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Minerva Bunkering, TFG Marine awarded new bunker licenses in Singapore
21st April 2020 00:35 GMT

The Maritime and Port Authority of Singapore has awarded two new bunker supplier licenses to Minerva Bunkering and TFG Marine, following its call for applications for new licenses in December 2019, the MPA said Monday.

"These two companies complement ESG’s [Enterprise Singapore's] effort in the bunker fuel trading sector comprising more than 70 players, ensuring that Singapore can meet the demands of the oil trading industry," the MPA said in a statement.

These two new license holders will increase the supply of marine fuel that is compliant with the International Maritime Organization’s global low sulfur mandate, the MPA said.

Minerva Bunkering and TFG Marine will also be required to each operate at least two clean energy dual-fueled bunker barges to drive more sustainable bunkering activities in the Port of Singapore, the MPA added.

Minerva Bunkering and TFG Marine are related entities by shareholding to Mercuria Group and Trafigura, respectively, both of which are among the world's largest independent energy trading companies with significant presence in Singapore.

The entry of these players brings the total number of MPA-licensed bunker suppliers to 45 in the Port of Singapore. Their admission comes after two companies -- Brightoil Petroleum (Singapore) Pte and Seven Seas Trading -- recently dropped off MPA's accredited bunker suppliers list.

The MPA also said its bunkering services in the Port of Singapore and oil trading remain resilient despite the global coronavirus pandemic.

"Singapore continues to undergo a successful IMO 2020 transition to serve the needs of the industry during COVID-19 whilst maintaining its position as the global bunkering hub," it said.

Singapore is the world's largest bunkering port. Marine fuel sales in Singapore grew 5.4% year on year to 12.72 million mt in the first quarter.

 


Bunkerworld .,
21st April 2020 00:35 GMT