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NewOcean charters VLCC to support Singapore bunker ops

07 Nov 2018

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
RelatedNewOcean Energy secures $169 million loan facility
RelatedNewOcean Energy signals intent to enter Malaysia bunkering market
RelatedNewOcean Energy net profit up 96%
RelatedHong Kong MFM bunker operations need this factor to flourish

Photo credit: MarineTraffic / Gaspar Luis Prieto Garcia
Published: 7 November, 2018

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