Business

Bunker One maintains momentum and announces steady increase in market share

‘During a year characterised by a high degree of ambiguity, I am proud that we have managed to yield great results and deliver on our ambitions,’ says CEO.

Published

5 years ago

July 8, 2021

Admin

Despite the challenging year, independent supplier Bunker One on Wednesday (7 July) said it has managed to steady headway and successfully expand their market through strong physical operations during its latest financial year.

Bunker One came out of FY 2020/21 strengthened through optimised market expansion and consolidation of its physical platform and supply chain. It reported:

Increase in market share measured in volume by 20% year-over-year
Expanded the global Physical footprint
Expanded land fuels offerings in the US
Established a new cargo brand, Synergy Supply & Trading, in the US

Still going strong

“During a year characterised by a high degree of ambiguity, I am proud that we have managed toyield great results and deliver on our ambitions. Not only have we managed to expand our market
share, but we have also tightened our relationship with our partners and clients and kept building our supply platform stronger and more solid,” says CEO of Bunker One, Peter Zachariassen.

To ensure seamless and flexible solutions for its clients, Bunker One assumed operation of the Port of Skaw oil terminal at the northern tip of Denmark in June last year. Soon after, the company strengthened its strategic foothold in Brazil by commencing offshore operations and further expanding into the Caribbean, firmly positioning it as the leading independent supplier in the region.

Appetite for growth and consolidation

From the very beginning, the US has been a key market for Bunker One. During the past year, Bunker One has strengthened its presence in the US through its newly established cargo brand Synergy
Supply & Trading and bolstered the build-out of land-based offerings through Bunker One Land Fuel Services.

Now Bunker One has set its sights on East Africa with plans to set up a new physical supply. This deliberate move will provide ship owners with additional flexibility in the form of access to
bunkering while staying within the main maritime trade routes between Asia and West Africa.

The high ambitions continue to build up momentum for Bunker One through tight collaboration with business partners with whom Bunker One is exploring market opportunities, synergies, and new
solutions.

Professional counterpart in the green transition

Together with the parent company Bunker Holding, Bunker One aims to lead the way when the maritime industry transitions to new and more sustainable fuels over the coming decades.

Aware that the transition to carbon-neutral fuels will take time, Bunker One is gearing up to help clients in intermediary period. The company has recently introduced biofuel in the Danish straits and aims to expand its offering to other regions.“We know that we are entering unchartered waters and that it will take time before the industry settles on specific carbon-neutral fuel types. But we know by experience that it’s imperative to stay attuned to the trends surrounding the development of sustainable fuels, which is why we will continue to intensify our efforts in building knowledge and capabilities in this area. This is to ensure we can invariably provide the right technical know-how and expertise when our clients approach us support and advice-our door is always open.” says Peter Zachariassen.

Photo credit: Bunker One
Published: 8 July, 2021

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

16 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

16 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

16 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