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
Meeting will be held on 9 February at 4.00 pm via video-conference and creditors who have filed a Proof of Debt will be issued the details of the meeting.
Kumar Balian will oversee technical sales, attend to 2020 queries, and handle OCM’s claims management.
INTERTANKO, BIMCO, SSA, IBIA Asia share what the technology brings to the waterfront, while operator Metcore International and manufacturer Endress+Hauser explain its benefits to the bunkering industry.
‘Washington did not bother to present any evidence or even explain its motives,’ says foreign office.
Chinese shipping firm’s bunker and related cost composition will change accordingly from 2019.
Highlights ‘firm foundation for growth’ with GBP 4.5 million funding in place, as company announces promotions of key staff members instrumental in the development of MSAR trials during 2019.
‘We need to keep in mind the saying “penny wise pound foolish”,’ says Captain Rahul Choudhuri, the Managing Director AMEA at VPS, who stresses on the essential role of the Bunker Surveyor.
Legal representatives met at the High Court on Tuesday to discuss the discharge of KPMG liquidators from all liability in respect of conduct in the course of winding up, show court documents.
Global sentence adjusts to 80 month’s imprisonment term for both Chang and Koh under application of the Masui sentencing framework; fine of SGD 6.2 million against Chang remains unchanged.
Company has been ranked EIGHTH for 2020; ‘we are humbled and proud to be placed amongst the top ten winners of the Enterprise 50 Awards,’ says Satnam Singh, COO, Sing Fuels.
Mads Bjornebye, Manager of Bunker Services at Teekay Tankers Ltd, shares about the company’s perspective of e-BDNs, bunker purchasing & planning tools, while offering his thoughts on future marine fuels.
Maritime sector may find it increasingly challenging to manage bunker prices, Dennis Ho, Managing Director at ElbOil Singapore tells Singapore bunkering publication Manifold Times.
