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SIBCON 2020: TMFGS shares view on post IMO 2020 capacity of LNG cargo and bunker market

‘TOTAL’s LNG trades are expected to grow to 50 million tonnes per year by 2025, and Total is projected to have more than 20 LNG carriers at that time,’ states MD.
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Jerome Leprince-Ringuet, Managing Director of Total Marine Fuels Global Solutions, at the Singapore International Bunkering Conference and Exhibition (SIBCON) 2020 shared some insights on the post IMO 2020 capacity of the liquified natural gas (LNG) bunker fuel market – which he believes is strengthened by the baptism of fire that is the Covid-19 related oil market crash.

“TOTAL’s LNG trades are expected to grow to 50 million tonnes per year by 2025, increasing by 10 million tonnes per year from 2020, and Total is projected to have more than 20 LNG carriers at that time,” said Leprince-Ringuet.

“Right now, LNG is probably the best fuel of choice to balance the shipping energy dynamics until a stable zero carbon fuel can be implemented because LNG allows for much adaptability.

 “An LNG powered vessel will be able to bunker bio gas and e-methane in the future, and those are probably competitive options compared to other zero carbon fuels. 

“Shipowners will also be able to retrofit their vessels later on to handle low flashpoint fuels, and there may be the option of installing carbon capture and storage to further reduce the impact of any carbon emissions.

LNG bunkering post COVID

While Covid-19 related problems have impacted the prices of both conventional fuels and LNG, data shows that the price of conventional fuels is more volatile than gas, says Leprince-Ringuet.

Through the volatility of Covid-19 market conditions, LNG as a bunker fuel has proven itself to be maturing and an economically viable solution as the price spread between LNG and conventional bunker fuel has generally remained consistent compared to 2017.

Changing LNG economics and how this will help shipping

An unexpected development in the energy market is that more LNG trades are being made on a short-term basis (spot trading), according to Leprince-Ringuet.

Traditionally, contracts in the gas trading industry are structured in the form of very long-term contracts (decades). However, 34% of trades last year were short term trades, signaling that globally the energy market is evolving towards spot trading which is more suited to the bunkering industry. 

Leprince-Ringuet’s top tips for LNG bunkering to become a viable option moving forward:

  • Build confidence for decision makers to turn to LNG as a marine fuel
    • It is not easy to turn to a fuel that you need to store at minus 162 degrees Celsius.
    • Crew that operate either LNG bunker tankers or LNG powered vessels need to have the proper training and certification for a smooth and safe transition. 
  • Standardisation of LNG bunkering equipment and administration to establish best practices
    • Standardisation should not just be limited to equipment but should include licensing schemes, port regulations, and everything else that goes with the license to operate.
    • Organisations such as SGMF and IAPH have been proactive in establishing industry regulations and procedures to welcome the uptake of LNG bunkering. 
  • The market for LNG bunkering is diverse, and conventional suppliers will do well to find their niche in order to find opportunities
    • The various types of demand ranges from local, to regional to global and involves different features such as scheduling flexibility, credit risk, and bespoke solutions.

“LNG bunkering requires different skills and organisations compared to conventional bunkering. Therefore, there is space and opportunity for stakeholders to serve the market’s growing needs and bunkering expectations,” concludes Leprince-Ringuet.


Photo credit: SIBCON 2020
Published:  13 October, 2020

 

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Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

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Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July). 

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions. 

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Related: Singapore: Hin Leong Founder OK Lim gets jail term slashed to 13.5 years

 

Photo credit: Sora Shimazaki
Published: 21 July, 2026

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Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

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July 21, 2026

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RESIZED Drew Beamer

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

  • That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

  • that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
  • that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
  • that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd. 

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Related: Singapore: Director declares Heng Tong Fuels & Shipping’s inability to continue business
Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market

 

Photo credit: Drew Beamer
Published: 21 July, 2026

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LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

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PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions. 

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post. 

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024. 

 

Photo credit: Pacific International Lines
Published: 21 July, 2026

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