Hong Kong-listed bunkering and oil trading company NewOcean Energy Holdings Limited, through charterer subsidiary Baifuyang, on 2 November entered into a bareboat charter agreement with shipowner Link Harvest for a Marshall Island flagged VLCC.
The 2011-built 300,000 metric tonne (mt) capacity VLCC Astro Chorus (IMO 9235244) will be leased at the monthly rate of USD $290,000 for a term of 36 months commencing from 1 December 2018 to support NewOcean’s bunkering operations at Singapore.
NewOcean in the fourth quarter of 2017 commenced its bunkering business in Singapore and chartered a 100,000 mt floating storage in Malaysia as the procurement centre serving the Singapore Strait Region, Hong Kong and China.
“In the first half of this year, the oil product business in Singapore achieved a sales volume up to approximately 325,700 tones, successfully opening up a prime new market for the group,” it says.
“With a total market capacity in the Singapore Strait Region of 4 million tonnes oil products per month, the group’s long term objective is to substantially increase its market share in the region.
“To meet the growing logistic needs, in the past few months the group has actively searched for hire of a VLCC with storage capacity up to 300,000 metric tons.”
The bareboat charter agreement is on standard BIMCO (Baltic and International Maritime Council) terms.
Related: NewOcean Energy H1 net profit down 16% on year
Related: NewOcean Energy secures $169 million loan facility
Related: NewOcean Energy signals intent to enter Malaysia bunkering market
Related: NewOcean Energy net profit up 96%
Related: Hong Kong MFM bunker operations need this factor to flourish
Photo credit: MarineTraffic / Gaspar Luis Prieto Garcia
Published: 7 November, 2018
Current ISO 8217 bunker fuel standard not comprehensive enough for biofuels; National Mirror Committee working with local players to develop more comprehensive biofuels standard for Singapore, says Capt. Rahul.
‘There are some important differences between VLSFO and biofuels, and as a result, parties should consider whether additional changes should be made to biofuel bunker contracts,’ says Paul Collier.
Quek Rong Hong first joined Shell sometime in 2005 and had held the position of Blending Specialist from November 2017. At the time of arrest, his monthly basic salary was about SGD 4,300, showed documents.
Glencore previously commenced Singapore International Arbitration Centre Emergency Applications against Straits Pinnacle but those applications were dismissed, according to documents obtained by Manifold Times.
Captain Segar, MPA Assistant Chief Executive, Operations, to be also joining IBIA for the game where proceeds will be channelled into an IBIA Bursary Fund for supporting students to obtain a maritime studies degree.
‘Consort Bunkers will be operating the youngest bunkering fleet in Singapore after complete delivery of the ‘K’ series vessels by late-2023,’ Mr SK Yeo, Founder of Consort Bunkers, tells Manifold Times.