Image: TFG Marine
The Maritime and also Port Authority of Singapore (MPA) has actually granted 2 brand-new shelter distributor licenses to Minerva Bunkering and also TFG Marine, following its require applications for brand-new licenses in December 2019.
The MPA states that bunkering solutions in the Port of Singapore and also oil trading stay resistant regardless of the international COVID-19 pandemic. Bunker sales in Singapore expanded 5.4%, from 12.07 million tonnes in the initial quarter of 2019 to 12.72 million tonnes in the initial quarter of 2020.
The MPA and also Enterprise Singapore (ESG), the Singapore federal government firm advertising venture growth, stated the access right into the marketplace of both brand-new licensees would certainly combine Singapore’s placement as a worldwide bunkering and also oil trading hub.and would certainly enhance the supply of IMO 2020 certified aquatic gas in the Singapore bunker market.
The 2 brand-new participants bring the complete variety of MPA-licensed shelter vendors in the Port of Singapore to 45.
Minerva Bunkering and also TFG Marine will certainly likewise each be needed to run a minimum of 2 tidy power dual-fuelled shelter barges. This will certainly aid drive even more lasting bunkering tasks in the Port of Singapore.
The 2 firms enhance ESG’s initiative in the shelter gas trading industry making up greater than 70 gamers, aiding making sure that Singapore can satisfy the needs of the oil trading market.
Minerva Bunkering and also TFG Marine relate entities by shareholding to 2 of both of the globe’s biggest independent power trading firms.
Minerva Bunkering, developed by the restructuring of the previous Aegean Marine Petroleum, is a completely possessed subsidiary of Mercuria Energy Group Limited, whileTFG Marine is a joint endeavor in between its bulk investor Trafigura Group Pte and also ship owning firms Frontline Ltd and also Golden Ocean Group Ltd.
“We are excited to bring our physical supply model to the world’s largest bunkering hub. Leveraging our global integrated fuel supply chain and the substantial investment we have made in Singaporean flagged bunker tankers and storage capacity, we believe Minerva will positively contribute to the stability and growth of the Singapore market,” stated Minerva Chief Executive Officer Tyler Baron.
Anders Gr ønborg, that signed up with TFG Marine as Chief Executive Office in April 2020 to manage the business’s continuous development initiatives, stated: “This is excellent news, particularly as Singapore is the largest bunkering hub in the world. TFG Marine adds value by providing an end-to-end service, integrating its expertise in commodity trading with marine fuels supply infrastructure and logistics. As a very strong counterparty in the marine market we look forward to serving the thousands of vessels visiting the Port of Singapore each year efficiently, reliably and responsibly.”
From the start of May, TFG Marine will provide HSFO, MGO and also VLSFO shelter gas to mass service providers, oil vessels and also container vessels calling at the Port of Singapore.
