Business

ENGINE: Europe & Africa Bunker Fuel Availability Outlook

Rotterdam’s Hi5 spread shrinks to just $37/mt; HSFO prices in Gibraltar at regional discounts; VLSFO and LSMGO tight in Maputo.

Published

2 months ago

August 10, 2023

Admin

The following article regarding Europe and Africa bunker fuel availability has been provided by online marine fuel procurement platform ENGINE for post on Singapore bunkering publication Manifold Times:

9 August 2023

Rotterdam’s Hi5 spread shrinks to just $37/mt
HSFO prices in Gibraltar at regional discounts
VLSFO and LSMGO tight in Maputo

Northwest Europe

Prompt HSFO supply remains very tight in Rotterdam and in the wider ARA hub. A lead time of seven days is recommended to ensure full coverage from suppliers there, a source says. But some have urged bunker buyers to consider longer lead times when looking to book HSFO stems.

Securing prompt HSFO stems of large quantities is even more difficult now, a trader says. Some suppliers are committed to supply HSFO to meet existing contract obligations, which means less volume is available for spot demand there, another source argues.

The supply tightness of the grade is likely to continue throughout this month, the trader adds. Tighter availability of HSFO also contributed to shrink Rotterdam’s Hi5 spread to just $37/mt on Wednesday. The port’s Hi5 spread has been lingering close to $50/mt levels since June, which is much narrower than Gibraltar’s $80/mt.

Prompt availability of VLSFO and LSMGO is generally better in the ARA hub, but some claim that LSMGO supply has tightened a bit, partly as big suppliers are holding back on offers.

However, another source maintains that the LSMGO supply is normal there. Some suppliers tend to hold back on offers not due to lack of supply, but because they seek to pick and choose the best bids in the market, the source explains. A lead time of 4-5 days is recommended for VLSFO, and 3-5 days for LSMGO.

Overall demand in the ARA hub has been slow so far this week.

VLSFO and LSMGO availability remains normal for delivery off Skaw, while HSFO is relatively tighter, a source says. Recommended lead times for all grades remain unchanged at 7-10 days.

Mediterranean

Bunker operations at Gibraltar’s Western anchorage resumed last Saturday, after having been suspended for nearly four days because of an oil spill incident in the bay. The oil spill occurred on 1 August, when the LPG tanker vessel Gas Venus received bunkers from the bunker vessel Hercules 500 and saw its fuel tanks overflow, maritime analytics provider Marine Traffic said.

The bunker suspension led to an increase in congestion in Gibraltar last week, but these backlogs were quickly cleared after bunkering was allowed to resume. Some vessels were also diverted to bunker in nearby alternative locations such as Ceuta and Algeciras, a source says. Minimum congestion was reported in Gibraltar, Algeciras and Ceuta on Wednesday, port agent MH Bland said.

HSFO, VLSFO and LSMGO availability is now said to be normal across Gibraltar Strait ports. A lead time of 4-6 days is recommended for VLSFO and LSMGO, a source says. Some can even supply the grades on prompter delivery dates.

Ample HSFO supply in Gibraltar has kept a lid on its benchmark price, which was around $20/mt lower than Rotterdam’s on Wednesday. Recommended lead times are also slightly shorter at 5-6 days in Gibraltar.

VLSFO and LSMGO availability is good in the Portuguese ports of Lisbon and Sines. Gibraltar's bunker disruption last week did not result in any substantial rise in bunker-only calls in Portuguese ports, a source says.

In Italy’s Genoa, VLSFO and LSMGO availability is normal, but prompt deliveries are still subject to enquiry, a source says.

Other bunker delivery areas in the Mediterranean such as Piraeus and off Malta have good availability of VLSFO and LSMGO. All grades are also readily available for prompt delivery dates in Turkey’s Istanbul.

Africa

VLSFO and LSMGO availability is normal in the South African ports of Durban and Cape Town, and at the Algoa Bay anchorage by Port Elizabeth, where lead times of up to seven days are still recommended, a source says.

HSFO is out of stock in Mozambique’s Nacala. A supplier is working to replenish its stocks, but has not given a timeline for when it expects to have more HSFO to offer. Meanwhile, VLSFO and LSMGO availability is good in Nacala.

In Maputo, VLSFO and LSMGO availability has tightened for prompt delivery dates this week.

By Nithin Chandran

Photo credit and source: ENGINE
Published: 10 August, 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

Admin

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

4 hours ago

October 4, 2023

Admin

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

Employment

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

4 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