Singapore is home to a unique and diverse international trading community that has grown from strength to strength over the past three decades.
However, certain events taking place within the republic’s commodities sector during the second quarter of 2020 have resulted in the government starting industry-wide efforts to enhance local commodity financing standards.
The development has also signalled a need for independent and reliable commodity trading houses such as Norwegian Oil Trading (NOT), a subsidiary of Norwegian family-owned business Hesnes Group, which operates an office at the republic, believes the company.
“NOT prides itself as among the few independent boutique trading/brokering houses with active participation in the bunker fuels market,” Roger Liau, Trading Manager of NOT’s Singapore office, told Manifold Times.
“Our Singapore office was set up in 2014 in order to offer customers a local presence at the biggest bunkering port in the world. Our representative office in Miami was established in 2017 and provides clients coverage in the western hemisphere.
“With the ongoing consolidation and mergers in the market, we believe the bunker market definitely needs an independent company offering comprehensive bunker procurement solutions while offering excellent tailored services differing from the major trading houses.”
He notes independent bunker trading firms such as NOT are better placed to tailor bespoke solutions for shipowner clients through association with their well-known parent firms and investors.
NOT is backed by the Henses Group of Norway, which is active in the fields of shipbroking, bunker broking, ship owning, and investing in real estate and financial assets, as its majority owner.
NYK Trading Corporation, the trading arm of NYK Group which is amongst the largest shipowners of Japan, is a minority owner of NOT.
“As such, NOT enjoys large credit trade finance facility with our bank, without the need to pledge our receivables,” shares Liau.
“Come join us and be inspired by the journey.”
Roger Liau’s contact details are as follows:
Photo credit: Manifold Times
Published: 26 August, 2020
Program introduces periodic assessments, mass flow metering data analysis, and regular training for relevant key personnel to better handle the MFMS to ensure a high level of continuous operational competency.
U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.
Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.
‘MPA had immediately contacted the relevant bunker suppliers to take necessary steps to ensure that the relevant batch of fuel was no longer supplied. Further investigations are currently on-going,’ it informs.