New York-listed tanker company Frontline Ltd. (FRO) on Wednesday (16 January) increased its ownership interest in exhaust gas cleaning systems (EGCs) manufacturer Feen Marine Scrubbers Inc. (FMSI) to 28.9%.
“FMSI has gained market share since our initial investment, and we are pleased to see our ownership stake in the company increase,” said Robert Hvide Macleod, CEO of Frontline Management.
“Setting aside potential financial benefits, our ownership in FMSI has allowed Frontline to source high specification scrubbers on short notice, which we believe will present a challenge to many owners as the deadline for sulphur emissions compliance approaches.”
FMSI, formed in 2017, has a presence in Batam, Oslo, Singapore, Athens, Mumbai, Shanghai and Seoul and has received orders for more than 150 EGCs systems since sales efforts were initiated.
As of 3 January 2019, FMSI had delivered 45 EGCs, and fully commissioned 18 systems.
In response to market demand, FMSI is increasing its production capacity through constructing a 40,000 square meter facility in Batam, Indonesia.
The new facility, which will commence operations in February 2019, will see production capacity increase five-fold at a time when some manufacturers are unable to accept scrubber orders due to capacity restraints.
Related: Frontline reiterates commitment to scrubbers
Related: Frontline acquires 20% stake in Feen Marine Scrubbers
Photo credit: Feen Marine Scrubbers
Published: 16 January, 2019
PetroChina expects the global oil market to remain oversupplied and prices low this year, and takes "active measures" to deal with the risk of crude price fluctuations.
Market structure has strengthened on signs that regional demand will remain robust throughout the summer because of power generation needs.
European Investment Bank to provide EUR 50 million fund for total of five port projects.
Emmanouil (Manos) Katsipis has than 20 years of experience in oil trading and business development.
FTI Consulting has cautioned the group’s creditors that they could realistically forecast a recovery rate of 0% to 27.5% of their exposure, reports Bloomberg.
The refinery reportedly produced 7.1 million metric tonnes of low sulphur marine fuel in Q1 2020 and 50,000 mt in March in order to match market demands, it said.
Garren Hay will be responsible for sales of the PANOLIN range of Environmentally Acceptable Lubricants for the Singapore sole distributor agent Gealubes Consulting & Trading Pte Ltd.
Universal Alliance, BMS United, Digiland International, Goodwood Associates, Southernpec (Singapore), and Taigu Energy were involved in alleged circular fictitious trades of fuel oil during July 2015.
Bunker orders of ISO 8217:2010 spec LS 380 cSt 0.5% for Nord Gemini, Nord Titan, Ocean Rosemary, and Luzern were placed through global commodities trading and logistics house Trafigura Pte Ltd.
While Covid-19 concerns are important, Captain Rahul Choudhuri was quick to note this does not mean bunker fuel related issues have indeed disappeared from the shipping sector.
‘Therefore, representing the players of the Malaysian bunker industry, we sincerely hope that this matter can be refined and reconsidered immediately so that all parties benefit together,’ says communication.
Maureen Poh, a Director of Helmsman LLC, offers plain practical tips on the differences between US and EU Sanctions and shares some thoughts on what companies could do if they are potentially exposed to sanctioned entities.
