BP Marine to Cease Cyprus Bunker Ops

Wednesday, January 23, 2008
BP Marine is to close its bunkering operation in Cyprus as a result of sales failing to deliver on expectations.

BP Marine first moved into the Cyprus marine fuels market in February 2005 in anticipation of increased shipping activity following the country’s entry to the EU the previous year.

This, however, did not materialise and the bunkering market has in fact shrunk as economies and trade continued to be adversely affected by ongoing regional conflicts.

Parris Beverly, managing director of BP Marine Fuels, says: “Over the course of the last three years we have made every effort to stimulate business in Cyprus, but ultimately there has been no significant change. Therefore, in line with BP Marine’s strategy of only operating in ports with potential for significant growth, we have taken the decision to withdraw.

“BP Marine is currently working with its Cyprus customers to discuss the decision and to identify alternative bunkering solutions. BP Marine’s resources in Cyprus will be reallocated to other ports.”

BP Marine’s business in Cyprus was primarily focussed on military fuels, with lower levels of commercial domestic activity. All remaining product deliveries will be made in January.

The Sea Dweller double-hulled barge, which has carried out BP deliveries in Cyprus, is being redeployed to the North Sea to support BP Marine’s operation in the region.

Despite withdrawing from both Cyprus and Portland in the last four months, BP Marine has succeeded throughout 2007 in significantly developing its overall operation by entering the burgeoning bunkering market in Panama, expanding its Salalah facility to meet increased demand and increasing its storage capacity in Singapore.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Pirates Approach Tanker in Bab El Mandeb

The U.S. Navy Maritime Liaison Office in Bahrain (MARLO) has advised that on or about 12:30 UTC on 14 April, the Master of an oil tanker reported being approached by a white-blue skiff in position 12.

Shippers Turn to Equity Markets as Sector Eyes Recovery

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

YPF Tenders to Buy Fuel Oil for June

State-run oil company YPF launched its second fuel oil tender in April, this time to buy two 50,000 metric ton cargoes (some 375,000 barrels each) to be received

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0788 sec (13 req/sec)