China’s State Council on Friday (10 January) approved a long anticipated tax rebate on Very Low Sulphur Fuel Oil (VLSFO), according to Reuters.
“(Our) company was informed yesterday about the tax waiver approval, so we’re getting ready for production plans,” said an unnamed official of a state-owned refiner, as quoted by the news agency.
However, Beijing may initially restrict exports of bunker fuel to focus on developing the domestic bunker fuel market in China’s coastal cities.
“This has been one of the feedback views during the long discussions of the policy formulation, and this will be implemented in the initial stage,” added a second source.
China has a levy of 1,218 yuan (USD 175.73) per tonne consumption tax and 13% of value-added tax on bunker fuel production.
Published: 13 January, 2020
All port operations (e.g. cargo operations, bunkering, and other marine services) to be carried out contactless or contactless with segregation protocol.
TFR POC aims to serve as a secure central database for the banking industry to access records of trade transactions financed across banks in Singapore.
Reporting agency assesses split in U.S. demand for VSLFO, MGO and HSFO grades since the introduction of IMO 2020.
Megah Port Management Sdn. Bhd. will be the operating company to carry out Port Management Services at Labuan Port from 1 April 2020.
Company representatives offer a frank view on issues and challenges the bunker trading house faced during the circuit breaker and how the period provided a catalyst for growth.
Sales of marine fuels and lubricants were significantly affected by COVID-19; however, the company increased its market share in various specialised sectors, it said.
Session will provide insights on bunker quality issues from a bunker supplier, shipping company and surveyor, as well as providing insight and guidance on legal and dispute resolution issues.
Gealubes Consulting & Trading, the authorised marine business distributor of PANOLIN EALs at Singapore port, shares a two-part education series on Environmentally Acceptable Lubricants on Manifold Times.
Danny Lee Chee Keong was sentenced to nine months’ imprisonment over the theft of MFO from the Consort Bunkers owned and operated bunker tanker at the sea off Eastern Petroleum ‘B’ anchorage.
‘Metcore’s MFM+ Program exemplifies serious oil suppliers and buyers who advocate fair trading using a recognised and widely-accepted technology,’ highlights Darrick Pang, Managing Director of Metcore.
‘The victim is Consort Bunkers Pte Ltd, the owner of the Pearl Melody,’ states the joint statement of facts (SOF) document obtained by Singapore bunkering publication Manifold Times.
Between November 2016 and October 2017, Mr Tan falsified at least 20 invoices and submitted these invoices to UOB and OCBC, according to court documents obtained by bunkering publication Manifold Times.
