Sumitomo Corporation is planning to move the bunker and crude oil trading accounts under its Singapore-based subsidiary Summit Energy & Resources (formerly known as Petro Summit) to Tokyo, learns Manifold Times.
An internal announcement of the development was held at the Singapore office of Summit Energy & Resources on Monday (11 January) to share the development with staff.
“The direction from the head office of Sumitomo Corporation is that Summit Energy will still continue the business of iron ore trading from the Singapore office,” shared a source with knowledge of the matter.
“The accounts of our bunker and crude oil trading business will meanwhile be moved from Singapore to Tokyo; we still plan to continue the bunkering business and we do not have any indication to downsize.
“This time, we will operate in the Singapore bunkering market from Tokyo with support from local staff at Sumitomo Singapore. We will use the Sumitomo Singapore account to support the bunkering business at Singapore.
“This transition will be completed in April.”
Photo credit: Manifold Times
Published: 12 January, 2021
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.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.
The newly launched Code of Best Practices – Commodity Financing guidelines will be the new ‘reference point’ taken by banks when considering to give trade finance to trading houses, believes Ian Teo.