New York-listed PBF Logistics has entered into an agreement with Crown Point International to purchase its wholly-owned subsidiary, CPI Operations, for USD $107 million in preparations for the upcoming International Maritime Organization (IMO) sulphur fuel in 2020.
The acquisition includes a storage facility with approximately four million barrels of multi-use storage capacity (of which over 50% is heated storage), an Aframax-capable marine facility, a rail facility, a truck terminal, equipment, contracts, and other idled assets located on the Delaware River near Paulsboro, New Jersey.
“The acquisition of the East Coast Storage Assets will be immediately accretive and will strategically position the Partnership for the upcoming IMO low-sulphur fuel specification change in 2020 by adding significant marine-accessible storage assets to our portfolio that are capable of handling a range of material from finished petroleum products and residual fuel oils to heavy, high-sulphur refinery feedstocks,” said Matt Lucey, PBF Logistics Executive Vice President.
Published: 20 July, 2018
Market participants noticed export volumes to China have decreased since March, possibly due to increased domestic LSFO bunker fuel production, it said.
Outbreak is increasingly putting a strain on businesses and shippers should be well armed with relevant contractual terms to ensure smooth negotiations.
Indian Oil Corporation and Bharat Petroleum Corporation planning to import low sulphur bunker fuel to local market.
According to the notice in the Government Gazette, the last day for receiving proofs is Friday (6 November) at the office of liquidators Deloitte Singapore.
Built by Shanghai Waigaoqiao Shipbuilding and Guangzhou Shipbuilding, the vessels will be delivered by 2023 and leased to Shell by the Bank of Communications.
The new VLSFO fuel is the outcome of almost two years of research of more than 160 different formulations.
Garren Hay will be responsible for sales of the PANOLIN range of Environmentally Acceptable Lubricants for the Singapore sole distributor agent Gealubes Consulting & Trading Pte Ltd.
Universal Alliance, BMS United, Digiland International, Goodwood Associates, Southernpec (Singapore), and Taigu Energy were involved in alleged circular fictitious trades of fuel oil during July 2015.
Bunker orders of ISO 8217:2010 spec LS 380 cSt 0.5% for Nord Gemini, Nord Titan, Ocean Rosemary, and Luzern were placed through global commodities trading and logistics house Trafigura Pte Ltd.
While Covid-19 concerns are important, Captain Rahul Choudhuri was quick to note this does not mean bunker fuel related issues have indeed disappeared from the shipping sector.
‘Therefore, representing the players of the Malaysian bunker industry, we sincerely hope that this matter can be refined and reconsidered immediately so that all parties benefit together,’ says communication.
Maureen Poh, a Director of Helmsman LLC, offers plain practical tips on the differences between US and EU Sanctions and shares some thoughts on what companies could do if they are potentially exposed to sanctioned entities.
