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News / Business/ NewOcean Fuel charters two more bunker tankers for Singapore Straits ops

NewOcean Fuel charters two more bunker tankers for Singapore Straits ops

09 Sep 2019
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Singapore-based NewOcean Fuel, the bunkering subsidiary of Hong Kong-listed NewOcean Energy Holdings Limited, has entered into two 24-month bareboat charter agreements for the lease of two oil tankers under the names New Navigator 2 and New Navigator 3.

The New Navigator 2 and New Navigator 3 were formally known as Southernpec 6 and Southernpec 7 respectively.

Both 4,710 dwt sisterships will be used to support the company’s growing operations in the Singapore Straits, it says.

“From January 2019 onward, the oil product business in Singapore achieved promising organic growth,” states NewOcean Energy Holdings Limited.

“NewOcean Fuel currently hires around six oil tankers with storage capacity ranged from 4,000 to 5,000 tones to handle oil delivery between floating storage in Malaysia to end customer in Singapore.

“Commencing from August 2019 onward, the Group expanded the oil delivery business to Port Klang of Malaysia, rendering the Singapore Strait Region a prime new market for the Group.

“In order to meet the growing logistic needs, in the past few months the Group has actively searched for hire of new oil tankers with storage capacity up to 4,000 metric tons or more.

“Following arm’s length negotiations with Rise Harvest and Win Harvest, NewOcean Fuel entered into the Bareboat Charter Agreements for a 24-month charter of New Navigator 2 and New Navigator 3 at fixed charter hire.”

NewOcean Fuel started its bunkering business in Singapore in the fourth quarter (Q4) of 2017.

It chartered a 300,000 metric tonne (mt) capacity floating storage unit in Malaysia as the procurement centre serving the Singapore Strait Region, Hong Kong and China in November 2018.

NewOcean Energy Holdings Limited posted a 9.7% increase in net profit in the six months ended 30 June (1H) of 2019.

Related: NewOcean Energy net profit increases to USD 47.24 million in 1H 2019
Related: NewOcean charters VLCC to support Singapore bunker ops

Photo credit: Manifold Times
Published: 9 September, 2019


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