Dutch oil storage and handling company Royak Vopak says it is in preparations to ready itself for IMO 2020, when the 0.5% sulphur cap for marine fuel takes effect.
It is planning to invest in its Europoort terminal in Rotterdam, the Netherlands, to support 0.5% low sulphur fuel oil bunkering, it said on Thursday in the company’s half year (HY1 2018) report.
“This investment is supported by customer commitments and will be completed in the second half year of 2019,” it notes.
Meanwhile, Vopak reiterated its February-announced plan to expand its Sebarok terminal in Singapore with 67,000 cbm to store marine gas oil.
“The expansion mainly caters for storage and handling of marine gas oil to strengthen the position of our Sebarok terminal with the flexibility of handling multiple fuels following the implementation of the International Marine Organization’s global sulphur cap as of 1 January 2020,” it says.
Vopak posted net profit of EUR 140.2 million in HY1 2018, 7% lower than EUR 150.4 million (USD $171.91 million) in HY1 2017; its revenue was EUR 626.1 million in HY1 2018, 6% lower than EUR 669.3 million in HY1 2017.
"Given the market conditions to date, the results delivered are satisfactory. The execution of our strategy towards 2019 is very well on track and we increased our cost savings target for 2019,” said Royal Vopak CEO Eelco Hoekstra.
He adds: “In our oil hub terminals the priority was to invest for the IMO 2020 bunker fuel regulations.”
“Our terminals in Fujairah, Rotterdam, and Singapore will be fully ready to support new market requirements.”
Published: 20 August, 2018
A signal to the industry that port state control will enforce new sulphur limits from ‘day one’.
Issues technical corrections allowing U.S. refiners and suppliers to distribute 0.5% sulphur marine fuels.
Attached table summarises North’s insight on the stands taken by ports that have or will prohibit the use of scrubbers, or have placed conditions on their use.
Several large globally operating shipping and bunkering companies reporting a surprisingly smooth transition to the 0.5%sulphur limit for marine fuels.
Issues ABS Advisory on Marine Fuel Oil to help industry prepare for approaching global sulphur cap.
‘We will not insist on implementing the IMO norms for ships that ply in domestic waters,’ says official.
“In TotalEnergies, we already have projects along the e-Fuel value chain, from green electricity and green / blue hydrogen to e-Fuel production that will be integrated along the marine fuels value chain in time to come,” shares Louise Tricoire.
Buyers can nominate deliveries on platform and plan operations together with suppliers following ‘one single truth’ concept with all players aware of what has been agreed when and by whom, says DNV spokesman.
Rotterdam’s intention to mandate the usage of MFMs goes down well with licensed bunker supplier VT Group; MFM providers supportive of move but stressed continuous monitoring is needed for optimum performance.
Cost of alternative bunker fuels, bunker operations and technology advancement are some considerations to be examined by the maritime industry, says Neo, director of SDE International Pte Ltd.
Kim Hyung Joon and Han Donghoon were planning to join the Singapore entities of Hartree Group - either Hartree Partners Singapore Pte Ltd or Hartree Marine Fuels - in October, discovered management.
‘When you think of Helmsman on the next occasion, think of us as lawyers with expertise in various fields. Come to us before a problem develops. It’s the process that matters,’ says Tang Chong Jun, Executive Director.
