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Consort Bunkers acquires five bunker tankers in Q4; orders up to seven more newbuilds from China

16 Nov 2020

Singapore-based bunker supplier and logistics services provider Consort Bunkers Pte Ltd has started a major bunker tanker expansion programme in the fourth quarter (Q4) of 2020, learned Singapore bunker publication Manifold Times.

“We have taken delivery of the 5,646 dwt Marine Hope and 6,020 dwt Marine Swift in September 2020,” according to a company source.

“We are expecting to take delivery of the 7,022 dwt Marine Kite and 6,842 dwt Marine Tiger by December 2020.”

The company in October acquired the 7,550 dwt bunker tanker Heredia Sea from Glencore Group to support its U.A.E. operations; the source took the opportunity to correct an earlier error from another publication – which incorrectly stated the vessel to be owned by Xihe Group.

Meanwhile, he added Consort Bunkers has taken on another newbuilding phase for up to seven 8,000 dwt bunker tankers.

The newbuilds will be delivered over the next two years from a Chinese yard and be identical to the Consort ‘M’ series of newbuilds first ordered in 2016.

“This next phase is more of a fleet expansion, while the previous one in 2016 is for fleet renewal,” he explains.

Moving forward, the source shared his opinion on the series of Singapore commodity trading mishaps the republic encountered earlier this year.

“We [Consort Bunkers] have the opinion that the bunker business in Singapore is not related to the widely reported earlier cargo commodity trading mishaps,” he stated.

“The Singapore bunkering sector itself is contained in an ecosystem which leaves very little room for fraud manipulation.

“This is because the Singapore bunkering sector is very much regulated by the Maritime and Port Authority of Singapore (MPA), whereas the cargo trading sector is not regulated by anyone.

“Further, the bunker business has been holding in Singapore despite the downturn in economy and Covid-19; to date, no bunker supplier this year has closed business due to the broader economic challenges brought about by Covid-19.

“In fact, overall bunker demand at Singapore port has increased while sales volumes at other international ports decreased.

“We are very optimistic on the growth of the Singapore bunker sector, and back this up with the latest round of investments.”

Related: Consort Bunkers takes productivity to new levels with latest fleet expansion

 

Photo credit: Consort Bunkers
Published: 16 November, 2020

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