Insatech: Control could weaken Singapore bunker market

There are major challenges and ambitions tied to the Port of Singapore's decision to become the first port in the world to introduce the mandatory use of mass-flowmeters in order to get rid of bunker fraud, says flowmeter supplier Insatech.

Photo: Insatech

It could impact the entire bunker trade in the Port of Singapore when authorities during 2014 plan to introduce mandatory bunker control as an effort to protect bunker customers against fraud, says Carsten Hounsgaard, project sales manager at supplier Insatech, which delivers mass-flowmeters to control bunker transfers. This is exactly the kind of system Singapore plans to implement.

"The introduction of mass-flowmeters means that it will no longer be possible to cheat on the scale, which will quickly reveal the real bunker price. In relation to Singapore this means that the general bunker price will increase, as it's no longer possible to establish a shrinkage that one can make slight profit on," says Carsten Hounsgaard, who says he has documentation showing that carriers are currently tricked out of an average three percent on each bunker operation.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

ECSA's new secretary general balances on a razor's edge

ECSA’s newly appointed secretary general, Sotirs Raptis, has taken up the helm of an organization criticized by its own members for being invisible. In an interview with ShippingWatch, Raptis explains how he intends to alter that image.

Further reading

Related articles

Latest news

See all jobs