory’ bunkering results in 2017.
Photo credit: Bomin
Published: 21 September, 2018
Garren Hay will be responsible for sales of the PANOLIN range of Environmentally Acceptable Lubricants for the Singapore sole distributor agent Gealubes Consulting & Trading Pte Ltd.
Universal Alliance, BMS United, Digiland International, Goodwood Associates, Southernpec (Singapore), and Taigu Energy were involved in alleged circular fictitious trades of fuel oil during July 2015.
Bunker orders of ISO 8217:2010 spec LS 380 cSt 0.5% for Nord Gemini, Nord Titan, Ocean Rosemary, and Luzern were placed through global commodities trading and logistics house Trafigura Pte Ltd.
While Covid-19 concerns are important, Captain Rahul Choudhuri was quick to note this does not mean bunker fuel related issues have indeed disappeared from the shipping sector.
‘Therefore, representing the players of the Malaysian bunker industry, we sincerely hope that this matter can be refined and reconsidered immediately so that all parties benefit together,’ says communication.
Maureen Poh, a Director of Helmsman LLC, offers plain practical tips on the differences between US and EU Sanctions and shares some thoughts on what companies could do if they are potentially exposed to sanctioned entities.