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Diamond S expects IMO 2020 to be ‘super positive for our business’

Demand for medium and heavy crudes, crude oil to increase due to more production of distillate products.

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Crude and product tanker owner and operator Diamond S Shipping believes IMO 2020 to be a positive development for its sector.

“I guess the most talked about issue in the industry over the last two years has been IMO 2020 and going from 3.5% sulphur fuel to 0.5%. It's a very significant event for the industry, and it's super positive for our business,” said Chief Executive Officer Craig H Stevenson Jr in a recent earnings call.

“Demand for medium and heavy crudes, crude oil, is stronger, because it will yield more distillate products. That's what's needed to produce the compliant fuel. This will continue to drive ton miles given the disconnect between these oils and the location of complex refineries.

“About 3 to 4 million barrels a day of high sulfur fuels will be displaced by this light oil or even gas/oil blends. Refineries are expected to change their feedstock slates in order to supply this compliant fuel.”

Stevenson Jr notes the shipping industry to be also investing in scrubbers in anticipation of a cost advantage over vessels that buy compliant fuel.

“Today about 16% of the tanker fleet is investing in scrubbers. Diamond S is a participant in this. We have five scrubber contracts, and we're gonna evaluate two others,” he said.

“And we expect in the second half of 2019 we'll see scrubber tonnage going offline to install these systems, creating the opportunity for the shipping market to capture stronger returns.”

Diamond S posted net loss of $1.0 million during the first quarter (Q1) of 2019, significantly lesser than loss of $13.7 million during the similar quarter last year.

The company successfully completed a merger with the tanker business of Capital Product Partners L.P. on 27 March, creating a publicly traded, large scale company with 68 crude and product carriers with an estimated gross vessel asset value of over $1.6 billion as of April 2019.

“The merger of Diamond S with the tanker fleet of Capital Product Partners has created one of the leading publicly traded tanker operators in the world,” notes Stevenson Jr.

“We are hard at work finalizing the integration of the two fleets. We believe the combination of our two platforms will drive operating and overhead efficiencies that will result in significant cost savings.

“Our emergence in the public markets could not come at a better time as we believe the broader tanker market is entering a multi-year up cycle driven by restrained vessel supply growth, steady demand improvement and the massive industry changes to come as a result of marine fuel sulphur regulations.”

Published: 15 May, 2019
 

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Business

FLEX Commodities appoints Euwyn Tan as Senior Marine Fuels Trader in Singapore

Tan has experience across the marine fuels, bunkering and shipping markets, with a strong background in trading, procurement, commercial negotiations and developing relationships.

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FLEX Commodities appoints Euwyn Tan as Senior Marine Fuels Trader in Singapore

Dubai-based bunker trading firm FLEX Commodities FZCO (FLEX) on Monday (7 September) announced the appointment of Euwyn Tan as its Senior Marine Fuels Trader based in Singapore.

Tan has experience across the marine fuels, bunkering and shipping markets, with a strong background in trading, procurement, commercial negotiations and developing relationships with shipowners and charterers across Asia and Europe.

Before FLEX, he was a Bunker Trading Manager in Propeller Fuels from 2023 to this month. 

“Based in Singapore, Euwyn will play an important role in strengthening FLEX Commodities’ marine fuels trading capabilities and expanding our presence across the Asian market,” the company said in a social media post. 

“We are delighted to have Euwyn on board and look forward to his contribution as we continue to grow our global trading business.”

 

Photo credit: FLEX Commodities
Published: 8 September, 2026

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LNG Bunkering

Osaka Gas conducts Osaka Bay’s first STS LNG bunkering operation

Acting through Singapore-based marine fuel trading firm Integr8 Fuels, Osaka Gas supplied LNG bunker fuel to an LNG-fuelled PCTC operated by an overseas shipping company calling at the Port of Kobe.

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Osaka Gas conducts Osaka Bay’s first STS LNG bunkering operation

Japanese energy company Osaka Gas on Friday (4 September) said it has successfully completed the first-ever ship-to-ship LNG bunkering operation in Osaka Bay, supplying LNG fuel to an LNG-fuelled PCTC.

The operation was conducted using SETO AZURE, an LNG bunkering vessel owned by Osaka Bay LNG Shipping Co Ltd, an affiliated company of Osaka Gas. 

Acting through Integr8 Fuels Pte Ltd, a Singapore-based marine fuel trading company, Osaka Gas supplied LNG fuel to an LNG-fuelled PCTC operated by an overseas shipping company calling at the Port of Kobe.

Ship-to-ship bunkering will help ensure a stable supply of LNG fuel in the Osaka Bay area and support the development of the Port of Kobe as a Carbon Neutral Port.

In addition to ship-to-ship bunkering, Osaka Gas provides LNG fuel through truck-to-ship bunkering and port-to-ship bunkering. With capability covering all three major LNG bunkering methods, Osaka Gas provides flexible and reliable LNG fuel supply services to meet customers’ diverse needs.

The company said LNG bunkering infrastructure in Japan remains insufficient, highlighting the need to establish a stable fuel supply network to support the wider adoption of LNG-fuelled vessels.

 

Photo credit: Osaka Gas
Published: 8 September, 2026

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Bunker Fuel

Bunker Holding, Dan-Bunkering to join USTC units at new Copenhagen hub

Employees from Bunker Holding, Dan-Bunkering, Global Risk Management, CM Biomass, Unit IT, Uni-Tankers, Selfinvest, and USTC will all be based together in a new shared USTC Hub.

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Bunker Holding, Dan-Bunkering to join USTC companies at new Copenhagen hub

The owners and management of Danish-owned USTC have decided to consolidate the Group’s offices in the Greater Copenhagen area in a new shared USTC Hub, according to the Group on Monday (7 September). 

Employees from Bunker Holding, Dan-Bunkering, Global Risk Management, CM Biomass, Unit IT, Uni-Tankers, Selfinvest, and USTC will all be based together in the new USTC Hub. 

The lease will take effect on 1 December 2026, with employees and companies moving into the new hub in phases thereafter.

The chosen location is the brand-new Marmormolen development in Nordhavn, which will accommodate more than 150 workstations from across the Group’s companies under one roof.

The USTC Hub will provide better opportunities for the companies to connect and make the most of the possibilities that arise when independent businesses work in closer proximity. In that sense, the hub is a tangible expression of USTC’s approach: strong business acumen, a sense of cohesion and a keen eye for opportunities across the Group.

“In locations such as Houston and Singapore, we already have USTC Hubs where several of our companies are based together. This has created strong professional communities and valuable synergies across our organisation. We have therefore wanted to establish a similar concept in Copenhagen for some time. At the same time, the experience gained from our existing hubs will help us assess opportunities for additional hubs in other parts of the world where they make sound business sense,” said Nina Østergaard, co-owner and CEO of USTC.

The USTC Hub will span more than 3,000 square metres on the sixth floor of Marmormolen and will offer access to rooftop terraces as well as a range of shared facilities. This will provide an ideal setting for both formal and informal interactions across companies and teams.

According to Østergaard, however, the ambition is not to make the companies more alike.

“The hub is intended to be a platform for closer collaboration and knowledge sharing, but the aim is not to make our companies the same. Quite the opposite. Their differences are an important part of our strength. Each company has its own capabilities and direction. But by bringing people closer together, we create better opportunities to learn from each other, build bridges and make better use of the strengths that exist across our organisation,” said Østergaard.

The establishment of the USTC Hub will also support USTC’s ambitions for continued growth while creating a more attractive professional environment for employees.

“We are a Danish Group with offices around the world, and we have ambitions to continue developing. That makes it important for us to have a strong base in Copenhagen. It brings us closer to businesses, professional communities and some of the capabilities we will need in the future. At the same time, it gives us a stronger hand when it comes to attracting talented people,” said Østergaard.

“Our companies should, of course, retain their own identity. But it is equally important that there is something that connects us. To me, that includes strong business acumen, a sense of responsibility, keeping the distance from idea to action short, and staying close to the business.”

 

Photo credit: USTC
Published: 8 September, 2026

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