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
‘We are here to transfer the extremely valuable knowledge gained over the past six years to the maritime sector, such that our customers are comfortable in the use of such biofuels,’ states CEO Olivier Baiwir.
Newly appointed Anthony Mollet speaks to Manifold Times about his role, vision, value proposition and plans for the Marine Fuels Alliance to become a wide-reaching and engaging bunkering industry association.
SFP will be retrofitting VPT’s existing bunker vessel with its Full Electric Ready (FER) system and seeks to commission the vessel in the second quarter of 2022, CEO of SFP George Lee tells Manifold Times.
Equatorial Marine Fuel Management Services, Oldendorff Carriers, Lloyd’s Register and organisers took part in a Bunker Quality Claims Webinar moderated by Manifold Times on 10 November.
‘Though it did introduce temporary commercial and operational disruptions, we took a constructive view of the situation and chose to use this event as a learning opportunity,’ shares a Consort Bunkers spokesperson.
Gealubes Consulting & Trading, the authorised marine business distributor of PANOLIN EALs at Singapore port, shares a two-part education series on Environmentally Acceptable Lubricants on Manifold Times.
30 Nov 2021