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
Buyers can nominate deliveries on platform and plan operations together with suppliers following ‘one single truth’ concept with all players aware of what has been agreed when and by whom, says DNV spokesman.
Rotterdam’s intention to mandate the usage of MFMs goes down well with licensed bunker supplier VT Group; MFM providers supportive of move but stressed continuous monitoring is needed for optimum performance.
Cost of alternative bunker fuels, bunker operations and technology advancement are some considerations to be examined by the maritime industry, says Neo, director of SDE International Pte Ltd.
Kim Hyung Joon and Han Donghoon were planning to join the Singapore entities of Hartree Group - either Hartree Partners Singapore Pte Ltd or Hartree Marine Fuels - in October, discovered management.
‘When you think of Helmsman on the next occasion, think of us as lawyers with expertise in various fields. Come to us before a problem develops. It’s the process that matters,’ says Tang Chong Jun, Executive Director.
Bernard Chew was a former shareholder of MB Marine and was an authorised signatory of the company’s cheques at the material time, according to court documents obtained by Manifold Times.