Bermuda-based oil tanker shipping company Frontline Ltd on Thursday (20 May) reported its first quarter profit of USD 165 million, the highest since 2008.
Due to the recent strength in freight rates and the concurrent decrease in fuel spreads, the company says it elected to postpone scrubber installations on two VLCCs and two Suezmax tankers.
It estimates a positive cash impact of approximately USD 7.6 million in 2020 resulting from these deferrals, excluding any benefit from decreased vessel off hire.
In March, Frontline also completed the acquisition of 15% of the share capital of TFG Marine, which is accounted for under the equity method.
TFG Marine is a global marine fuel supply and procurement company formed by Trafigura with Frontline and Golden Ocean. It was recently granted a bunker supplier license by the Singapore Maritime Port Authority.
Frontline paid USD4.8 million to TFG Marine in relation to bunker procurement and USD0.9 million remains due as at March 31, 2020.
The company also agreed to provide a USD 50.0 million guarantee in respect of the performance of its subsidiaries, under a bunker supply arrangement with the joint venture. As of March 31, 2020 no exposures were reported under this guarantee.
Photo credit: MarineTraffic / Ria Maat
Published: 21 May, 2020
713 mt of LSFO produced by Sinopec Guangzhou cleared the export division of Huangpu Customs, and was supplied to international vessels docked at Port of Guangzhou.
Wiluan faces 112 charges under Section 197 of the Securities and Futures Act by trading KS Energy’s shares via Pacific One Energy, reports The Straits Times.
‘The Mabanaft group realised strong sales, with a mixed overall business performance,’ says parent.
The 2018 OKIALOS XV SAILING RACE took place on 25th-27th March and consisted of two legs.
Vacuum residue desulphurisation plant in Ulsan undergoing test operations and is estimated to produce 40,000 barrels per day.
Straits Marine Services Pte Ltd formed to provide ship management services for company’s bunkering vessels.
‘Generally, you have to heat VLSFOs to prevent waxing, but the more you heat them the lower the shelf life is going to be,’ Dr Malcolm Cooper, the Group Managing Director of VPS, tells Manifold Times.
Current low prices for road and aviation fuels in September could mean another increase of flashpoint off-spec cases for MGO when players start introducing the products back into the bunker stream.
Some bunker suppliers at various ports have even achieved their sales target for the year; the trend doesn't seem to be slowing down and suppliers are expecting a boom during end of September.
The company has entered a memorandum of agreement with Millenium Satu Ltd to acquire the 7,550 dwt oil tanker to increase service flexibility; vessel will be paid over an installment period of 36 months.
Deloitte & Touche JMs believe IPP has a viable claim against Dr Goh Jin Hian for breaches of his director’s duties to act with skill, care and diligence which he owned to IPP, states court document.
An earlier MPA notice outlined precautionary measures for personnel to observe when conducting marine refuelling operations at port in order to minimise the risk of contracting Covid-19.
