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Exclusive: Singapore top bunker suppliers reveal estimated sales volume for 2020

The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.

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Bunker sales

[Article updated on 15 January 2020 with latest figures.]

The Maritime and Port Authority of Singapore (MPA) on Thursday (14 January) updated its list of top bunker suppliers by volume in 2020.

A survey conducted by Singapore marine fuels publication Manifold Times with selected industry sources revealed the estimated annual bunker sales volume for the republic’s top 10 Singapore bunker suppliers in 2020:

Position Bunker supplier Volume in 2020*
1 Shell Eastern Trading (Pte) Ltd 5.1 to 5.7 million mt
2 Equatorial Marine Fuel Management Services Pte Ltd 4.5 million mt
3 Sentek Marine & Trading Pte Ltd 4.0 million mt
4 PetroChina International (S) Pte Ltd 3.8 million mt
5 BP Singapore Pte Limited 2.8 to 2.9 million mt
6 Glencore Singapore Pte Ltd 2.2 million mt
7 SK Energy International Pte Ltd Unavailable
8 Global Energy Trading Pte Ltd 2.0 million mt
9 Chevron Singapore Pte Ltd Unavailable
10 Vitol Bunkers (S) Pte Ltd 1.8 millon mt

*All volumes estimated from Manifold Times market sources

The republic welcomed two new bunker suppliers, namely Minerva Bunkering and TFG Marine, in April 2020.

To date, there are 44 active bunker suppliers operating at Singapore port (Ocean Bunkering Services’ licence was suspended in 2020).

The top three positive movers from 2019 to 2020 in the latest bunker supplier rankings list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8).

The list of all bunker suppliers ranked by volume in 2020 (versus position in 2019) and their movement are as follows (best viewed in PC):

POSITION IN  2020 BUNKER SUPPLIERS BY VOLUME POSITION IN  2019 MOVEMENT
1 SHELL EASTERN TRADING (PTE) LTD 5 +4
2 EQUATORIAL MARINE FUEL MANAGEMENT SERVICES PTE LTD 4 +2
3 SENTEK MARINE & TRADING PTE LTD 2 -1
4 PETROCHINA INTERNATIONAL (S) PTE LTD 1 -3
5 BP SINGAPORE PTE LIMITED 8 +3
6 GLENCORE SINGAPORE PTE LTD 7 +1
7 SK ENERGY INTERNATIONAL PTE LTD 15 +8
8 GLOBAL ENERGY TRADING PTE LTD 10 +2
9 CHEVRON SINGAPORE PTE LTD 21 +12
10 VITOL BUNKERS (S) PTE LTD (Formerly SINANJU MARINE SERVICES PTE LTD) 14 +4
11 GOLDEN ISLAND DIESEL OIL TRADING PTE LTD 11 Stable
12 MAERSK OIL TRADING SINGAPORE PTE LTD 9 -3
13 TOTAL MARINE FUELS PTE LTD 6 -7
14 ENG HUA COMPANY (PTE) LTD 16 +2
15 EXXONMOBIL ASIA PACIFIC PTE LTD 22 +7
16 TFG MARINE PTE LTD -- Received BDN in Apr 2020
17 TOYOTA TSUSHO PETROLEUM PTE LTD 12 -5
18 MARUBENI INT'L PETROLEUM (S) PTE LTD 24 +6
19 SINGAMAS PETROLEUM TRADING PTE LTD 23 +4
20 PALMSTONE TANKERS & TRADING PTE LTD 13 -7
21 OCEAN BUNKERING SERVICES (PTE) LTD** 3 -18
22 MINERVA BUNKERING PTE LTD -- Received BDN in Apr 2020
23 CONSORT BUNKERS PTE LTD 18 -5
24 HONG LAM FUELS PTE LTD 37 +13
25 FRATELLI COSULICH BUNKERS (S) PTE LTD 20 -5
26 CATHAY MARINE FUEL OIL TRADING PTE LTD 25 -1
27 PEGASUS MARITIME (S) PTE LTD 31 +4
28 GLOBAL MARINE TRANSPORTATION PTE LTD 27 -1
29 GRANDEUR TRADING & SERVICES PTE LTD 26 -3
30 TRITON BUNKERING SERVICES PTE LTD 29 -1
31 HIN LEONG MARINE INTERNATIONAL (PTE) LTD 17 -14
32 CENTRAL STAR MARINE SUPPLIES PTE LTD 34 +2
33 IMPEX MARINE (S) PTE LTD 28 -5
34 VICTORY PETROLEUM TRADING PTE LTD 35 +1
35 HAI FU MARINE SERVICES PTE LTD 41 +6
36 CNC PETROLEUM PTE LTD 40 +4
37 KENOIL MARINE SERVICES PTE LTD 36 -1
38 HAI YIN MARINE PTE LTD 32 +6
39 BUNKER HOUSE PETROLEUM PTE LTD 30 -9
40 EASTPOINT INT'L MARKETING PTE LTD 38 -2
41 SIRIUS MARINE PTE LTD 39 -2
42 PACIFIC BUNKERING SERVICES PTE LTD 33 -9
43 SHELL EASTERN PETROLEUM (PTE) LTD 42 -1
44 A DOT MARINE PTE LTD 43 -1
45 BUNKER B PTE LTD 45 Stable

** Licence suspended

Related: Exclusive: Singapore top bunker suppliers reveal estimated sales volume for 2019
RelatedExclusive: Estimated annual sales volume for Singapore top bunker suppliers in 2018
RelatedExclusive: Singapore top bunker suppliers reveal monthly sales volume in 2017

 

Photo credit: Manifold Times
Published: 14 January, 2021

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Business

Marine fuels trading, broking firm Uni-Fuels Holdings files for IPO on Nasdaq

Uni-Fuels Holdings plans to offer 3 million shares at a price range of between USD 4 to USD 5 per share; leading it to raise between USD 12 to USD 15 million for the IPO.

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Uni-Fuels logo

Uni-Fuels Holdings (Uni-Fuels), the ultimate parent of Singapore-based marine fuels trading and brokerage firm Uni-Fuels Pte Ltd, on Friday (25 October) announced plans for an initial public offering (IPO) on Nasdaq Capital Market.

In a filing with the United States Securities and Exchange Commission (SEC), the firm said it intends to offer 3 million shares at a price range of between USD 4 to USD 5 per share; leading it to raise between USD 12 to USD 15 million for the IPO.

It expects a market capitalisation of around USD 150 million after listing.

In the SEC filing, Uni-Fuels said it is a service provider of marine fuels solutions headquartered in Singapore. The Group’s history can be traced back to October 2021 when its operating subsidiary, Uni-Fuels Pte Ltd, was established in Singapore.

The company markets, resells and brokers marine fuels products such as very low sulphur fuel oil (VLSFO), high sulphur fuel oil (HSFO), and marine gas oil (MGO). It offers these products to shipping companies and marine fuels suppliers worldwide in-port and offshore.

Uni-Fuels operates an integrated business model where it serves customers through two operating models, sales of marine fuels solutions and brokerage (i.e. acting as intermediary between marine fuels suppliers and customers for a commission).

In the sales model, it controls and manages the customer relationship throughout the entire transaction and provides value-added solutions such as trade credit, financing, risk management, market intelligence and operational expertise.

In the broker model, the company refers the customer to a third-party supplier in exchange for a brokerage fee. In a sales transaction, it manages and guarantees the supply of marine fuels to the customer while it procures the marine fuel, including its delivery, from a third-party supplier. In a brokerage transaction, the third-party supplier will manage and guarantee the supply of marine fuels to the customer.

During the two years ended December 31, 2023, the company have arranged for marine fuel supply, under both its reselling and brokerage business, at 103 geographical ports worldwide, of which 35.9% of the supplies were carried out in South East Asia, 27.2% in North East Asia, 8.7% in South Asia, 8.7% in North America, 7.8% in Europe, 3.9% in South America, 3.9% in Middle East, 2.9% in Africa and 1.0% in Central America.

During the two years ended December 31, 2023, Uni-Fuels arranged for marine fuel supply to 88 customers, of which 77.3% are based in South East Asia, 15.9% in North East Asia, 4.6% in Europe and 2.3% in Middle East.

“Our customers are mainly shipping companies operating in market sectors such as bulk, tanker, offshore, container, general cargo, tug and barge, car carrier, cruise, yacht and dredging. Our customers also include other marine fuel suppliers operating in similar capacity as our Group,” it said in the filing.

The company recorded a net income of USD 1.2 million and USD 2 million for the years ending on December 31, 2023 and December 31, 2022 respectively.

Sales of marine fuels increased by approximately USD 40.6 million, or 137%, from approximately USD 29.6 million for the year ended December 31, 2022, to approximately USD 70.2 million for the year ended December 31, 2023.

“This increase was due to our strategic efforts to enhance our core business activities within the sales sector. We successfully expanded our team by increasing the number of employees in our sales and marketing department to conduct sales of marine fuels using our own resources, which led to a significant expansion of our customer base and an increase in the number of ports served during the year ended December 31, 2023,” the company said in the filing.

“The number of customers and ports related to the sales of marine fuels increased significantly from 13 customers and 30 ports in the year ended December 31, 2022 to 83 customers and 51 ports during the year ended December 31, 2023.”

“Our successful expansion into new customer base and supply ports led to in an increase in the number of customers and ports where we arrange marine fuels supply for our customers, and resulted in a substantial increase in our revenues.”

 

Photo credit: Uni-Fuels Holdings
Published: 4 November, 2024

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Winding up

Singapore: Lal Offshore Marine posts intention to declare dividend

Creditors will need to submit proofs to liquidators of Lal Offshore Marine by 18 November 2024, according to Government Gazette notice on 1 November.

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RESIZED Drew Beamer

A notice of intention to declare dividend of Lal Offshore Marine Pte. Ltd. (Co. Reg. No. 200513692G) to its creditors has been posted according to a Friday (1 November) notice from the Government Gazette.

Name of Company: Lal Offshore Marine Pte. Ltd. (In Liquidation)
Address of Registered Office : 600 North Bridge Road, #23-01 Parkview Square, Singapore 188778
Last Day of Receiving Proofs : 18th day of November 2024
Names of Liquidators : Leow Quek Shiong, Gary Loh Weng Fatt
Address of Liquidators : c/o BDO Advisory Pte. Ltd., 600 North Bridge Road, #23-01 Parkview Square, Singapore 188778

According to a The Straits Times report in February 2023, Vignish Vijelal, former director of a shipbuilding company, Lal Marine & Construction (LMC), was sentenced to five years’ jail, after he cheated a financing firm, Capital March Platform (CMP), of over $1.3 million by using 10 fake invoices.

Each invoice was accompanied by a work order purportedly between LMC and offshore structure builder Keppel Fels. However, there was no contract between LMC and Keppel Fels in relation to the painting and blasting works stated on the 10 work orders.

Instead, for each of the 10 LMC work orders, there was a corresponding genuine work order between another firm – Lal Offshore Marine (LOM) – and Keppel Fels.

LOM was the sister company of LMC at the time of the offences, and Vignish and his father were directors at LOM.

 

Photo credit: Drew Beamer
Published: 4 November, 2024

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LNG Bunkering

China: CIMC SOE delivers second LNG bunkering vessel to Seaspan Energy

Seaspan Energy took delivery the second in a series of three 7,600 cubic metre LNG bunkering vessels and named the ship “Seaspan Lions” in China.

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China: CIMC SOE delivers second LNG bunkering vessel to Seaspan Energy

Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. (CIMC SOE) on Friday (25 October) said it successfully delivered the second in a series of three 7,600 cubic metre (m3) LNG bunkering vessels on 25 October, which was ordered by Canada’s Seaspan Energy.

During the delivery and naming ceremony, Godmother Fatma Shakur named the ship Seaspan Lions, which means that the ship will sail on the sea with a fearless spirit and powerful strength to overcome all difficulties and challenges.

China: CIMC SOE delivers second LNG bunkering vessel to Seaspan Energy

The first ship was successfully delivered in August this year. The propulsion system includes three dual-fuel generators and two 1,600kW electrically-driven azimuthing thrusters. It could also be modified to fit in batteries in the future.

In the future, it is expected that the S1062 ship will show excellent performance during navigation with its excellent performance and environmental advantages, and contribute to the sustainable development of the global shipping industry.

China: CIMC SOE delivers second LNG bunkering vessel to Seaspan Energy

Related: China: Seaspan Energy takes delivery of LNG bunkering vessel from CIMC SOE

 

Photo credit: Nantong CIMC Sinopacific Offshore & Engineering
Published: 4 November, 2024

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