Singapore-based global energy company Sing Fuels on Friday (25 November) was honoured for the 5th consecutive year amongst the fastest-growing companies in Singapore with the Enterprise 50 Award.
The prestigious award recognises companies that have grown rapidly and contributed to the economic development of Singapore.
This year, it especially recognised companies who had taken bold steps in being adaptable and reinventing their strategies in a sustainable way amidst an uncertain business landscape.
“Marine energy company Sing Fuels has diversified its portfolio by creating a disruptive digital arm, and by embracing technology to bring trust, transparency, efficiency and sustainability into its traditional marine fuels business,” said a spokesperson during the opening speech at the Award ceremony.
“It has advanced such efforts by digitalising end-to-end systems and by adopting a back-to-back transaction model to reduce risks surrounding commodity prices, currency and delivery.
“The company has also remained agile by moving into niche markets and by quickly scaling its operations in response to changing market sentiment. It is also working with partners to advance CleanTech and green energy solutions for the shipping industry and port infrastructure.
“It has also further expanded into other petroleum products like lubricants, base oils and invested in other sustainable energy spaces. As a result, the company’s revenue and gross profits in 2022 rose 50% on pre-pandemic levels.”
The award comes as a testament to the strong progress Sing Fuels has made over the past several years, transforming itself from a pure bunkering trader and moving towards being a global energy company, said the company, noting it has celebrated its 10-year anniversary this year.
“Winning the Enterprise 50 award for the 5th year in a row has been such an incredible achievement for our team here at Sing Fuels,” said Vikash Dhanuka, Chief Executive Officer, Sing Fuels.
“The recognition underscores the partnerships with the customers, suppliers and government agencies that continue to support us in propelling us forward.
“We continue to build on it, transforming our businesses and accelerating our growth in days, months and years to come. Thank you for helping us do what we do best: providing energy solutions for the industry.”
Photo credit: SingFuels
Published: 28 November, 2022
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