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
Cash of SGD 4.43 million and USD 243,100, and one piece of 100-gram gold-coloured bar recovered in safe belonging to Abdul Latif Bin Ibrahim kept at Extra Space warehouse storage facility, show court documents.
Program introduces periodic assessments, mass flow metering data analysis, and regular training for relevant key personnel to better handle the MFMS to ensure a high level of continuous operational competency.
U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.
Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.