Sing Fuels: Global bunker expansion planned under new leadership
A grand vision to expand the global headcount, offices and market presence of Singapore-domicile bunker trading and supply firm Sing Fuels is now in play, says its new Managing Director.
“We are looking to expand in general with the overall aim of being even closer to our customers,” Sonnich Thomsen told Manifold Times.
“We look forward to welcome experienced traders to a pleasant company culture where they can uphold and build on Sing Fuel´s core values of providing best service and quality to our global clients.
“We are also looking at forming joint ventures and partnerships with barge operators and bunker suppliers at smaller ports – basically anywhere where we can add value from day one through our global customer platform.”
Thomsen was appointed Managing Director, Bunkers of Sing Fuels in late March; he was the former Head of Asia in Minerva Bunkers from 2014, and Managing Director of O.W. Bunker Singapore before that.
“My goal is to be covering the ports where our customers have a demand as I believe in having the local expertise and know-how in order to provide the best for our clients,” he says.
“We are currently looking at setting up new offices in Europe and North America as well as expanding the current trader count for our offices in Asia & Middle East.”
According to Thomsen, Sing Fuels entered a new company chapter in February by conducting physical supply operations at UAE ports via trucks with its sister firm Kyto Global Fuel Supply (Kyto).
Kyto operations have started strongly within the first month of business and Sing Fuels is looking at continuing the momentum at other regions.
“Sing Fuels has performed well in the market despite difficult conditions and they have produced very steady and healthy results,” he notes.
“From the latest forecast, we are in line to receive a 100% increase in revenue for the first six months of 2018 with the majority of this coming from growth of volume and market share.”
Moving forward, Thomsen believes the role of an experienced bunker trader to be even more important by 2020, when regulations for stricter sulphur emissions take effect.
“Traders need to be more specialised and be informed on the right range of bunker products to cater for clients by knowing the exact situation of bunker availability for each port while understanding the optimal pricing structure for each customer,” he says.
“We expect an increase in bunker costs for ship owners due to upcoming the 2020 sulphur regulation, and during this time there will be an even greater need for trading firms such as Sing Fuels to bridge this credit exposure between suppliers and customers when the new rule takes effect.”
Related: Sing Fuels introduces new Managing Director
Published: 11 April, 2018
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