Business

Experts discuss state of global bunker fuel market at ‘Argus Bunker Fuel 2021

Greatest interest among alternative fuels is now in methane as its use in the market as LNG as a marine fuel is already well established, said IBIA Director.

Published

5 years ago

February 22, 2021

Admin

Global energy and commodity price reporting agency Argus Media on Saturday (20 February) said participants from 26 countries joined the broadcast of its international online conference Argus Bunker Fuel 2021: CIS and Global Markets on Friday, 19 February.

The conference was supported by the International Bunkering Association (IBIA) and was sponsored by Vortexa.

Representatives from IBIA, Gazpromneft Marine Bunker, Vortexa, Monjasa, VPS, as well as Argus experts from different countries spoke at the event which boasted participants from Russia, Kazakhstan, Great Britain, USA, Japan and so on.

The conference began with a presentation by Stefka Wechsler, editor of Argus Marine Fuels, on the global marine fuel market where she presented a detailed analysis of the bunker markets in Asia, America and Europe.

Wechsler noted Argus is monitoring the development of the bunker market, including low carbon fuels, by publishing prices for ammonia, liquified natural gas (LNG) and CO2.

An overview of the Russian bunker market was presented by Yana Sheremetyeva, Senior Correspondent of Argus Russian Fuel Oil.

Sheremetyeva said data shows sales of high-sulfur fuel oil continue, while consumption of low-sulfur fuel oil (VLSFO) has grown significantly in Russia. Sheremetyeva also noted sales of all types of fuel on the Russian market falling by 30% in 2020.

At the same time, prices for VLSFO dropped by half, to $ 365 / t. Most noticeably, VLSFO fell in price in late April – early May due to a lockdown in ports in the Asia-Pacific region (APR) and Europe.

Nigel Draffin, Member of the Board of Directors, Honorary Treasurer of IBIA presented a comparison between different types of marine fuels. According to Draffin, the greatest interest among alternative fuels is now in methane as its use in the market as LNG as a marine fuel is already well established.

Draffin noted serious research is also underway to use biodiesel for refueling ships in the inland waters of certain countries. However, biofuels are not yet used on long sea routes. According to Draffin, the use of LNG in the bunkering segment in the future will be limited to 10-15% of total demand.

The discussion was continued by Efim Suchkov, a representative of Gazpromneft Marine Bunker, who spoke about the use of LNG as an alternative fuel.

In particular, Suchkov noted in a little over two years the gas-fuel fleet has grown by almost 50%, and the number of LNG bunkering vessels has tripled. For the dynamic development of the LNG bunkering market in Russia, it is necessary to approve measures of state support, he added.

Arthur Reacher, Lead Freight Analyst, Vortexa, presented changes in the freight traffic landscape over 2020. He noted a significant decrease in supply from suppliers in the past year – with production volumes at refineries in the world being much lower than in previous years.

At the same time, trade flows to Asia have accounted for most of the demand for fuel in 2020. Reacher added there is also a decrease in reserves in the APR countries. With regards to the outstripping rates of economic development of Asian countries in comparison with other regions, Reacher noted the main fuel supplies will continue to flow there in the observable future.

Rauf Huseynov, Senior Editor at Argus, presented an overview of the bunker fuel market in the Caspian region. According to Huseynov, the gradual easing of restrictive measures will lead to an intensification of ship traffic and an increase in demand for marine fuel in the near future.

As the market recovers, competition between the Caspian ports will increase. If the sanctions against Iran are softened, it can be expected Iranian fuel will be available to the participants of the Caspian market in certain volumes.

Photo credit: Argus Media
Published: 22 February, 2021

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

4 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

4 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

4 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026