Toyota Tsusho Petroleum removed from licensed bunker suppliers list in Port of Singapore

Business

Published Tue, 31st October 2023
by Admin

Manifold Times previously reported Tokyo-based Toyota Tsuho Corporation deciding to cease the business operation of its subsidiary Toyota Tsusho Petroleum and establish a new entity instead.

The Maritime and Port Authority of Singapore (MPA) has recently removed Toyota Tsusho Petroleum Pte Ltd from its list of licensed bunker suppliers in the republic.

The list on MPA’s website was last updated on 1 October 2023. Following the removal, there is now a total of 41 licensed bunker suppliers in the Port of Singapore.

Manifold Times previously reported Tokyo-based Toyota Tsuho Corporation (TTC) deciding to cease the business operation of its subsidiary Toyota Tsusho Petroleum Pte Ltd (TTP), a bunker supplier in Singapore.

According to company advisories dated January 2023 to its customers seen by Manifold Times, TTC was expecting the operation to end on 30 April 2023.

However, TTC also announced it has established a new entity named Toyota Tsusho Marine Fuels Corporation (TTMF) in December 2022.

In the advisory, it said TTMF is expected to commence operations in May 2023; the firm is a bunker oil trader and related service provider with a worldwide network.

TTC said TTMF will accelerate the development of its carbon-neutral fuel business aiming to contribute to its customers on their path to global and sustainable growth in the marine transportation sector. The objectives listed in the advisory include supplying biodiesel fuel, liquified natural gas (LNG), ammonia and hydrogen.

TTP was ranked 29th in MPA’s list of bunker suppliers by volume in 2022 (versus 22nd in 2021).

Manifold Times also reported TTP organising a winding up application against its former main barge operator Millennium Oil Pte Ltd, according to court documents obtained by the publication.

Photo credit: Manifold Times
Published: 31 October, 2023

Toyota Tsusho Petroleum removed from licensed bunker suppliers list in Port of Singapore

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