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Interview: PS Energy Group gears up for 2023 with sustainable bunker fuel products and digital transformation

The group subsidiary’s CNC Petroleum plans to upgrade its 566 mt capacity “Marine Dignity” with a larger capacity barge to cater to market demand; to launch a marine bunkering app to improve transparency and customer service.

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MT photos 13 February 2023 8

In an exclusive interview with Singapore-based bunkering publication Manifold Times, last mile fuel distribution company PS Energy Group recently shared its digitalisation milestones and triumphs of 2022, exciting plans in the pipeline for 2023, its challenges and how the firm overcame them. 

PS Energy Group also took the opportunity to reveal updates on the expansion of its barge fleet and new sustainable bunker fuel products through the firm’s subsidiary, coastal and marine bunkering business, CNC Petroleum.

MT: What company milestones have PS Energy and CNC Petroleum achieved in 2022 and why are these developments significant to the companies?

PS Energy Group has achieved several milestones in 2022. Our digitalisation efforts, with our cloud- based business platform, has been implemented from top to bottom, in both our inland arm, PS Energy and coastal and marine bunkering business, CNC Petroleum. It enabled us not just to sustain our business despite the difficult market conditions but to scale within and outside Singapore. It is integral to the company’s digital fuel distribution services by providing one convenient digital platform for our entire operations including sales, finance, order processing, fuel deliveries, supply tracking and management, and customer services.

Our exponential growth was recognised, with us being bestowed with the Enterprise 50 (E50) award last year, as well as our inclusion in the Top Fastest Growing Companies in 2023 by The Strait Times.

Other remarkable milestones include expanding our fuel offerings into sustainable fuel and the acquisition last year of an additional barge, CNC 5, further strengthening our footprint in the coastal bunkering segment in Singapore.

All these are significant milestones, and we expect them to support and sustain our growth trajectory in the coming years.

MT: How have these developments in 2022 led to the business direction for 2023?

Some of what we have accomplished last year are the fruits brought by executing our multiple-year growth plans started in 2019. Our business direction for this year is to continue executing all these, including our digital transformation, market expansion through strategic acquisitions and internationalisation, and expansion into sustainable fuels.

MT: What is the business direction, in regard to bunkering, for 2023 and why is this the planned route?

The same is happening in our bunkering business, where we continue to execute these growth plans. For example, we are planning to upgrade our 566 mt capacity Marine Dignity with a larger capacity barge to cater to the additional market demand. In terms of our digitalisation strategy, we are launching a marine bunkering app, to improve transparency and our customer service. We have also very recently expanded our sustainable bunker fuel offerings to the coastal and marine market with our MGO B7 and MGO B20 biodiesels.

MT: How long has the company taken to decide on the planned route? What are the challenges and solutions embarking on this path?

We have embarked in digitalising our business as far back as 2014 when we implemented an advanced delivery and management system (ADAMS). In 2019, we accelerated the growth of the company after completing our buyout from NSL. That year saw us joining the inaugural Enterprise Singapore (ESG) Scale-up Programme, which was instrumental for our multiple year growth plans. The steps we did in the last three years helped us counter the upheavals and very difficult market conditions caused by the COVID-19 pandemic and the unprecedented oil price volatility brought by the Russia-Ukraine war.

MT: Does the business environment in Singapore promote the path of PS Energy and CNC Petroleum and what are the contributing factors making it so?

The Singapore oil and gas sector is one of the largest in the world and it has a very established industry, ecosystem, and players. We are able to fill a gap in the industry value chain, specifically in the last mile fuel distribution. It was an area that wasn’t served well enough by the major players. That niche cleared the path for our business model. There’s opportunity to scale and the market demands innovation in fuel distribution including digital delivery services. Most recently, in line with the MPA circular to support the use of sustainable fuel in the industry, we have also started to offer sustainable bunker fuels through one of our floating kiosks, the first company in Singapore to do so.

Finally, the financial and continuous support of our anchor bank, UOB, as well as different Singapore government agencies such as the Enterprise Singapore has also helped tremendously in making our business thrive.

MT: In the area of your expertise, what is your bunker industry forecast for 2023?

Compared to the last three years, we see 2023 as a much better year for our business. As we focus more on last mile fuel distribution, we foresee the demand in this sector to be very stable this year. Uncertainties and volatility in the market will continue because of the Russia-Ukraine war and banks will continue to be cautious of the market. However, all these we are able to capitalise on, and actually highlights the advantages of our digitalisation transformation.

Related: CNC Petroleum provides alternative bunker fuel to coastal and marine market with MGO B20
Related: Singapore: PS Energy Group acquires ISCC cert for biodiesel products

 

Photo credit: PS Energy Group
Published: 16 February, 2023

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SMW 2025: Singapore to launch new standard for electric harbour craft this week

MPA and Enterprise Singapore will launch the Technical Reference 136 to provide guidelines for the development and operation of charging and battery swap systems for electric harbour craft, says minister.

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SMW 2025: Singapore to launch new standard for electric harbour craft this week

Minister of State for Transport Murali Pillai on Monday (24 March) said Singapore will launch a new standard for electric harbour crafts this week as part of Maritime and Port Authority of Singapore’s (MPA) efforts in facilitating decarbonisation for domestic harbour craft to achieve the republic’s national target of net-zero emissions by 2050.

“MPA and Enterprise Singapore will launch the new Technical Reference 136 this week to provide guidelines for the development and operation of charging and battery swap systems for electric harbour craft,” Murali said during his speech at the opening ceremony of the Singapore Maritime Week 2025 (SMW 2025). 

“This will enhance the safety and interoperability of electric harbour craft charging infrastructure.”

This is one of the initiatives MPA is undertaking to prepare for the bunkering of alternative marine fuels and decarbonising Singapore’s domestic maritime sector.

The minister said Singapore is taking steps to support the use of various fuels by the industry and position Singapore as a leading bunkering hub for alternative fuels.

“Over the past two years, we have supported trials of alternative fuels such as ammonia and methanol. These have contributed to the development of new technical references and IMO guidelines to enable the safe and efficient use of these marine fuels,” he said.

“MPA and Enterprise Singapore published the new Technical Reference 129 on Methanol Bunkering earlier this month, and we plan to launch a new standard for ammonia bunkering later this year.”

He added MPA has also recently allowed licensed bunker tankers to carry and deliver biofuels up to B30. 

“Pilots for up to B100 are ongoing, and we welcome bunker suppliers to engage in these pilots,” he said.

At the opening ceremony of SMW 2025, Senior Minister Lee Hsien Loong, together with Murali, also launched Singapore’s first Maritime Digital Twin, an advanced simulation model developed by MPA in partnership with the Government Technology Agency of Singapore (GovTech) that integrates real-time data to enhance decision-making and improve management of maritime operations in Singapore waters.

Murali said the digital twin will integrate data from different sources and provide a platform for information sharing. This will enable the development of tools to optimise port efficiency and reliability above, at and below the sea surface.

“For example, the digital twin will enable scenario simulations and dispersion modelling, which can inform standard operating procedures for the safe bunkering of alternative fuels such as methanol and ammonia,” he said.

The minister added MPA will roll out the digital twin to pilot users later this year, before progressive implementation for the wider industry. 

“In future, we can extend this to the global maritime ecosystem through our Green and Digital Shipping Corridors with other countries and ports,” he said. 

Related: Singapore-registered bunker tankers can transport up to B30 biofuels from 7 March
Related: Singapore releases new standard on methanol bunkering, gears up for multi-fuel future

 

Photo credit: Maritime and Port Authority of SingaporePublished: 24 March, 2025

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TFG Marine welcomes first of four ‘L’ series IMO type II bunkering tankers of Consort Bunkers

TFG Marine to operate Consort Bunkers’ bunkering tanker “Pearl Lavender”, capable of carrying methanol, biogrades up to B100, as well as conventional fuels, at Singapore port from April onwards.

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TFG Marine welcomes first of four 'L' series IMO type II bunkering tankers of Consort Bunkers

Global marine fuel supply and procurement firm TFG Marine on Friday (21 March) said it attended the delivery ceremony of bunker tanker Pearl Lavender at China Merchants Jinling shipyard in Nanjing. 

The IMO type II chemical bunkering tanker newbuilding is amongst others under long-term time charter from Singapore-based bunker supplier and logistics services provider Consort Bunkers Pte Ltd (Consort). 

"This state of the art vessel, capable of carrying methanol, biogrades up to B100, as well as conventional fuels, will be operational at the Port of Singapore from April 2025, further advancing our product offering to our client base in the APAC region," said TFG Marine. 

"As the first of four barges in this order, this investment builds on our commitment to low-carbon fuel bunkering infrastructure, reinforcing our vision for a multi-fuel future. 

"With methanol, biofuels, ammonia, and other alternative fuels playing an increasingly significant role alongside traditional marine fuels, we continue to support the industry's transition towards cleaner energy solutions."

Manifold Times previously reported that Consort first contracted six ‘L’ series 6,500 dwt IMO Type II bunker tankers with China Merchants Jinling Shipyard (Nanjing) Co., Ltd. in April 2023.

The ‘L’ series of bunker tanker newbuildings gained recognition from the China Association of The National Shipbuilding Industry (CANSI) as amongst the Chinese shipbuilding sector’s top 10 innovative vessels for 2024.

Last year, TFG Marine announced the signing of a long-term time charter agreement with Singapore-based bunker supplier and logistics services provider Consort Bunkers for four newbuild bunker tankers.

Related: TFG Marine to charter Consort Bunkers newbuild methanol bunker tankers in Singapore
Related: Consort Bunkers ‘L’ series newbuildings amongst top 10 ‘innovative achievements’ of Chinese shipbuilders
Related: Consort Bunkers ordering up to 20 x IMO Type II bunker tankers in region of USD $350 million

 

Photo credit: TFG Marine
Published: 24 March, 2025

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RINA awards Type Approval to VINSSEN for maritime fuel cell stack

Approval of VINSSEN 60kW maritime fuel cell stack will accelerate the demonstration and commercialisation of its 120kW maritime fuel cell power generation system.

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RINA awards Type Approval to VINSSEN for maritime fuel cell stack

South Korea’s maritime decarbonisation technology provider VINSSEN on Friday (21 March) said it has received Type Approval from Italian classification society RINA for its 60kW maritime fuel cell stack. 

The company said the approval will accelerate the demonstration and commercialisation of VINSSEN's 120kW maritime fuel cell power generation system.

Despite the absence of clear maritime hydrogen-related legal standards, the company has leveraged regulatory sandboxes to systematically conduct technology verification and rigorous certification procedures, demonstrating its technical expertise.

“The recent Type Approval from RINA not only strengthens international confidence in hydrogen fuel cell technology for eco-friendly ships but also marks a significant step toward full commercialisation,” it said. 

“This milestone reflects the company's commitment to promoting hydrogen fuel cells as a key solution for reducing maritime carbon emissions.”

The certification process involved performance and environmental tests based on IEC standards, all of which VINSSEN successfully passed. The vibration test confirmed the system's durability under specific frequency and acceleration conditions. 

Additionally, the dielectric strength test showed that the system could withstand high voltage without insulation failure, meeting all required standards. 

“These challenging tests were successfully completed, confirming the reliability and safety of VINSSEN's fuel cell module for maritime and shipbuilding applications,” the company said. 

Looking ahead, VINSSEN plans to accelerate the development of next-generation hydrogen fuel cell solutions, including a 150kW high-output fuel cell stack and an onboard fuel cell power generation system using reformed gas (75% hydrogen and 25% nitrogen). These innovations will increase the feasibility of applying MW-class hydrogen fuel cell systems to larger vessels.

A VINSSEN representative said: “This Type Approval is a key milestone for the commercialisation of MW-class maritime hydrogen fuel cell systems. We will continue leading the maritime market through ongoing technological innovation and the pursuit of global certifications.”

Manifold Times recently reported VINSSEN receiving an Approval in Principle (AIP) certification from the Korean Register (KR) for Korea's first tugboat featuring a hydrogen fuel cell propulsion system.

Related: KR awards AiP to VINSSEN for Korea’s first hydrogen fuel cell-powered tugboat

 

Photo credit: VINSSEN
Published: 24 March, 2025

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