The Bomin Group, a supplier of marine fuels, Friday announced that it will exit the bunker markets in Singapore and Antwerp.
Going forward Bomin will operate from only two offices: Houston and Hamburg. The two offices will serve all Bomin customers in all German ports, the US Gulf Coast, Panama, Norfolk, and Ecuador.
“The Bomin group is in a transformation and restructuring process and intense competition and low margins characterize the situation in all major ports,” says Jan Christensen, Managing Director of Bomin Group.
“We see many bunker companies making major adjustments to their operating models in preparation for IMO 2020.”
Christensen added that it is critical that Bomin creates a strategy and market positioning that is fit for purpose, commercially viable, and ensures its sustainability in a post-2020 world.
The closure of the operations in Singapore and Antwerp are scheduled to take place this year.
The above development confirms an earlier Manifold Times breaking news which described Bomin Singapore and the Mabanaft fuel oil team allegedly exiting the bunkering market.
Related: Breaking: Bomin Singapore, Mabanaft fuel oil team allegedly exiting market
Related: Bomin closes Dubai office, appoints new MD
Related: Mabanaft: ‘Unsatisfactory’ 2017 bunker results
Related: Bomin sells off German bunker subsidiary
Photo credit: Bomin
Published: 21 September, 2018
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