2020 was a dramatic and tough year for bunker supplier Glander International Bunkering. The oil plunge created tailwinds for smaller players in particular, and Glander International Bunkering thus hopes for increasing oil prices in 2021, CEO tells ShippingWatch.
Covid-19, new sulfur requirements, lower exports to China and the collapse of commodity trader Hin Leong Trading in Singapore made bunker oil trade volumes drop 46 percent in 2020 compared to 2019, writes Reuters.
Oil majors increasingly dominate the bunker market in Singapore, the world's biggest bunker port, shows a new list that ranks suppliers by size. The list is topped by an oil supermajor, while a Hin Leong subsidiary lost the most during the year.
The Covid-19 pandemic cut major chunks out of the global bunker market, and the long-term effects of the pandemic all point in the same direction. At many of the smaller players, the new sulfur regulations have been a real lifeline, assesses analyst with in-depth knowledge of the market.
Bunker company Endofa loses a case against former partner Babak Shahbaz in Denmark's Eastern High Court, where Endofa had filed for compensation totaling DKK 20 million. The acquittal of Shahbaz reverses a ruling issued by the country's Maritime and Commercial Court.
The Port of Rotterdam has no plans to introduce mass flow meters, even though some of the top customers in Europe's biggest port call for them. The fear of lawsuits from the bunker sector is too great.
The low demand for fuel during the coronavirus pandemic will continue the rest of the year and into 2021, says bunker supplier World Fuel Services. The company only sees small improvements in still-weak market.
PwC is looking for buyers for an unnamed "independent bunker fuel and lubricant supplier in Singapore" in an ad placed in local media in Singapore. The firm has already been appointed as temporary manager of crisis-stricken Ocean Bunkering.
The founder of a major bunker company has been charged with having participated in a large-scale theft of oil from Shell's refinery in Singapore. A captain has previously received a multiple-year prison sentence in the case.
The coronavirus crisis has made the owner put a sale of half of Cockett Marine Oil on hold. The bunker supplier has previously been mentioned as the next acquisition candidate in the consolidation of the bunker sector.
KPI Bridge Oil, which in February acquired Oceanconnect Marine, booked an operating profit of USD 28.5 million before taxes for the fiscal year 2019/2020. Bigger volumes and lower costs were among the reasons for the growth.
Maersk has incorporated its internal bunker firm, Maersk Oil Trading, in its accounting for the core business. The figures reveal that bunker sales skyrocketed in the year's first three months. CFO expects sales to normalize, however.
Dan-Bunkering is no longer looking for a replacement for Christoffer Berg Lassen, who was promoted to the group executive team at Bunker Holding in March 2018. Daily operations are handled by a team of employees.