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
Based from findings of recent whitepaper ‘Refining bunker barge performance using coriolis meter technology and the Advanced Delivery Platform’.
In January it raised approximately £1.51 million from shareholders, allowing it to temporarily continue business.
Associate Director at Helmsman highlights the need to stay up-to-date with latest protocols / measures introduced by MPA, with continuous education of Master and crew of the visiting vessel.
“MS Green Ammonia” will transport and distribute green ammonia fuel from a production facility in Berlevåg, Norway, to Svalbard from 2024.
Grant Thornton Singapore was appointed as judicial manager of the company through a resolution passed during a creditors meeting held on 19 March.
Creditors are to produce proofs of debt to Semua Ship Agency and Supplies Private Limited’s liquidator Acutus Advisory Pte. Ltd by 6 June 2022, says Government Gazette.
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.
‘MPA had immediately contacted the relevant bunker suppliers to take necessary steps to ensure that the relevant batch of fuel was no longer supplied. Further investigations are currently on-going,’ it informs.
