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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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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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Biofuel

GREENMARINE and Vertoro to accelerate adoption of lignin-alcohol as marine fuel

Like fossil oil, liquid lignin can be used as a platform for fuel, chemical and material applications.

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Methanol marine fuels consultancy GREENMARINE and Vertoro, a Maersk-backed Dutch start-up focused on developing liquid lignin technology which can be used as a bunker fuel, has signed an agreement to jointly accelerate the market validation and commercial roll-out of lignin-alcohol as sustainable marine fuels.

“We at GREENMARINE Group are excited to join forces with Vertoro to bring their revolutionary lignin alcohol blend fuel to market,” said Fredrik Stubner, founder and CEO of GREENMARINE Group.

“This breakthrough technology redefines sustainable maritime fuels, delivering environmental benefits and cost efficiencies, paving the way for a greener, more competitive shipping industry.”

Dr. Michael Boot Boot, co-founder & co-CEO Vertoro, replied, “GREENMARINE Group has an excellent track record as a match maker for green fuel producers with engine manufacturers and shipping companies, opening many doors for us on both the fuel validation and offtake side.”

Vertoro, founded in 2017, produces liquid lignin exclusively from sustainably sourced forestry and agricultural residues by means of a patented thermochemical process. Like fossil oil, liquid lignin can be used as a platform for fuel, chemical and material applications.

Related: Maersk invests in Dutch start-up Vertoro to develop green lignin marine fuels

 

Photo credit: CHUTTERSNAP from Unsplash
Published: 11 July 2025

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Newbuilding

Singapore: Pinnacle Marine’s first B100 fuelled utility boat starts 1,000-hour research trial

Newbuilding operated by Prestige Ocean Pte Ltd will capture data on bunker fuel emissions, marine fuel behaviour, and performance.

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The 50th vessel constructed by local boat builder Pinnacle Marine (Singapore) Pte Ltd, namely President 100, is starting 1,000 hours of real-time research trials in collaboration with several parties from Wednesday (9 July) onwards, it says.

Powered by B100 biodiesel, the newbuilding operated by Prestige Ocean Pte Ltd will capture data on bunker fuel emissions, marine fuel behaviour, and performance.

It will be participating in trials with Maritime Energy & Sustainable Development Centre of Excellence (MESD), Weichai Singapore, China Classification Society, Pacific International Lines (PTE) Ltd, Abo Shoten, Ltd. / 株式会社安保商店 , Abo Singapore, Wilmar International, Gulf Marine, Amspec Testing & Services, and AYK Engineering and Consulting.

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The President 100, Pinnacle Marine’s first full biodiesel utility boat, was launched on Tuesday in the presence of over 100 guests.

“Our latest vessel, President 100, merges legacy and future. Named after our first aluminium boat (“President”) and inspired by B100 biodiesel, it leads the charge for our next 50 vessels — many of which will embrace green technology,” stated Pinnacle Marine in a LinkedIn post.

“The launch was amazing, with strong turnout from across the maritime sector — authorities, shipowners, operators, agencies, chandlers, researchers, offshore engineers, and petrochemical suppliers.”

It added: “We’re excited to see how it paves the way for wider adoption of B100 biodiesel — a cleaner, sustainable path for Singapore’s harbour craft sector.”

 

Photo credit: Pinnacle Marine (Singapore) Pte Ltd
Published: 9 July 2025

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Newbuilding

BHP awards charter contracts for two ammonia dual-fuelled bulk carriers

BHP continues to work with the maritime industry to develop an ammonia bunkering plan for the two vessels when they are delivered from 2028.

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BHP ammonia DF charters

Global resources company BHP on Wednesday (2 July) signed contracts with COSCO Shipping Bulk Co., Ltd., a subsidiary of COSCO shipping Group (COSCO Shipping) for the charter of two ammonia dual-fuelled Newcastlemax bulk carriers.

The new vessels to be built under this arrangement will be two of only a handful of vessels in the world capable of using ammonia as a bunker fuel.

The two vessels, expected to be delivered from 2028, will primarily transport iron ore from Western Australia to Northeast Asia.

When run on lower or low to zero greenhouse gas (GHG) emissions ammonia, these vessels will be capable of reducing GHG emissions by at least 50% and up to 95% on a per voyage basis compared to a conventionally fuelled voyage.

The five-year time charter contracts are expected to contribute towards a reduction in the GHG emissions intensity of BHP chartered shipping.

BHP continues to work with the maritime industry to develop an ammonia bunkering plan – the process of fuelling ships with ammonia – for the two vessels when they are delivered from 2028.

Sourcing lower and low to zero GHG emissions ammonia is subject to an ongoing tender process.

 

Photo credit: BHP
Published: 9 July 2025

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