Bunker Fuel

Interview: ElbOil highlights growth, sustainability, and the human touch in marine fuels

‘Navigating change successfully requires not only data and systems, but also experience, curiosity, and the right team,’ states Harro Booth, CEO of ElbOil Group.

Published

7 months ago

January 22, 2026

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In the dynamic world of marine fuels, timely and accurate information is critical for industry players navigating regulatory changes, market trends, and technological advancements. Manifold Times catches up with Harro Booth, CEO of ElbOil Group, who shares the international bunker trading firm’s plans in Asia and beyond as it enters 2026:

How was ElbOil’s performance in 2025, and are there any achievements to share?

2025 was a year of tangible progress for ElbOil. We continued to expand our operational reach, reflected in our growing coverage of close to 2 million metric tonnes of bunkers per annum in 2025, compared to 1.3 million mt in the year before.

Beyond volume, the year demonstrated our ability to support customers in complex situations, including broking provision of a tailored bridging loan for a shipowner, reinforcing our role as a reliable and flexible partner.

At the same time, we made a strategic commitment to Asia. By opening our representative office in Shanghai during early 2025, we strengthened our local presence and significantly improved our ability to serve the Chinese and wider Asian markets including East of Suez. These steps underline our focus on proximity to customers, disciplined growth, and long-term partnerships as we move forward.

We also made progress in new services, digital tools, and sustainability initiatives. From my perspective, one of the key achievements was not a single milestone, but our ability to deliver consistently for clients despite geopolitical uncertainty, regulatory pressure, and ongoing market disruption. That reliability is something I personally value highly, and it is something we intend to build on.

Building on accomplishments in 2025, what will ElbOil’s objectives be for 2026?

Looking ahead to 2026, our objectives are clearly focused on quality growth rather than scale for its own sake. We aim to deepen existing partnerships, selectively expand in regions, and further develop our capabilities in focus areas, e.g. alternative fuels, EU ETS services, structured trading, financing solutions.

At the same time, we will continue to invest in digitalisation and data-driven decision-making, including tools and platforms, while preserving the human expertise that defines our trading culture. Strengthening compliance, risk management, and financial robustness will remain central pillars of our strategy.

Ultimately, our goal for 2026 is to remain a trusted partner in an increasingly complex market, agile enough to respond quickly, but structured enough to manage risk responsibly.

What was the bunker trading environment like in 2025, and what will be key factors influencing the segment this year?

The bunker trading environment in 2025 was shaped by a combination of geopolitical tensions, regulatory uncertainty, and economic pressure. Ongoing developments such as geopolitical factors continued to influence fuel availability, pricing structures, and logistics.

In parallel, regulatory developments particularly around regulations, e.g. EU ETS, IMO measures added another layer of complexity for shipowners and traders alike. Volatile oil prices, tightening credit conditions, and market consolidation further intensified pressure on margins and risk management.

Looking into the current year, I expect these factors to remain highly relevant. In addition, the pace of regulatory clarification, the availability of compliant fuels, and access to financing will play an increasingly important role in shaping market behaviour.

How is ElbOil preparing itself to handle these challenges for 2026?

Preparation starts with mindset. We operate with the understanding that long-term predictability has largely disappeared, and that flexibility and short decision cycles are essential.

On a practical level, we continue to invest in compliance and counterparty screening, supported by internal resources, team size, or external partners. Our risk management approach integrates legal, financial, and ethical considerations into daily trading decisions.

We have signed an MOU with a producer of Green Methanol in China and as such we will be able to supply as of 2027 Green Methanol to the shipping industry and domestic market. We have also visited this plant in China on 15 January. This deal is showing our commitment to alternative fuels and the transition and will allow us gaining even more experience for green methanol.

We are also proud to announce that we just managed to secure another mid-8 figure credit loan line with our existing banking portfolio which now amounts to a high-8 figure number. This combined with our high own equity allowing us to grow, invest and serve our clients at any price regime with full financial support and flexibility.

We are also refining our use of technology, including insert analytics tools, predictive models, or platforms, while ensuring that final decisions remain guided by experience and judgement. I strongly believe that this balance between data and intuition is what allows us to manage volatility without losing the personal element that is crucial in complex negotiations and claims handling.

With the increasing emphasis on data and digitalisation do you think the human touch, or ‘soul’, of the bunkering sector is being eroded?

One aspect that deserves emphasis is the human side of this industry. While technology, regulation, and fuels are evolving rapidly, trust, relationships, and people remain the true anchors of successful trading.

At ElbOil, we believe the future of bunker trading lies in combining innovation with responsibility, embracing new fuels and digital tools, while staying grounded in integrity, transparency, and long-term thinking.

If there is one message I would like to leave, it is that navigating change successfully requires not only data and systems, but also experience, curiosity, and the right team.

Photo credit: Manifold Times
Published: 22 January 2026

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“MV Scion Mathilda” was supplied with 246.5 mt of co-processed VLSFO at the Port of Singapore, comprising 212 mt of conventional VLSFO and 34.5 mt of co-processed CNSL VLSFO.

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Olam Agri, Vitol Bunkers wrap up co-processed VLSFO bio-bunkering operation in Singapore

Agri-business Olam Agri on Thursday (20 August) said it successfully completed Singapore’s first bio-bunkering operation with Vitol Bunkers, using Very Low Sulphur Fuel Oil (VLSFO) co-processed with Cashew Nutshell Liquid (CNSL), showcasing a waste-to-energy approach.

MV Scion Mathilda was supplied with 246.5 metric tonnes (mt) of co-processed VLSFO at the Port of Singapore, comprising 212 mt of conventional VLSFO and 34.5 mt of co-processed CNSL VLSFO. The product was supplied by Vitol Bunkers and procured by Olam Agri’s ocean freight business.

The fuel was subsequently consumed during a voyage from Caofeidian (China) to Rotterdam (Netherlands), followed by a ballast leg from Rotterdam to Barcarena (Brazil).

Total fuel consumption across the voyage comprised 1,354 mt of VLSFO, 101 mt of MGO and 34.1 mt of co-processed VLSFO. The vessel completed the voyage without any operational remarks, confirming the product’s performance in real-world conditions.

The operation marks a significant step forward in the search for practical, scalable alternatives to conventional marine fuels, and demonstrates that meaningful greenhouse gas (GHG) reductions can be achieved without any change to vessel operations.

Martin Fynbo, Head of Bunkers at Olam Agri’s ocean freight business, said: “The successful deployment of this product, achieving verified greenhouse gas mitigation alongside ensuring operational integrity, serves as a definitive proof of concept. This milestone provides validation to a traditionally risk-averse sector, demonstrating that a previously disregarded bio-product solution can both be operationally viable and sustainable.”

Sherman Yeo, Trading Manager, Vitol Bunkers, said: “This operation proves that co-processed VLSFO can be delivered and consumed at sea without any compromise to vessel performance or operational routine. The mass balance solution we have developed opens up a genuinely new avenue for GHG reduction in marine fuels.”

The co-processed VLSFO carries a GHG intensity of 2.02 gCO2eq/MJ, delivering savings of at least 120 MT CO2eq compared with conventional VLSFO on an equivalent basis. This outcome was achieved with no additional onboard handling or fuel treatment requirements.

Vitol’s co-processing and mass balancing methodology resolves a longstanding challenge in the use of CNSL as a marine biofuel. Direct blending of CNSL has historically been dismissed by the industry due to material compatibility and handling issues. By co-processing CNSL within the refinery stream, Vitol has opened a commercially viable pathway for CNSL to contribute to GHG reduction in shipping.

The co-processed VLSFO used in this operation conforms to RMG380 VLSFO grade and has the same chemical composition and quality as conventional fuel, eliminating the need for additional permissions or special clauses in charter party agreements.

“CNSL, derived as a by-product of cashew processing, represents an underutilised feedstock with genuine potential as a scalable marine biofuel component,” Olam Agri added.

“This trial demonstrates that with the right processing approach, it can be integrated into existing supply chains without disruption.”

Photo credit: Vitol
Published: 21 August, 2026

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China: CIMC Enric and Sinopec to team up on LNG, methanol bunker fuels in new deal

Under the new agreement, the companies will deepen cooperation across the LNG value chain and develop bunkering solutions including truck-to-ship bunkering services.

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China: CIMC Enric and Sinopec to team up on LNG, methanol bunker fuels in new deal

Clean energy equipment and services provider CIMC Enric on Monday (17 August) said it has signed a strategic cooperation agreement with Sinopec Fuel Oil Sales Co Ltd, covering LNG, green methanol, shipbuilding and new energy for marine applications.

Under the new agreement, the companies will deepen cooperation across the LNG value chain and develop bunkering solutions including truck-to-ship bunkering services. They also plan to expand into emerging marine fuels and energy solutions, including green methanol and sustainable aviation fuel (SAF).

The partnership will focus on five areas: energy-resource cooperation, shipbuilding, marine-fuel bunkering, vehicle-related services and integrated services.

The agreement was signed in Shenzhen on 14 August by Yang Xiaohu, executive director and president of CIMC Enric, and Xu Tao, deputy general manager and Party committee member of Sinopec Fuel Oil.

The cooperation will span commercial implementation, industry development and technology innovation.

The partnership comes as the shipping industry accelerates its transition towards lower-carbon fuels amid tightening International Maritime Organization emissions regulations and China’s carbon-reduction goals.

CIMC Enric specialises in equipment for the clean-energy sector, while Sinopec Fuel Oil leverages the resource and supply network of China Petroleum & Chemical Corporation (Sinopec). Both said their complementary capabilities provide a basis for moving beyond a conventional equipment-supply relationship towards broader cooperation integrating equipment, fuels, applications and technology.

The two companies began working together in October 2022, initially focusing on LNG and CNG storage and transportation equipment. Their cooperation has since expanded into marine equipment, green methanol bunkering, storage and transportation equipment, and external gas-source procurement.

The companies said they will establish a regular cooperation mechanism and develop detailed projects to accelerate implementation. The partnership is intended to strengthen collaboration between energy-equipment and energy-supply companies and support the maritime industry’s transition towards lower-carbon fuels.

Photo credit: CIMC Enric
Published: 21 August, 2026

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Azane signs ammonia bunkering deal with Equinor, first deliveries due in H2 2026

Both signed a framework agreement for the supply of ammonia and the execution of truck-to-ship ammonia bunkering operations for ammonia-fuelled vessels.

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Azane signs ammonia bunkering deal with Equinor, first deliveries due in H2 2026

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The first deliveries will commence during the second half of 2026. The agreement establishes a framework for future ammonia fuel deliveries and bunkering operations supporting the maritime industry’s transition towards lower-emission solutions.

“This agreement marks an important milestone for Azane and demonstrates growing confidence in ammonia as a marine fuel,” said Steinar Kostøl, CEO of Azane.

“Truck-to-ship bunkering offers a practical and flexible solution for the early adoption of ammonia-fuelled vessels while the broader ammonia fuel ecosystem continues to develop.”

The agreement covers truck-to-ship ammonia bunkering operations, where ammonia is transported to the quayside and transferred directly to the receiving vessel.

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