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
Current low prices for road and aviation fuels in September could mean another increase of flashpoint off-spec cases for MGO when players start introducing the products back into the bunker stream.
Some bunker suppliers at various ports have even achieved their sales target for the year; the trend doesn't seem to be slowing down and suppliers are expecting a boom during end of September.
The company has entered a memorandum of agreement with Millenium Satu Ltd to acquire the 7,550 dwt oil tanker to increase service flexibility; vessel will be paid over an installment period of 36 months.
Deloitte & Touche JMs believe IPP has a viable claim against Dr Goh Jin Hian for breaches of his director’s duties to act with skill, care and diligence which he owned to IPP, states court document.
An earlier MPA notice outlined precautionary measures for personnel to observe when conducting marine refuelling operations at port in order to minimise the risk of contracting Covid-19.
Mok’s offence affected public confidence in the use of the MFM system onboard Singapore bunker tankers, and caused an embarrassment to the MPA, said Deputy Public Prosecutors.