Bunker Fuel

OceanScore opens new Singapore office for Asia Pacific expansion

New office will enable firm to better serve regional clients as the company sees rising Asian demand for its digital solutions geared towards efficient regulatory compliance with EU ETS and FuelEU Maritime.

Published

9 months ago

August 1, 2024

Admin

OceanScore opens new Singapore office for Asia Pacific expansion

Hamburg-based technology platform OceanScore on Wednesday (31 July) said it has opened a new office in Singapore that will enable it to better serve regional clients as the company sees rising Asian demand for its digital solutions geared towards efficient regulatory compliance with the EU ETS and FuelEU Maritime.

“Our list of global clients is growing steadily in line with the industry’s pressing need to navigate the complexities of these new regulations. Establishing a presence in this leading maritime hub allows us to cater more effectively for our clientele in this region,” said OceanScore’s Managing Director Albrecht Grell.

The new locale in the Lion City marked the latest expansion by the Hamburg-based maritime technology firm, which also has offices in Poland and Madeira, Portugal.

The office was formally opened on 30 July at a high-profile event attended by honorary guest Kenneth Lim, Assistant Chief Executive of the Maritime and Port Authority of Singapore.

“We are especially grateful to our client Blue Net Chartering and its Managing Director Fabian Oelze for being able to host our new office on its premises to facilitate this expansion,” said Grell, who hosted the event.

OceanScore has recently appointed Leo Grayson as Head of Commercial APAC to lead the Singapore team.

“By providing dedicated expertise and responsive service on the ground, we will be able to readily support regional clients with the resources they need to tackle their compliance requirements,” Grayson said.

OceanScore said it already serves dozens of shipping companies that have signed up for its web-based digital application ETS Manager, an end-to-end management solution for automated tracking, allocation, invoicing and accounting of EU Allowances (EUAs/carbon credits) to simplify complexity of commercial processes and mitigate risk related to the EU Emissions Trading System (EU ETS).

Grell said Singapore was selected as the next ‘port of call’ for the company due to its important strategic location for global shipping, with over 180 international shipping groups and around 4000 vessels registered there, as well as a strong sustainability-focused maritime cluster.

Singapore is one of the world’s busiest ports and serves as an important transit hub for ships plying the key trade route between East Asia and Europe that are now exposed to liabilities under the EU ETS, which requires 50% of emissions to be covered for voyages to/from the EU/EEA.

OceanScore now estimates a total EU ETS cost of nearly EUR 400 million for the 1120 liable vessels registered in Singapore once the regulation is fully implemented in 2026, based on a requirement for 5.5m EUAs and the current carbon price of EUR 70 per tonne.

This accounts for around a third of EUR 1.2 billion in total emissions liabilities for Asia-based players and roughly 7% of nearly 80 million EUAs to be surrendered by shipping globally, according to OceanScore.

“Singapore’s share of global EUAs is expected to rise around 3% annually, based on historic data modelling, and it is therefore important for shipping companies to get to grips with the EU ETS by having efficient administrative processes in place to gain control of EUA costs and mitigate their exposure, while also pursuing fleet decarbonisation measures,” Grell explained.

Following rapid industry uptake of ETS Manager after its launch in 2023, OceanScore is now preparing to launch its suite of FuelEU solutions on 4 September. This will include the FuelEU Planner that will allow the user to monitor compliance balances, simulate different courses of action, assess the full commercial impact of different fuel choices, and prepare annual budgets.

“A salient feature is the ability to simulate different scenarios for modelling the total cost of measures related to FuelEU such as using alternative bunkers, taking shorepower or assessing wind-assisted propulsion,” Grell explained.

“In addition, penalty mitigation measures such as vessel pooling, banking or borrowing can be assessed.”

“Having such data-driven infrastructure in place will be a necessity for players in Singapore and elsewhere in managing the cost implications and risks of the new regulation.”

Photo credit: OceanScore
Published: 1 August 2024

Related Topics:Business - Events EU ETS FuelEU Port & Regulatory - Decarbonisation Technology - Digital platform

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FuelEU

FincoEnergies launches pooling service for FuelEU Maritime compliance

FuelEU Pooling service enables undercompliant vessels to meet their compliance targets by pooling with vessels running on GoodFuels sustainable bio bunker fuels.

Published

8 hours ago

April 21, 2025

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GoodFuels biofuel supplier FincoEnergies on Wednesday (16 April) announced the launch of its FuelEU Pooling service, created to enable shipowners to meet FuelEU Maritime compliance in a cost-effective way.

FuelEU Maritime, effective from 1 January 2025, mandates the reduction of greenhouse gas intensity of energy used on board ships trading in the EU. For many operators, particularly those with limited access to low-carbon fuels, compliance can be both complex and costly.

Designed for shipowners, operators, charterers, and technical managers, FincoEnergies’ FuelEU Pooling service enables undercompliant vessels to meet their compliance targets by pooling with vessels running on GoodFuels sustainable biofuels, when these vessels are overcompliant and have ‘Surplus’ emission reduction available for allocation.

FincoEnergies also partnered with Lloyd’s Register (LR), who supported the development of the service. Their technical expertise has enabled shaping a solution that aligns with both regulatory requirements and FincoEnergies' established position as a biofuel supplier in the fuel supply chain.

“FuelEU Maritime represents one of the most important regulatory shifts for the shipping industry in decades,” said Alberto Perez, Global Head, Maritime Commercial Markets at LR. “By integrating technical expertise with strategic guidance, we ensure shipowners, operators, and suppliers not only comply with evolving emissions standards, but also proactively transform their operations, embracing new technologies and alternative fuels to ensure a sustainable and profitable future.”

“With a decade of experience in biofuel bunkers and carbon certificate trading in the voluntary market, we are excited to expand our creative and solution-oriented product portfolio with FuelEU Pooling,” said Johannes Schurmann, Commercial Director International Marine at FincoEnergies.

“Thanks to our physical presence in the supply chain, shipping companies looking for FuelEU surplus can confidently rely on us as a trusted partner in their decarbonisation journey.”

Through its role as Pool Organiser, FincoEnergies streamlines the entire pooling process – from performing biofuel bunkers and prefinancing Surplus, to Surplus allocation and pool verification. With cost-effective pricing, FuelEU Pooling provides shipping companies with a competitive alternative for changing their fuel mix themselves.

Photo credit: FincoEnergies
Published: 21 April, 2025

ECA

PO/Marine launches supply of MED ECA-compliant ULSFO bunker fuel

In preparation of the upcoming Mediterranean Emission Control Area regulation, PO/Marine successfully delivered its first supply of ULSFO with 0.10% sulphur content on 15 April.

Published

8 hours ago

April 21, 2025

Admin

Aydın Yıldız, Head of Marine Sales at Petrol Ofisi Group

Petrol Ofisi’s bunkering arm PO/Marine on Thursday (17 April) said it has completed the bunkering operation of ULSFO—a marine fuel with 0.10% sulphur content—in alignment with the upcoming Mediterranean Emission Control Area (MED ECA) regulation.

Under the new regulation, all vessels operating within the Mediterranean must use low-sulphur marine fuels.

Effective 1 May 2025, the Mediterranean will officially be designated as an Emission Control Area (MED ECA), prohibiting the use of marine fuels with sulphur content exceeding 0.10%.

In preparation for this regulatory transition, PO/Marine successfully delivered its first supply of ULSFO (Ultra Low Sulphur Fuel Oil) with 0.10% sulphur content on 15 April.

PO/Marine launches supply of MED ECA-compliant ULSFO bunker fuel

Aydın Yıldız, Senior Maritime Manager at Petrol Ofisi Group, said: “Our leadership in the maritime fuel sector is defined not only by our market share but also by the innovative steps we take to shape the industry.

“Successfully completing the supply of marine fuel with 0.10% sulphur content in alignment with the MED ECA transition in Türkiye is a concrete reflection of this. We previously led the way with the country’s first VLSFO bunkering operation, setting a precedent in our sector.

“With our ULSFO bunkering, we have once again demonstrated that we are setting the standard in Türkiye’s marine fuel landscape. The designation of the Mediterranean as an Emission Control Area is not only a regional development but a historic turning point for global maritime operations.”

Photo credit: PO/Marine
Published: 21 April, 2025

Bunker Fuel

Oilmar completes first ULSFO bunker fuel delivery in Türkiye

Company announced the successful completion of its first ULSFO 0.1% Sulphur delivery in Istanbul and is now offering the marine fuel in several key locations including Istanbul Anchorage and Marmara Sea.

Published

8 hours ago

April 21, 2025

Admin

UAE-based marine fuel and petroleum products trader Oilmar DMCC on Friday (18 April) announced the successful completion of its first ULSFO 0.1% Sulphur delivery in Istanbul, marking one of the very first trades of its kind in the country.

“With this milestone, Oilmar proudly steps forward as one of Türkiye’s pioneering trading companies in ULSFO 0.1% Sulphur fuel,” it said in a social media post.

Oilmar is now offering ULSFO 0.1% across key locations:

Istanbul Anchorage
Marmara Sea
Gulf of Derince
Bozcaada Anchorage
Southern Türkiye Ports

In addition, High Sulphur Fuel Oil (HSFO), Very Low Sulphur Fuel Oil (VLSFO), Ultra-Low Sulphur Fuel Oil (ULSFO), and Low Sulphur Marine Gasoil (LSMGO) are available at all ports across Türkiye.

Photo credit: Dima Rogachevskiy on Unsplash
Published: 21 April, 2025