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INTERVIEW: Bunker buying is more than a relationship-based activity; it’s a science, says marine fuels broker

Irene Notias is the Founder, Managing Director, Sr. Bunker Fuels Broker of bunker broking firm Prime’s Bunkersplus Services; she is also Course Director of a bunker buying training programme.

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The following interview arranged by Conference Connection is part of pre-event coverage for the upcoming 12th International Fujairah Bunkering & Fuel Oil Forum (FUJCON 2021), where Manifold Times is an official media partner. Readers can register for the virtual event by clicking on the link here

The process of purchasing marine fuels in today’s market has evolved into a complex operation, says the Founder, Managing Director, Sr. Bunker Fuels Broker of Greece-specialised bunker broking firm Prime’s Bunkersplus Services.

“Yes, some folks are right about bunker buying being relationship-based. However, it really is more than that,” Irene Notias* tells Singapore bunker publication Manifold Times.

“The bunker industry has been steadily evolving since 1970’s when brokers became re-sellers. It went from being a specific tasked business to a complex one.

“It has changed even more so in the last six years, from the O.W. Bunker bankruptcy affecting all businesses, to the changeover of low sulphur fuel due to IMO 2020 and will continue to change.”

Current bunker buying practises by international shipowners trading firms have also adjusted due to the series of commodity mishaps seen during 2020.

Further, today’s bunker buyers face many challenges; they are now responsible to shipowners by ensuring marine fuels procured are not only cost effective but also safe for consumption – all while planning for unforeseen costs that can arise from the bunkering operation.

“This is not an easy task when you have to concentrate on the other daily issues of vessel operations and management,” she explains.

“And let’s say if your job is only buying fuels, you must be able to trust your sources, be aware of all the news and changes, at the same time be present for time validities and crude movements. If you are buying for a large fleet on daily or weekly basis, you are full into the swamp.

“But if you are managing a few hundred metric tonnes fuel and gasoil a month or every two months, you will not be able to assure your targets are 100% because there are no benchmarks and you cannot possibly be present for all the crude movements. Plus, it will be hard to make a wise purchase without bunker expertise now days.”

Though VSLFO blends introduced as a result of IMO 2020 have not complicated the bunker inquiry process, the development has given rise to more attention placed on its quality. Notias expects the bunker buying process to get more complex in the future when vessels start using alternative marine fuels.

“Buying bunkers in today’s world, with so many variables in the procurement process to consider and the lack of know-how and knowledge needed to handle it all, is what made me decide to educate future buyers and also to call it ‘The Science of Buying Bunker Fuels’,” she notes while adding, “knowledge (of any kind) is science.”

“It is knowledge that is the key to successful buying. There are technical items, systemic processes and outside variables that makeup this business model.

“From my experience, many buyers are not aware or perhaps it’s an oversight due to so many items they must tend to, that they forget to use some tools that can get them a better price. And I can help teach that in my course.”

Participants of Notias’ course on bunker buying ‘The Science of Buying Bunker Fuels’ will also have the chance to take part in the Bunker Game – a feature of the virtual training session where players get a chance to learn about what it is like to be a bunker buyer or seller.

“The Bunker Game will produce a much better understanding of the bunker buying process and hence industry dynamics of the maritime and bunkering sectors,” she notes.

“These are foundations which are necessary to make the right purchase instead of the hit or miss. It will also be relevant to buying any fuel in the future because you will have learned the basics.”

Notias continued to share a personal learning experience encountered when she first entered the bunker broking business.

“My late Uncle (whom I had a great relationship with) was a ship owner who didn’t give me any inquiries when I first started this job because he said he wanted me to get to know this business first. The ‘chances’ to fix business came from my employer’s good reputation and my willingness to work hard and learn,” she says.

“After several failures and some successes, I gained the knowledge and trust necessary that cultivated the relationships necessary.  Five thousand eight hundred and forty days (that’s16 years at 365 days a year) of working night and day trying to sell bunker fuels and dealing with people all over the globe is what mattered.

“That’s a lot of experience and knowledge that kicked in. Together with the process routines I had to develop to buy efficiently and effectively while maintain the rules and boundaries of the business model.

“Take the course so you can see why buying bunkers is a science!”

*Note: Irene Notias is the Course Director of ‘The Science of Buying Bunker Fuels’ virtual training session to be held on 21 and 22 March 2021. The course is organised by Conference Connection and held as part of FUJCON 2021. Interested delegates may register for this training via the link here. 

 

Photo credit: Prime’s Bunkersplus Services
Published: 12 March, 2021

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Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

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Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

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Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

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