Editor: The following article was edited on 11 June, 2020 to reflect the correct company acquiring Maritec.
Shenzhen-based industrial testing company China Testing & Certification Group Co. Ltd. (CTC) Centre Testing International Group Co., Ltd. (CTI) in early March acquired Singapore-based marine fuel laboratory Maritec Laboratories Pte Ltd as a wholly-owned subsidiary for USD 38.6 million (SGD 54.86 million).
The acquisition allows CTI to leverage on Maritec’s strong presence in the Singapore market while providing a platform for the firm to expand its presence in the Asia-Pacific region, it says.
While the transaction has been internally reviewed and approved, further approvals by relevant government agencies are required from Singapore authorities, notes CTI.
During the transition period, which is stipulated as 12-24 months after closing, the original shareholders will continue to serve the company and complete the handover.
The original shareholders will continue to serve the company and complete the handover during the transition period, which is stipulated as 12-24 months after closing.
CTI notes if the required government approvals cannot be completed within six months of signing the agreement, the whole arrangement will be terminated.
Related: These are the biggest bunker surveying firms operating at Singapore
Photo credit: Helloquence
Published: 27 April, 2020
Both entities have recently entered into two agreements say statement from Egypt’s petroleum ministry.
‘We have already settled [the issue] with Global Energy Trading and the suit has been withdrawn/discontinued,’ a source at Bunker House Petroleum told Manifold Times.
In general, the Port of Singapore’s performance stood resilient throughout 2020 with bunker sales amounting to 49.8 million tonnes at a 5% year-on-year increase.
Latest seven 8,000 dwt newbuild sister ships are able to offer two grades of marine fuel in a single bunker delivery operation, says Director and General Manager.
Developments took place after the announcement of $200 million account discrepancy on Monday.
Ocean Bunkering Services, Petrochina International, and Sentek Marine & Trading in top three places.
The COVID-19 pandemic continues to evolve and MPA is working closely with other agencies to monitor the situation, both globally and in Singapore, the port authority tells Manifold Times.
Caroline Yang, President of SSA, addresses issues earlier raised by players; including PMC No. 04, the seven-day restriction, contactless bunkering, sampling point, hose connection, and more.
IBIA Asia, ABIS, sources from Singapore’s bunkering and surveying companies, and an industry veteran share with Manifold Times the issues expected from MPA’s latest Covid-19 measures.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
