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Double Rich signs LSFO supply agreement with Cosco Shipping Lines

01 Apr 2019

Double Rich Limited, a company principally engaged in the trading of fuel and oil products and marine fuel supply services in Hong Kong, on Thursday (28 March) signed a low sulphur fuel oil (LSFO) supply agreement with Cosco Shipping Lines.

According to the agreement, Double Rich limited will provide fuel oil with sulphur content not exceeding 0.5% m/m conforming to the regulation of International Maritime Organization (IMO) for Cosco Shipping Lines.

“Signing the LSFO supply agreement is an important measure of Cosco Shipping Lines actively fulfilling MARPOL of IMO, initiatively confronting industry trends and adhering to GREEN development,” it states.

“Facing MARPOL 2020 regulation to be taken effected, Cosco Shipping Lines actively prepares and achieves LSFO resource by multi-sourcing.

“Meanwhile, Cosco Shipping Lines closely follows main stream market and implements the research, development and application of ship desulfurization technology.”

The company notes it has already started pilot installation of scrubbers on two vessels, with more planned in the future.

Double Rich encountered loss of HK $14,442,000 (US $1.8 million) in operations for its financial year (FY) 2018, compared to profit of HK $10,457,000 in FY 2017.

The loss was “primarily due to the inventory impairment provision made as a result of the slump in oil prices in the fourth quarter of 2018,” said parent company Hong Kong-listed Cosco Shipping International (Hong Kong) Co. Ltd.

Published: 1 April, 2019

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