Alternative Fuels

Sing Fuels: Prime’s Bunkers acquisition marks beginning of growing global independent brokerage partners

Firm hopes to leverage partnership in Greece as a springboard to expand into neighbouring and overseas markets including Europe and China, says Robin Van Elderen, Regional Head Bunkers, Europe, Sing Fuels.

Published

3 years ago

June 30, 2022

Admin

In an exclusive interview with Manifold Times, Robin Van Elderen, Regional Head Bunkers, Europe, Sing Fuels Pte. Ltd. on Wednesday (29 June) revealed more about the firm’s recent move in acquiring the assets of independent bunker-buying management service Prime’s Bunkersplus Services L.P based in Athens, Greece.

MT: How did this development come about? How long did negotiations take? During the Covid era what issues were there in communication and what were the solutions?

As a global energy trading firm, Sing Fuels aspires further global expansion, and we believe that for many markets the fastest way for us to grow is through acquisitions of businesses that share the same approach and values as we do and bring deep local insights and connections. The partnership is the first step in Sing Fuels’ plans to grow a global alliance of independent brokerage partners, with deep knowledge and specialism in their respective markets, working together to provide an alternative to larger global competitors.

An established and well-connected player in the Greek shipping market, Prime’s Bunkers, led by Founder Irene Notias, is a long-time associate of Sing Fuels. Prime’s Bunkers’ local expertise and connections will enable Sing Fuels to grow in depth and extend its reach to create stronger ties and relationships in local markets and consolidate its business across the different markets, while diversifying potential risks the company could be exposed to.

Against the backdrop of the COVID-19 pandemic and the evolving market landscape, the long-standing relationship between our companies provided strong fundamentals to deepen our partnership and we found the process to be very smooth given our shared ethos and vision.

MT: What are the benefits for Sing Fuels, in terms of expansion strategy, services for clients, and business opportunities, of an expansion to Greece?

Greece is one of the world’s largest shipping markets and an important strategic location. The partnership with Prime’s Bunkers marks our entry into Greek market, which will be its sixth geographical location after Singapore, South Africa, the United Arab Emirates, the United Kingdom and the United States.

We hope to use this partnership in Greece as a springboard to expand into the neighbouring and overseas markets which includes Europe and China, as well as expand our product portfolio.

Traditionally in the past we have expanded by opening offices in new markets and countries and hiring individual traders. The research and analytics we gathered during the pandemic has taught us that to grow in depth, extending our reach to create stronger ties and relationships in local markets, such as what we have done with our partnership with Prime’s Brokers.

Post-acquisition, the company will continue to offer a strong local alternative to the shipping customer base, leveraging Prime Bunkers’ independent broking bunker-buying management services.

MT: How does the acquisition of Prime’s Bunkers reflect these values of Sing Fuels?

Both companies have roots as brokerage firms, and Sing Fuels’ is a long-time associate of Prime’s Bunkers. While the Prime’s Bunkers team is relatively small, they have consistently been achieving steady growth and are well established as a key player in the region.

This agreement is built on the foundation of our shared and deep commitment to operational excellence, and we believe there are significant opportunities to capture more market share with a proactive approach to after service, and drive our growth through this global alliance.

MT: How does the acquisition commercially help Prime’s Bunkers? What do they get out of it?

Irene will lead the Greece office for Sing Fuels, becoming Country Manager. Irene is a prominent figure in both the Greek community and domestic shipping industry. With her knowledge and familiarity with the markets, and innovative and customer-centric outlook and approach, she will be instrumental in helping us to shape the trajectory and growth of the business in the region.

With the acquisition of Prime’s Bunkers brand, goodwill and assets, this partnership will allow us to augment our collective capabilities to deliver outstanding customer service to key stakeholders in the region. At the same time, Prime’s Bunkers will also be able to scale and grow the business through leveraging Sing Fuel’s vast network and resources.

Following the deal, Prime’s Bunkers will continue to operate under the name of Sing Fuels Pte. Ltd. (Hellas). Investment will be made to increase the company’s current headcount, adding more traders, and broadening its service offering in Greece.

MT: After the acquisition, what is the total headcount for Sing Fuels?

Our continued business expansion as part of this partnership – including the number of staff, penetration of segments and marine products – will be executed in a timely manner and supported by a business plan. Recruitment will start immediately with the aim to add more staff to the growing team.

MT: Moving forward, and on the back of IMO 2030/2050, what are the future developments in the pipeline for Sing Fuels?

We are continually exploring opportunities to expand to other markets and diversify our business as part of our development strategy. Not restricted by the competitive nature of the industry, Sing Fuels has steadily expanded its market presence into South Africa, the United Arab Emirates, United Kingdom, and the United States, since the company’s inception in 2012.

Business diversification has allowed Sing Fuels to stay relevant in an industry with relatively uniform offerings. For instance, the company has also entered the lubricants market for automotive and industrial needs.

As in many other industries, digitalization and big data is becoming more important in the maritime industry as well. Sing Fuels has embarked on a cycle of transformation, a notable project was the implementation of an ERP system with API connectivity to the data and credit agencies which aids Sing Fuels to make informed decisions based on data. We will have a Chief Innovation and Sustainability Officer join the business at the end of Q3, 2022 to drive our digital agenda.

At the same time, we are also embedding practical sustainability measures into key operational areas of our business. As a company, we are committed to investing to stay ahead on all new and alternative fuels to ensure that our products and services continue to meet our customers’ needs and are able to support them in realising their sustainability goals.

This is in line with the International Maritime Organisation’s decarbonisation ambitions, and we are actively exploring alternate platforms for championing investments in liquid ammonia, green hydrogen, low carbon vessels, and carbon capture technologies.

Photo credit: Sing Fuels Pte. Ltd.
Published: 30 June, 2022

Alternative Fuels

DNV: LNG dominates alternative-fuel vessel orderbook for 2024

According to DNV, LNG was the industry’s alternative fuel of choice by year-end; 264 LNG vessel orders were placed in 2024, over double that of 2023 which was 130 orders.

Published

11 hours ago

January 13, 2025

Admin

The maritime industry’s exceptional newbuilding year 2024 drove a significant rise in orders for alternative-fuelled vessels, according to the latest data from DNV’s Alternative Fuels Insights (AFI) platform.

A total of 515 such ships were ordered, representing a 38% year-on-year increase compared to 2023, underscoring the industry's growing commitment to decarbonization.

The growth in alternative-fuelled vessel orders has been heavily driven by the container and car carrier newbuild boom over the last three years. In 2024, 69% of all container ship orders were for ships capable of being powered by alternative fuels, driven by cargo owners responding to consumer demands for more sustainable practices and liner companies preparing to replace older tonnage. The preferred fuel choice for this segment was LNG (67%). In total the container and car carrier segments made up 62% of all alternative fuel orders in 2024.

Knut Ørbeck-Nilssen, CEO Maritime at DNV, said: “As we work towards decarbonizing the industry, we are encouraged by the growth in alternative fuel vessels over the past few years. While recent figures are promising, we must keep pushing forward.”

“The technological transition is underway, but supply of alternative fuel is still low. As an industry we need to work with fuel suppliers and other stakeholders to ensure that shipping has access to its share of alternative fuels in the future. It is also important that the safety of seafarers is ensured as we make this transition. This will require investment in upskilling and training.”

LNG was not the only fuel on shipowners’ minds as 2024 saw them betting on multiple alternative fuels. 166 methanol orders were added (32% of the AFI orderbook), reflecting shipping’s growing interest in a diverse fuel pool as it strives to reduce greenhouse gas emissions. Most of these methanol orders (85) were in the container segment.

While methanol drove newbuilding orders for alternative-fuelled vessels at the beginning of the year, LNG was the industry’s alternative fuel of choice by year-end. The number of LNG vessel orders placed in 2024 was 264, over double that of 2023 (130).

Ammonia saw promising momentum in the earliest months of the year and continued to grow throughout 2024. A total of 27 orders were placed for ammonia-fueled vessels. The first non-gas carrier ammonia-fuelled vessels orders were placed in 2024 (10), mainly in the bulk carrier segment (5). While still in its early stages, this provides further evidence of ammonia's emergence in the alternative fuel market.

Deliveries and bunkering

The number of LNG-fuelled ships in operation doubled between 2021 and 2024, with a record number of deliveries (169) in 2024. By the end of 2024, 641 LNG-powered ships were in operation. According to the AFI orderbook, this number is expected to double by the end of the decade.

While the bunkering infrastructure for some alternative fuels remains underdeveloped, LNG bunkering is maturing. The number of LNG bunker vessels in operation grew from 52 to 64 over the last year, with continued growth expected in 2025. The significant gap between LNG bunkering supply and demand is expected to widen over the next five years based on the AFI orderbook.

Addressing this challenge by developing the appropriate infrastructure for alternative fuels – both for vessels and bunkering - can create demand signals to stimulate long-term fuel production. With the EU regulatory package, Fit for 55, setting requirements on a large network of ports to have LNG bunkering infrastructure, it is expected that the availability of LNG in ports will increase.

Jason Stefanatos, Global Decarbonization Director at DNV, said: “Market conditions, infrastructure development, fuel production updates, and cargo owners' needs are all shaping the demand for different fuels, both in the short and long term.”

“The shifting trends in LNG and methanol orders this year might be due to the slow development of green methanol production. In the long run, green methanol has potential to be part of the energy mix along with ammonia.”

“In parallel, LNG offers a vital bridging fuel option benefiting from existing infrastructure and short-term emissions reductions while being capable of acting as a long-term solution as well, assuming RNG (Renewable Natural Gas) will be available and provided at a competitive price.”

Photo credit: DNV
Published: 13 January, 2024

LNG Bunkering

China: Ningbo Zhoushan Port completes first LNG bunkering operation for 2025

Bunkering vessel “Hai Yang Shi You 302” supplied more than 10,000 cubic metres of LNG bunker fuel to containership “MSC Adya” at the Ningbo-Zhoushan Port port on 5 January.

Published

3 days ago

January 10, 2025

Admin

China: Ningbo Zhoushan Port completes first LNG bunkering operation for 2025

Zhejiang Pilot Free Trade Zone Zhoushan Area on Wednesday (8 January) said Ningbo-Zhoushan Port successfully completed its first LNG bunkering operation for the year.

Bunkering vessel Hai Yang Shi You 302 supplied more than 10,000 cubic metres (m3) of LNG bunker fuel to containership MSC Adya at the port on 5 January.

Zhejiang Seaport International Trading, the bunker supplier for the operation, successfully obtained the Zhoushan Anchorage LNG bunkering licence in June 2024, extending refuelling services from dock to sea.

The company’s services cover Meishan, Chuanshan, Daxie and other port areas.

As China's first river-sea LNG transport and bunkering ship, Hai Yang Shi You is currently placed permanently at Ningbo Zhoushan Port, providing a variety of bunkering methods such as ship-to-ship and ship-to-shore.

Zhejiang Seaport International Trading will continue to expand the scope of bonded LNG bunkering operations and new alternative fuels such as green methanol, ammonia and biofuels in the Zhoushan Area.

Photo credit: Zhejiang Pilot Free Trade Zone Zhoushan Area
Published: 10 January, 2025

Nuclear

VARD and partners team up to explore nuclear propulsion for shipping

Project, which involves Knutsen Tankers and DNV, will evaluate fourth-generation nuclear reactor technologies for their viability in commercial shipping applications.

Published

4 days ago

January 10, 2025

Admin

VARD and partners team up in project to explore nuclear propulsion for shipping

Norway-based shipbuilder VARD on Friday (3 January) said it has partnered with the Norwegian University of Science and Technology in Ålesund, Norway and other key stakeholders in the NuProShip I project, which explores nuclear propulsion for the maritime sector.

NuProShip, short for "Nuclear Propulsion in Shipping," will evaluate fourth-generation nuclear reactor technologies for their viability in commercial shipping applications.

In this project, an extensive assessment of 99 companies developing advanced reactor technologies led to the selection of three promising reactor types:

Kairos Power (USA): Fluoride high-temperature molten salt reactor using Tri-structural Isotropic (TRISO) fuel particles, designed for robust and efficient operation.
Ultrasafe (USA): Helium-cooled gas reactor, also employing TRISO fuel particles, known for their resilience and safety in extreme conditions.
Blykalla (Sweden): Lead-cooled reactor concept utilizing uranium oxide as fuel, offering high efficiency with advanced cooling mechanisms.

VARD said TRISO fuel particles, noted for their durability and containment properties, play a crucial role in two of these reactor types.

“TRISO technology in fact, is renowned as one of the most resilient nuclear fuel types available today,” it added.

Alongside VARD, the NuProShip project is supported by other partners, including DNV, the Norwegian Maritime Administration, ship owner Knutsen Tankers, and the Spanish nuclear consultancy IDOM.

VARD’s primary contribution involves integrating these reactor systems into various vessel types, assessing the technical challenges to enable the future commercial use of nuclear-powered ships.

Photo credit: VARD
Published: 10 January, 2025