Busan-based Nabuco, a bunker and oil trading firm which started operations in South Korea since 2007, has expanded operations to Singapore.
The objective of expanding operations to Singapore serves two purposes, amongst others, Jongkil Jang, the Manager of Nabuco (Singapore) Pte Ltd, told Manifold Times.
"Nabuco has many shipowners lifting bunkers from the Singapore and Southeast Asia market and we believe opening a branch at Singapore will better serve them," he said.
"Additionally, the Korean bunkering market seems to have reach a saturation point so we have decided to expand business here [Singapore] to increase buying channels while seeking more quantity."
The company is currently in the process of opening credit lines with physical suppliers in Singapore.
"We are already doing buying and selling with local suppliers via cash, and target conducting trading operations with them via credit facilities in June," he notes.
Moving forward, Jang says the Korean bunkering market is well prepared to meet marine fuel demand from shipowners for IMO 2020.
"Hyundai Oilbank, a company which we have strong relationship with, will be concentrating on producing low sulphur fuel oil (LSFO) avails from November onwards," he says.
"Further, the company will ensure high sulphur fuel oil (HSFO) supply will be available for shipowners choosing the scrubber route for IMO 2020."
Nabuco is able to offer both HSFO and LSFO grades at all ports in South Korea.
Contact details of Nabuco's Singapore office are as follows:
Nabuco (Singapore) Pte Ltd
7 Temasek Boulevard #32-01
RM 3248, Suntec Tower 1
Mobile: +65 9179 3020
Direct: +65 6678 6545
Mobile: +65 9712 3162
Direct: +65 6678 6544
Published: 25 June, 2019
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