The Singapore bunker fuels sector’s quick recovery from the exit of major player Hin Leong Trading is something only few ports can pull off, believes the CEO and Board Member of international bunkering firm Fratelli Cosulich.
Timothy Cosulich was presenting at the Petrospot organised Global Bunkering Summit 2020 event on Thursday (2 September) when he pointed out the market share of Hin Leong being “quite quickly” reallocated among some new and existing players after its fall.
“The port authority and some big buyers were concerned about the potential shortage in bunker fuel and barges availability,” he said in a webinar.
“But to be honest, the supply chain proved once again to be strong and resilient. Even the exit of the largest failure was not sufficient to create a real disruption.”
He noted the Maritime and Port Authority of Singapore (MPA), in a timely manoeuvre, awarding two new bunker supplier licences to Minerva Bunkering and TFG Marine in April when Hin Leong Trading and its bunkering arm Ocean Bunkering Services exited the market.
“And this takes me to an important consideration,” states Cosulich.
“Singapore remains and will continue to be the largest and most important bunkering hub in the world. Not many other ports would have been able to sustain the shock of the largest player exiting the market in such a seamless way.
“Our view is that the Singapore market has now achieved a rather healthy balance in terms of barges terminals and products, and the commitment of all the key players in the industry is a further testament of the effort the port authority has made into this.
“Singapore continues to be as Sinatra once described New York: ‘If you can make it there. You can make it anywhere.’”
Photo credit: Fratelli Cosulich
Published: 7 September, 2020
Grønborg will optimise Bunker Holding’s market leader position by supporting its continued efforts to consolidate the international bunker industry, it said.
Rafeah has 15 years of experience in driving the full range of accounting operations, including preparing corporate financial statements in several multinational and listed organisations.
Frontline offering sale of up to $100.0 million of common shares through Morgan Stanley.
Ernst & Young consider that there are no other outstanding matters, and recommend liquidation of OTPL after expiry of the JM Order on 31 July 2021, states update.
Joint Study focuses on issues of ammonia as a bunker fuel, including development of ammonia fuelled ship and worldwide supply chain.
However, shipowners will only deliver a target with a drastic and urgently needed acceleration in commercial development of the required technologies and related infrastructure.
Cash of SGD 4.43 million and USD 243,100, and one piece of 100-gram gold-coloured bar recovered in safe belonging to Abdul Latif Bin Ibrahim kept at Extra Space warehouse storage facility, show court documents.
Program introduces periodic assessments, mass flow metering data analysis, and regular training for relevant key personnel to better handle the MFMS to ensure a high level of continuous operational competency.
U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.
Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.
