Bunker Fuel

TFG Marine to acquire majority ownership of Spanish bunkering firm Vilma Oil Med

Acquisition will enable TFG Marine to supply vessels with a complete range of high-quality bunker fuel in West Mediterranean Sea which has long been the firm’s goal.

Published

9 months ago

April 17, 2024

Admin

TFG Marine to acquire majority ownership of Spanish bunkering firm Vilma Oil Med

TFG Marine, the global marine fuel supply and procurement joint venture between Trafigura Group Pte (Trafigura) and shipping firms Frontline and Golden Ocean, on Tuesday (16 April) announced that it has agreed to acquire majority ownership of Spanish bunkering company Vilma Oil Med for an undisclosed sum.

The acquisition is subject to customary closing conditions and regulatory approvals.

Over the last eighteen years Vilma Oil Med has developed a first-class bunkering service from the Port of Ceuta in the Strait of Gibraltar in the European West Mediterranean Sea.

Operations are run from Madrid and include a 84k cbm storage terminal and a bunkering barge, supplying over 1,500 vessels each year.

Kenneth Dam, TFG Marine’s Global Head of Bunkering, said: “Today’s announcement enables TFG Marine to supply vessels with a complete range of high-quality bunker fuel in the West Mediterranean Sea which has long been our goal.”

“The Company’s bunkering vessel is currently being fitted with a mass flow meter, calibrated to the ISO 22192 international standard, further demonstrating our mission to bring transparency and encourage digitalisation and further decarbonisation by the bunker industry.”

Ernesto Fernández-Maquieira, Head of Marine Fuels at Vilma Oil Med, said: “We’re thrilled about onboarding with TFG Marine as it propels us into an exciting era of modernization and growth, promising opportunities for innovation and success.”

Photo credit: TFG Marine
Published: 17 April 2024

Related Topics:Business - Events Technology - Mass flowmeter

Up Next

“KEYS Azalea” performs first ship-to-ship LNG bunkering in western Japan

Don't Miss

ENGINE: East of Suez Bunker Fuel Availability Outlook (16 April 2024)

Legal

Shell MGO bunker heist: Bunker clerk gets jail time for helping Sentek acquire misappropriated fuel

Wong Wai Meng was sentenced to seven years, four months and two weeks’ jail on 10 January for helping the company acquire more than 28,000 mt of the misappropriated fuel worth USD 13.58 million.

Published

9 hours ago

January 13, 2025

Admin

A bunker clerk, who was previously employed by Sentek Marine & Trading (Sentek), was sentenced to seven years, four months and two weeks’ jail for helping the company acquire more than 28,000 metric tonnes (mt) of the misappropriated fuel worth USD 13.58 million (SGD 18.26 million), The Straits Times reported on Friday (10 January).

Wong Wai Meng, was working for Singapore-based firm Sentek at the time of the offences.

Wong, who received more than USD 286,000 from the company for his assistance, pleaded guilty in November 2024 to 12 counts of intentionally helping the company acquire the misappropriated fuel.

He committed the offences over 46 occasions between August 2014 and December 2017.

Wong is among the three bunker clerks previously employed by Sentek, who were charged for offences under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) and the Prevention of Corruption Act (PCA).

Another bunker clerk among the three charged, Wong Kuin Wah, 61, was sentenced to seven years and six months’ jail on 18 November for his role in misappropriating more than 27,000 tonnes of gas oil worth around USD 12.8 million (SGD 17.2 million).

The third individual who was charged, Boo Pu Wen, reportedly passed away in July 2023 and had his charges abated following his death, meaning Boo’s court proceedings over his 19 charges at the time came to an end.

Former Shell employees, who were key members of a group who dishonestly misappropriated fuel from Shell Pulau Bukom, were sentenced to jail in court earlier.

Earlier coverage of developments by Manifold Times regarding the Shell MGO bunker heist can be found below:

Photo credit: Katrin Bolovtsova
Published: 13 January, 2025

Bunker Fuel

JLC China Bunker Fuel Market Monthly Report (December 2024)

Country sold about 1.59 million mt of bonded bunker fuel in the month, with daily sales at 51,332 mt, a dip of 1.25% from a month earlier, JLC’s data shows.

Published

9 hours ago

January 13, 2025

Admin

JLC China Bunker Fuel Market Monthly Report (December 2024)

Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for December 2024 with Manifold Times through an exclusive arrangement:

China’s daily bonded bunker fuel sales slip in December

China’s daily bonded bunker fuel sales slipped in December, as domestic LSFO supply tightened.

The country sold about 1.59 million mt of bonded bunker fuel in the month, with daily sales at 51,332 mt, a dip of 1.25% from a month earlier, JLC’s data shows. (Note: The volume of China’s November bonded bunker fuel sales has been revised to 1.56 million mt, up from 1.52 million mt stated in the report for November, with Chimubusco’s sales up from 320,000 mt to 360,000 mt.)

Bonded bunker fuel sales by Chimbusco, Sinopec (Zhoushan), SinoBunker and China Changjiang Bunker (Sinopec) settled at 450,000 mt, 500,000 mt, 40,000 mt and 15,000 mt in the month, while those by suppliers with regional bunkering licenses settled at 586,300 mt.

Overall bunkering demand was relatively stable in the month, but domestic refiners continued to cut their LSFO production amid tight quotas, resulting in a decline in daily bonded bunker fuel sales.

China’s bonded bunker fuel exports surge in November

China’s bonded bunker fuel exports surged in November, as bunker suppliers were making efforts to boost sales, also because of more re-export trade activities.

The country exported about 1.82 million mt of bonded bunker fuel in the month, with the daily exports at 60,643 mt, up by 46.57% month on month and 32.97% year on year, JLC calculated, with reference to data from the General Administration of Customs of PRC (GACC).

In breakdown, heavy bunker fuel exports climbed to about 1.71 million mt, accounting for 93.77% of the total exports, while light bunker fuel exports amounted to 113,300 mt, occupying 6.23%.

Despite a further drop in domestic LSFO output, bonded distributors exported more bonded bunker fuel in the month, in a bid to achieve their annual sales targets and lower their inventories. Meanwhile, bonded distributors saw more arrivals of imported LSFO cargoes, and they sold more bonded bunker fuel in the form of re-export trade, which also drove up the exports.

China tallied a total of 18.19 million mt of bonded bunker fuel exports in January-November, with the daily exports at 54,309 mt, inching up by 0.39% from the same months in 2023, JLC estimates, based on the GACC data. Specifically, heavy bunker fuel exports settled at 16.99 million mt in the eleven months, accounting for 93.37% of the total, while light bunker fuel exports settled at 1.21 million mt, making up 6.63%.

JLC China Bunker Fuel Market Monthly Report (December 2024)

Domestic-trade heavy bunker fuel demand strengthens in December

Domestic-trade heavy bunker fuel demand strengthened in December.

Domestic-trade heavy bunker fuel demand amounted to 400,000 mt in December, rising by 20,000 mt or 5.26% month on month, JLC’s data shows.

Shipowners just made purchases to meet rigid demand in the first half of the month when domestic bunker fuel prices rose. However, they engaged in more transactions in the second half as prices retreated and their restocking demand increased amid the approach of the Spring Festival.

On the flip side, domestic light bunker fuel demand dropped to 140,000 mt in the month, down by 10,000 mt or 6.67% from the prior month.

Market sentiment was bearish on diesel demand, attributable to lower operating rates at infrastructure construction and other outdoor projects amid falling temperatures.

Bunker Fuel Supply

China’s bonded bunker fuel imports hit 44-month high

China’s bonded bunker fuel imports soared significantly in November, hitting a 44-month high, as domestic LSFO supply tightened amid insufficient export quotas.

China imported 915,200 mt of bonded bunker fuel in the month, the highest level since March 2021, JLC calculated, with reference to data from the GACC. The imports jumped by 35.50% from the previous month and 70.46% from a year earlier.

Domestic refiners continued to cut their LSFO output as they had run short of export quotas. As a result, bonded dealers had to import more bonded bunker fuel to fill the demand gap. These refiners produced about 466,000 mt of LSFO in November, with the daily output at 15,533 mt, plunging by 38.87% month on month and 41.58% year on year, JLC’s data shows.

While LSFO imports grew, imports of bonded HSFO and MGO were still basically stable in November.

Malaysia was still the largest bonded bunker fuel supplier to China in November, shipping 472,200 mt of bonded bunker fuel to China, which accounted for 51.60% of China’s total imports. Meanwhile, Singapore and South Korea remained in the second and third place with 262,100 mt and 112,000 mt, accounting for 28.64% and 12.23%, respectively. Peru came in fourth with 86,900 mt, occupying 7.53%.

China imported a total of 4.95 million mt of bonded bunker fuel in January-November, skyrocketing by 29.33% from the corresponding months in 2023, versus a rise of 22.61% in January-October.

JLC China Bunker Fuel Market Monthly Report (December 2024)

Blenders raise heavy bunker fuel supply in December

Chinese blenders raised their heavy bunker fuel supply in December, as downstream restocking increased amid the approach of the Chinese New Year holiday, though supply of some blendstock such as shale oil and light coal tar was relatively tight.

These blenders supplied about 430,000 mt of domestic-trade heavy bunker fuel in the month, a boost of 30,000 mt or 7.5% month on month, JLC’s data shows.

On the contrary, domestic-trade light bunker fuel supply tightened amid weaker diesel demand and refineries’ lower operating rates. Domestic-trade MGO supply shrank to 160,000 mt in December, down by 20,000 mt or 11.11% from a month earlier, the data indicates.

JLC China Bunker Fuel Market Monthly Report (December 2024)

BunkerPrices,Profits

JLC China Bunker Fuel Market Monthly Report (December 2024)

Editor
Yvette Luo
+86-020-38834382
[email protected]

Sales (Beijing)
Tony Tang
+86-10-84428863
[email protected]

Sales (Singapore)
Ginny Teo
+65-31571254
[email protected]
[email protected]

JLC Network Technology Co., Ltd is recognised as the leading information provider in China. We specialise in providing the transparent, high-value, authoritative market intelligence and professional analysis in commodity market. Our expertise covers oil, gas, coal, chemical, plastic, rubber, fertilizer and metal industry, etc.

JLC China Bunker Fuel Market Monthly Report is published by JLC Network Technology Co., Ltd every month on China bunker market, demand, supply, margin, freight index, forecast and so on. The report provides full-scale & concise insight into China bunker oil market.

Note: China-based commodity market information provider JLC Technology has been providing Singapore bunkering publication Manifold Times China bunker volume data since 2020. Data from earlier periods are available here.

Photo credit: JLC Network Technology
Published: 13 January, 2024

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

9 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