Business

ENGINE: East of Suez Bunker Fuel Availability Outlook

VLSFO and HSFO supply tight in Singapore; availability good in weather-exposed Zhoushan; VLSFO availability improves in South Korean ports.

Published

3 months ago

July 19, 2023

Admin

The following article regarding regional bunker fuel availability outlook for the East of Suez region has been provided by online marine fuels procurement platform ENGINE for publication on Singapore bunkering publication Manifold Times:

18 July 2023

VLSFO and HSFO supply tight in Singapore
Availability good in weather-exposed Zhoushan
VLSFO availability improves in South Korean ports

Singapore

Singapore has been seeing average demand so far this week, a source says. Securing HSFO stems can be difficult in the East Asian bunker hub, with recommended lead times going up marginally, from 9-13 days last week to 11-14 days now. Strong bunker demand last week coupled with a shrinking HSFO net import surplus could have contributed to put pressure on the grade.

Availability of VLSFO has been tightening as well, with several suppliers advising lead times of 7-11 days – up from 6-9 days last week. Availability of LSMGO remains good, with short lead times of 4-7 days recommended.

Singapore’s total residual fuel oil stocks have averaged 9% lower so far this month than in June, according to Enterprise Singapore. Singapore’s net fuel oil imports have surged by two-thirds and are at their highest level in more than a year. Both fuel oil imports and exports have risen in July. The port’s fuel oil imports have risen by a massive 75%, and its fuel oil exports have doubled.

Singapore’s middle distillate stocks have averaged 3% lower this month than in June.

East Asia and Oceania

Zhoushan has ample bunker availability amid sluggish demand and weather-related disruptions, a source says. All grades remain readily available in Zhoushan, with short lead times of 2-5 days – virtually unchanged from last week. However, bunker deliveries are still subject to weather conditions.

Bunkering has been suspended by bad weather at the port’s outer Tiaozhoumen and Xiazhimen anchorages since 9 July. Bunker operations are likely to resume at these anchorages later today, when calmer weather is forecast, the source adds.

Terminal operations across ports in the Guangdong and Hainan province in China were suspended as Typhoon Talim made landfall in the city of Zhanjiang in Guangdong province late last night.

Typhoon Talim is forecast to bring rough weather to Hong Kong and possibly disrupt bunker deliveries. Availability remains good across all bunker fuel grades in the port. Some suppliers are offering all grades with lead times of around seven days – almost unchanged from last week.

Meanwhile, availability of VLSFO has improved in South Korean ports, with lead times of 2-6 days recommended now. The grade was subject to enquiry last week.

Some suppliers, who were offering LSMGO and HSFO at lead times of 6-10 days last week, are now providing both grades at shorter lead times of 2-6 days and 3-4 days, respectively.

Adverse weather conditions are predicted intermittently in the South Korean ports of Ulsan, Onsan, Busan, Daesan, Taean and Yeosu between Tuesday and Sunday, which may impact bunker deliveries.

Bad weather is forecast in the Thai ports of Koh Sichang and Leam Chabang, in the Vietnamese port of Ho Chi Minh between 18-25 July, and in the Kiwi port of Tauranga between 21-22 July. All ports face potential delays to bunker operations.

South Asia

Several Indian ports, including Kandla on the northwest coast, and Cochin and Chennai on the southern coast, have good availability of VLSFO and LSMGO, with short lead times of around 2-3 days.

However, supply of both grades remains subject to availability in the Indian ports of Mumbai, Visakhapatnam and Paradip as it has been recent weeks. Meanwhile, a source says that both grades remain subject to enquiry in Tuticorin port on the southeast coast and Haldia on the east coast.

Rough weather is forecast in the Indian ports of Kandla and Sikka on 22 July, and Kochi and Visakhapatnam between 18-19 July, which could affect bunker operations.

Strong wind gusts of 21-27 knots and waves of more than two metres are predicted to hit the Sri Lankan port of Colombo between Tuesday and Thursday, which could hamper bunker deliveries. A source says VLSFO and LSMGO availability remains good in the Sri Lankan ports of Colombo and Trincomalee, with prompt dates available.

Middle East

Good bunker demand has put pressure on prompt availability for all bunker fuel grades in Fujairah, with recommended lead times of 5-7 days – unchanged from last week. Some suppliers can offer all grades for spot dates, but these deliveries are subject to stem sizes, a source says.

Availability remains good in the other UAE port of Khor Fakkan, with unchanged lead times of 5-7 days recommended.

LSMGO remains readily available in the Omani ports of Duqm, Sohar, Salalah and Muscat, with prompt dates possible.

By Tuhin Roy

Photo credit and source: ENGINE
Published: 19 July, 2023

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Singapore: PS Energy Group unveils new brand identity and moves to a new office

The group including its inland and marine bunkering units PS Energy Pte Ltd and CNC Petroleum Pte Ltd has underwent rebranding and moved to JTC Summit.

Published

4 hours ago

October 4, 2023

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Last mile fuel distribution company PS Energy Group, including its inland and coastal and marine bunkering units, PS Energy Pte Ltd and CNC Petroleum Pte Ltd, has introduced a fresh brand identity learns Manifold Times.

The firm has unveiled its new company logos and branding that reflects its remarkable transformation as a company.

“Over the past few months, we have been working hard to create a new visual identity that truly captures the essence of who we are as a company which we hope will resonate, inspire trust, and build meaningful connections with our customers,” Sean Chua, Managing Director told Singapore-based bunkering publication Manifold Times.

“Our new logo embodies the core values and aspirations that have guided us throughout our journey, while incorporating elements that represent our vision and direction for the future. With its circular shape, the new logo depicts an entity in motion and embodies PS Energy Group’s agility, focus on innovation, and accessibility.”

The firm’s updated branding encompasses a comprehensive visual identity system that is now being integrated across all its assets and communication channels, including its inland and marine fleet, website, and social media platforms.

Besides the new brand identity, the Group has recently moved to a new and improved office space at the JTC Summit in Singapore. The firm said its team spent considerable time and effort in searching for the perfect location that aligned with its vision and values of providing the best service possible to its clients.

“The move represents a significant milestone in our company's journey and marks a new chapter of growth and opportunity. Our new office brings a host of exciting features and amenities that will undoubtedly elevate the overall experience for everyone involved,” according to Sean.

“From spacious workstations and ergonomic furniture to cutting-edge technology and collaborative spaces, we have designed the new office with both functionality and comfort in mind. We believe that this new workspace will foster even greater creativity, productivity, and collaboration among our team members, enabling us to deliver exceptional results and exceed the expectations of our clients.”

PS Energy Group’s new address is as follows:

8 Jurong Town Hall Road
#24-01 The JTC Summit
Singapore 609434

Photo credit: PS Energy Group
Published: 4 October, 2023

Business

Malaysia: Straits Energy proposes to list oil bunkering and shipping segment on Nasdaq

In a filing with Bursa Malaysia, the firm announced its intention to spin-off its oil bunkering and shipping related services segment for listing on NASDAQ stock exchange via a public offering.

Published

5 hours ago

October 4, 2023

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Malaysia-listed Straits Energy Resources Berhad on Monday (2 October) announced the company’s intention to spin-off its oil bunkering and shipping related services segment for listing on NASDAQ stock exchange in the United States by way of a registered public offering.

In a filing with Bursa Malaysia, the firm said it intends to undertake a reorganisation of some of its subsidiaries involved in the oil bunkering and shipping related services segment, for the purpose of forming a separate listing group or Spin-Off Group suitable for the listing on NASDAQ.

“It is envisaged that these subsidiaries to be comprised in the Spin-off Group will continue to remain as

subsidiaries of Straits upon the completion of the Proposed Listing,” the company said.

Straits Energy added it will make a detailed announcement in relation to the proposed listing in due course, once the board of directors has finalised and approved the terms and structure of the exercise.

It said the listing would enable the Spin-Off Group to gain recognition and corporate stature through the listing status of its own on NASDAQ.

The company added the listing would further enhance its corporate reputation and profile which will be conducive in expanding its customer base whilst allowing the Spin-Off Group to expand and establish its global presence.

The proposed listing would also enable the Spin-Off Group to gain access to the capital market in the United States for capital raising and to provide the Spin-Off Group with financial flexibility for future expansion and growth.

It will also unlock shareholders' value in the oil bunkering and shipping related services and provide transparent valuation benchmark for the same on NASDAQ, it added.

Manifold Times previously reported marine fuel logistics firm CBL International Limited (CBL International), an ultimate holding company of Banle International Group Ltd (BVI), a 38%-associate company of Straits Energy Resources Bhd announced it would be listed on Nasdaq.

Later, Manifold Times did an exclusive interview with Banle Group who shared insights on the successful listing of CBL International Limited, its listing vehicle, on the Nasdaq Capital Market

Photo credit: Straits Energy Resources Berhad
Published: 4 October, 2023

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VPS announces new appointments for key positions

Andrew Morton has been appointed to the role of Managing Director AMEA while Captain Rahul Choudhuri has been appointed to the newly created role of President Strategic Partnerships.

Published

5 hours ago

October 4, 2023

Admin

VPS announces new appointments for key positions

Marine fuels testing company VPS on Tuesday (3 October) announced the appointment of Andrew Morton to the role of Managing Director AMEA (Asia, Middle East and Africa).

In this role, Andrew will apply his experience and knowledge to lead the delivery of VPS services to these important and growing regions. He joins VPS having spent the last 17 years working in the oil and gas industry, most recently with TotalEnergies in various positions and countries.

These included technical, commercial, management, mergers and acquisitions and most recently the New Energies space, including renewable energy, biogas and fuels, hydrogen and LNG. He has a BSc (Hons) in Chemistry and started his career in research and development in the lubricants industry for Fuchs.

Dr. Malcolm Cooper, VPS CEO, stated “We are delighted to welcome Andrew on board as our MD AMEA. His background and experience will be helpful in supporting our customers in these important Regions, particularly in the rapidly developing decarbonisation space.”

Andrew Morton, said: “I am delighted to join VPS and the team and take over the role of Managing Director - Asia, Middle East and Africa. It is a privilege to join the global market leader and to manage a zone where the maritime industry is growing. I look forward to working with the various companies and associations across the industry to help them with their decarbonisation journey.”

VPS also announced that Captain Rahul Choudhuri has been appointed to the newly created role of President Strategic Partnerships. In this role, Rahul will use his network to enhance and further develop relationships with customers and operators from across the shipping ecosystem to help VPS support their decarbonisation journey.

Dr. Malcolm Cooper, VPS CEO, stated “Captain Rahul is well-known across the Maritime sector and he has been the figurehead for VPS Asia and the Middle East for many years. He has been instrumental in many developments within VPS and across the shipping industry, making significant contributions to developments through a wide range of Committees and organisations.”

“His new role will enable him to focus more on our external relationships, which are of growing importance as we aim to support the shipping sector on it’s decarbonisation journey. We in VPS are very proud of Rahul’s achievements to date and we know there will be more to come.”

Rahul, said: “I am looking forward to this new opportunity. This role will allow me to use my experience and close relationships to strengthen, build and develop the industry partnerships needed to deliver new decarbonisation solutions offered by VPS. My work with industry associations allows a greater professional engagement with stakeholders to take the industry forward in challenging times”.

Photo credit: VPS
Published: 4 October, 2023