New York-listed PBF Logistics on Thursday (1 August) said it is expecting to start supply of IMO 2020 compliant marine fuel to A.P. Moller – Maersk (Maersk) approximately two months earlier than originally anticipated.
“With the anticipated early start to our processing and storage agreement with Maersk, we are seeing the initial moves by market participants in preparation for the IMO fuel specification implementation on January 1, 2020,” said Executive Vice President Matt Lucey.
On February, 2019, PBF Logistics announced an agreement with Maersk to source and PBFX to process crude oil at CPI Operations LLC, a PBF Logistics LP terminal facility (East Coast Storage assets) in New Jersey, United States.
The processing and storage arrangement is expected to commence on October 1, 2019, approximately two months earlier than originally anticipated.
The agreement enables Maersk Oil Trading to supply IMO 2020-compliant 0.5% marine fuel to its customers on the US East Coast.
Annual production will be around 1.25 million metric tonnes (mt), the equivalent of approximately 10% of A.P. Moller – Maersk's annual fuel demand.
PBF Logistics posted net income of $25.3 million in the three months ended (Q2) June 30 2019, higher when compared to net income of $23.4 million during the similar quarter last year.
Photo credit: PBF Logistics
Published: 2 August, 2019
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