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Interview: Bunker trading firm ElbOil looks to China market for continued growth

With many achievements under its belt since 2011, ElbOil Group goes into details on its entry into the China market, its business expansion there and outlines plans heading towards alternative bunker fuels.

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Interview: Bunker trading firm ElbOil looks to China market for continued growth

Singapore-based bunkering publication Manifold Times recently interviewed Harro Booth, Managing Director of bunker trading firm ElbOil Group, on its entry and business expansion into the China market. Booth also outlined the company’s adoption plans to include alternative bunker fuels within its portfolio:

MT: Established since 2011, how has the ElbOil Group grown to date and what were the milestones accomplished during this period?

ElbOil was founded in 2011 with a primary focus on bunker fuel trading, catering to the shipping and marine industry. In the beginning, the company concentrated on building relationships with key suppliers and establishing a foothold in major trading hubs like Singapore, Rotterdam, and Fujairah.

Fast forward to 2019 and 2020, the company has transitioned its portfolio to compliant fuels, including very low sulphur fuel oil (VLSFO) and alternative marine fuels like LNG. ElbOil holds the license of a certified Biofuel Trading Entity since 2020 with Red Cert.

In 2020, to strengthen its position, ElbOil expanded by opening an additional trading office in Singapore and this allowed for better local market coverage, and faster response times to clients demands.

Over the years, ElbOil’s growth trajectory has been marked by a series of strategic milestones, from geographical expansion to digital transformation and regulatory adaptation.

Today, it stands as a global player in bunker fuel trading, with a strong focus on sustainability and innovation.

MT: Which year did ElbOil enter the China market and what were the push/pull reasons for this development?

After ElbOil set up Singapore office in 2020, we understand the rapid development of the Chinese market and Chinese shipowners are making an increasing share of the global shipping market. We hired two experienced traders to expand into the Chinese market in 2021 to 2022.

Additionally, ElbOil's growth in China complements its global expansion, as seen through its strengthened leadership team, especially with the addition of seasoned professionals to its management. These steps have helped the company build a strong foundation within China's maritime sector.

MT: Since initiation of the China business to date, what milestones have the company accomplished within this market?

Over the past two to three years, we have been providing our services to over 100 Chinese owners, operators, achieving over 800,000 mt of supplied volume at global ports for our Chinese customers.

In 2020, we started our Chinese ports supply through our partner in China who has over 20 years of trading experience. We have established credit lines totalling over USD 20 million credit lines with most Chinese suppliers. These milestones indicate ElbOil’s growing presence and strategic importance in the Chinese maritime industry.

MT: What value propositions does ElbOil offer for the Chinese shipping sector?

Based on the priority of our customers' interests and our knowledge of ports around the world, we provide customers with the most optimal bunkering solutions.

We take advantage of our global presence to provide accurate port information to our customers in ports and regions that are unfamiliar through our global expertise and local adaption.

As a member of the European Union, we provide our Chinese customers with the latest updates on the new EU regulations. We assist customers in arranging what they need.

MT: What plans does ElbOil have for the Chinese market and how will the firm achieve them?

We hope that with our professional service and spirit, we can win the trust of more Chinese customers. The Chinese market is a market that we should strive for more vigorously, and we also hope that with our assistance, Chinese shipowners and shipping operators can reduce unnecessary risks.

ElbOil has a long history of green energy, and we believe that we will provide customers with more professional guidance and services for the green energy transformation of the shipping market in the future.

We will have our Shanghai Rep office set up in early 2025, and we will have our local team to maintain more effective communication with our customers.

MT: Can you describe a marine fuels industry related challenge you were proud the ElbOil team overcame, and how was this challenge resolved?

The war in Ukraine, which began in early 2022, created a profound disruption in global energy markets, including the marine fuels (bunker) sector. The conflict led to sanctions on Russian oil exports, major supply chain disruptions, and dramatic price volatility in crude oil and refined products like fuel oil, which are essential for the shipping industry.

By taking swift, decisive action, the ElbOil team successfully navigated the challenges posed by the Ukraine war. ElbOil's ability to diversify its supply chain, implement robust price risk management strategies, and ensure full compliance with sanctions by investing a high six-digit number allowed the company to maintain business continuity for its clients.

Despite the chaos and uncertainty in the global energy markets, ElbOil's proactive approach helped secure stable fuel supplies, provided financial security through hedging, and strengthened customer trust through transparent communication and compliance. As a result, ElbOil emerged from the crisis more resilient and with stronger customer relationships than before.

MT: Moving forward, what is ElbOil doing to remain relevant within the marine fuels market heading into IMO 2030/2050?

As the marine fuels industry heads towards stricter environmental regulations, such as IMO 2030 and IMO 2050, ElbOil is proactively positioning itself to remain relevant by embracing innovation, sustainability, and digital transformation. Here’s a detailed outline of what ElbOil is doing to prepare for and thrive in the evolving market:

To align with the IMO 2030 target of reducing CO2 emissions per transport work by 40%, and the IMO 2050 goal of cutting total greenhouse gas emissions by 50%, ElbOil is actively diversifying its fuel portfolio to include cleaner and alternative fuels even with the possibility of direct supplies and production.

This shift is essential as shipping companies seek to comply with increasingly stringent regulations.

  • Biofuels and Renewable Energy: ElbOil is forming partnerships with biofuel producers to supply second-generation biofuels, which offer a significant reduction in carbon emissions. These biofuels are derived from sustainable sources like used cooking oil and waste materials, helping clients reduce their carbon footprint.
  • LNG and Ammonia: As Liquefied Natural Gas (LNG) becomes a popular transitional fuel, ElbOil is ready to supply LNG and or ammonia to their clients due to some co- operations with suppliers.
  • Carbon-Neutral Solutions: ElbOil is offering carbon offset programs, allowing customers to purchase carbon credits to offset the emissions from traditional fuel consumption, ensuring their operations are carbon-neutral.
  • Carbon Capture: ElbOil is already invested in startups and investing in carbon capture and therefore contributes to our responsibility to a cleaner and green future.

Digitalisation is critical for efficiency, transparency, and regulatory compliance in the future marine fuels market. ElbOil is leveraging cutting-edge technologies to streamline its operations and offer more value to customers.

Collaboration is key to driving the maritime industry’s transition to a cleaner future. ElbOil is forging sustainability-driven partnerships with stakeholders across the shipping, refining, and fuel technology industries.

Environmental, Social, and Governance (ESG) standards are becoming increasingly important for companies operating in the marine fuels sector. ElbOil is positioning itself as a leader in ESG compliance, aligning its operations with global sustainability standards as having invested and being a board member of ESG NRG A/S, a Norwegian startup offering a full stop solution of compliance and reporting in EU -ETS and EU Fuel Maritime solutions.

As the industry moves toward IMO 2050, which aims for a 50% reduction in total greenhouse gas emissions from shipping, ElbOil is taking a long-term view of the transition to zero- carbon fuels.

  • Research and Innovation in Zero-Emission Fuels: ElbOil is investing in research to better understand and commercialise future fuels such as biofuels, hydrogen, green methanol, and synthetic fuels. These fuels are critical for achieving the deep decarbonisation needed for IMO 2050.

ElbOil is committed to future-proofing its operations and maintaining relevance in the marine fuels market as it transitions toward a low-carbon future. Through investments in alternative fuels, digital innovation, sustainable partnerships, and compliance with evolving regulations, ElbOil is positioning itself as a leader in helping the maritime industry meet the IMO 2030 and IMO 2050 goals.

This forward-thinking strategy not only supports the decarbonisation of shipping but also ensures that ElbOil remains a trusted and reliable partner for shipowners and operators seeking sustainable and cost-effective marine fuel solutions.

 

Photo credit: Manifold Times
Published: 9 October 2024

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FuelEU

FincoEnergies launches pooling service for FuelEU Maritime compliance

FuelEU Pooling service enables undercompliant vessels to meet their compliance targets by pooling with vessels running on GoodFuels sustainable bio bunker fuels.

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GoodFuels biofuel supplier FincoEnergies on Wednesday (16 April) announced the launch of its FuelEU Pooling service, created to enable shipowners to meet FuelEU Maritime compliance in a cost-effective way.

FuelEU Maritime, effective from 1 January 2025, mandates the reduction of greenhouse gas intensity of energy used on board ships trading in the EU. For many operators, particularly those with limited access to low-carbon fuels, compliance can be both complex and costly.

Designed for shipowners, operators, charterers, and technical managers, FincoEnergies’ FuelEU Pooling service enables undercompliant vessels to meet their compliance targets by pooling with vessels running on GoodFuels sustainable biofuels, when these vessels are overcompliant and have ‘Surplus’ emission reduction available for allocation.

FincoEnergies also partnered with Lloyd’s Register (LR), who supported the development of the service. Their technical expertise has enabled shaping a solution that aligns with both regulatory requirements and FincoEnergies' established position as a biofuel supplier in the fuel supply chain.

“FuelEU Maritime represents one of the most important regulatory shifts for the shipping industry in decades,” said Alberto Perez, Global Head, Maritime Commercial Markets at LR. “By integrating technical expertise with strategic guidance, we ensure shipowners, operators, and suppliers not only comply with evolving emissions standards, but also proactively transform their operations, embracing new technologies and alternative fuels to ensure a sustainable and profitable future.”

“With a decade of experience in biofuel bunkers and carbon certificate trading in the voluntary market, we are excited to expand our creative and solution-oriented product portfolio with FuelEU Pooling,” said Johannes Schurmann, Commercial Director International Marine at FincoEnergies. 

“Thanks to our physical presence in the supply chain, shipping companies looking for FuelEU surplus can confidently rely on us as a trusted partner in their decarbonisation journey.”

Through its role as Pool Organiser, FincoEnergies streamlines the entire pooling process – from performing biofuel bunkers and prefinancing Surplus, to Surplus allocation and pool verification. With cost-effective pricing, FuelEU Pooling provides shipping companies with a competitive alternative for changing their fuel mix themselves.

 

Photo credit: FincoEnergies
Published: 21 April, 2025

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LNG Bunkering

Ballast Nedam Infra and Hakkers Waterbouw to build sea jetty for new LNG terminal

Jetty, which will be built as part of a LNG terminal in Germany, will be equipped to receive ships up to 267,000 m³; a smaller berth will be built for LNG bunker vessels and barges.

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Ballast Nedam Infra and Hakkers Waterbouw to build sea jetty for new LNG terminal

Netherlands-based Hakkers Waterbouw recently said it will be partnering with Ballast Nedam Infra for the construction of a large sea jetty as part of a new LNG terminal in Brunsbüttel, Germany. 

The jetty will be equipped to receive ships up to 267,000 m³. In addition to the main berth, a smaller berth will also be built for LNG bunker vessels and barges. The jetty offers an unloading capacity of 14,000 m³ per hour and a loading capacity of 3,000 m³ per hour. 

“The development of the LNG terminal and sea jetty fits in with the growing demand for sustainable energy solutions in Europe,” Hakkers said on its website. 

“The project contributes to the European energy transition and to a safe, reliable energy supply for the future. With this collaboration, Ballast Nedam Infra and Hakkers Waterbouw are taking an important step in the realisation of sustainable infrastructure and further European collaboration.”

The order was placed on behalf of German LNG and will be executed as a subcontractor to main contractor CS Gas North. This is a collaboration between the Spanish companies Cobra and Sener. 

Construction of the sea jetty will start in the summer of 2025 and is expected to be completed in early 2027.

Richard Majoor, director at Ballast Nedam Infra, said: “In combination with Hakkers and CS Gas North, we want to build a proactive and efficient collaboration.

 

“Ballast Nedam and Hakkers complement each other well: Ballast Nedam has extensive experience in project management for complex construction projects, while Hakkers, as a specialist in hydraulic engineering and steel construction, adds substantive value.”

Hein van Laar, commercial director at Hakkers Waterbouw, added: “As a specialist in heavy hydraulic engineering piling and steel construction, we are particularly proud to realise this project. We see that we can really add something in Germany with our expertise.”

 

Photo credit: Hakkers Waterbouw
Published: 21 April, 2025

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Newbuilding

Chinese shipbuilder delivers CMA CGM’s Singapore-flagged LNG-powered boxship

CMA CGM welcomes “CMA CGM SEINE”, the first in a four-ship series of 24,000 TEU LNG dual-fuel container ships, by Hudong-Zhonghua Shipbuilding, according to BV Marine & Offshore.

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Chinese shipbuilder delivers CMA CGM’s Singapore-flagged LNG-powered boxship

Bureau Veritas Marine & Offshore (BV) on Wednesday (16 April) announced the successful delivery of CMA CGM SEINE, a new 24,000 TEU LNG dual-fuel container ship, by Hudong-Zhonghua Shipbuilding (HZSY). 

This milestone marked the completion of the first vessel in a four-ship series, with BV providing classification and BV Solutions Marine & Offshore (BVS) providing advisory services. 

It is CMA CGM’s first LNG-powered vessel flying the Singaporean flag with a capacity of 24,000 TEU. 

It was reported that CMA CGM planned to expand its fleet and vessel tonnage, adding more vessels under the Singapore Registry of Ships. To support the transition to more sustainable fuels, CMA CGM said it would register and bunker alternative fuel vessels under the Singapore flag.

Xavier Leclercq, Vice President of CMA Ships, said: “Today’s delivery of the ‘CMA CGM SEINE’ featuring LNG as fuel at such a large scale, will remain a major landmark in the shipping world and embodies the engagement of the CMA CGM group toward an ambitious decarbonisation path, leading the way to our industry.”

Mr. Xiufeng ZHANG, Vice General Manger of Hudong-Zhonghua shipyard, said: “CMA CGM SEINE, as the lead ship of the four 24,000-TEU LNG dual-fuel powered container ships ordered by CMA Ships from our company, stands as a new-generation maritime ‘Green Giant’ and ‘super cargo hauler’.”

The vessel integrates a dual-fuel propulsion system supported by GTT Mark III membrane-type LNG bunker tanks, with a total capacity of 18,600 cubic meters, designed to enhance both environmental performance and operational efficiency.

Measuring 399.9 meters in length and 61.3 meters in beam, the vessel has a carrying capacity of 23,876 TEU and is equipped with a WinGD W12X92DF-2.0 dual-fuel main engine, incorporating the Intelligent Control by Exhaust Recycling (iCER) system. 

This configuration significantly reduces methane emissions and enables compliance with IMO Tier III emission standards when operating in "Diesel + iCER mode". 

BV worked closely with the engine manufacturer and the shipyard to test the parent engine and issued the Engine International Air Pollution Prevention (EIAPP) certificate, establishing a foundation for compliance across the series. The iCER system optimises energy efficiency, achieving an Energy Efficiency Design Index (EEDI) reduction well beyond the IMO’s Tier III standards.

To address the critical sloshing challenges in large-volume LNG bunker tanks, BVS performed direct computational fluid dynamics (CFD) simulations. The verified pressure data was provided to the design unit for structural strength checks, ensuring the safety of the cargo containment system and hull support structure.

The vessel features advanced technologies to boost operational performance and energy efficiency. Equipped with the SmartEye intelligent monitoring system and the TotalCommand full-control system, it achieves automated precision control during berthing, significantly reducing berthing time and enhancing port operations. 

Energy efficiency is further improved by applying variable frequency drive (VFD) technology to the engine room fans and seawater cooling pumps. Meanwhile, the WinGD Data Collection Monitoring (DCM) system offers real-time tracking and analysis for the dual-fuel main engine, supporting operational optimisation. 

BV also supported the upgrade of BV certified boil-off gas (BOG) compressors by conducting sea trial tests and re-issuing product certificates, facilitating seamless system commissioning and vessel delivery.

Related: CMA CGM to participate in bunkering trials of alternative fuels in Singapore

 

Photo credit: Bureau Veritas Marine & Offshore
Published: 17 April, 2025

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