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Chemoil News

20 Jan 2021

Fruergaard to Take Over as CEO of Pacific Basin

(Photo: Pacific Basin Shipping)

Hong Kong-headquartered dry bulk shipping company Pacific Basin announced Wednesday that Martin Fruergaard will take over as CEO, replacing longtime chief executive Mats Berglund, who has decided to retie. Fruergaard, the current CEO of Danish gas shipping company Ultragas, will relocate to Hong Kong and join Pacific Basin in early July. He brings to the role significant maritime leadership experience, having previously occupied senior positions in Maersk Bulk Carriers, Maersk Tankers and Maersk Drilling.Berglund was CEO of Pacific Basin for nine years…

17 May 2017

New Bunker Supplier Eyes Houston/Galveston Market

File photo: Port of Houston Authority

GCC Bunkers said it seeks to establish itself as a leader in developing compliance solutions for the IMO global sulfur cap in 2020 and is operated by principals Mark VandeVoorde and John Mafrige. Longer term, GCC is actively evaluating several processing or manufacturing opportunities for post 2020 bunker fuels to be produced in Texas. The Company has secured working capital funding from a Texas-based private equity group and has entered into agreements for physical marine fuels storage at Texas International Terminals in Galveston, beginning July, 2017.

15 Dec 2015

Adrian Tolson Launches 20|20 Marine Energy

A new consultancy established by well known industry veteran and leading marine energy expert Adrian Tolson, was launched Tuesday. A new consultancy, 20|20 Marine Energy, was launched to help companies create and implement strategies for purchasing and selling marine energy, as well as supporting the development of bunkering infrastructure. In a changing market of increasing risk and complexity, 20|20 works with ship owners, operators and financial institutions on the buy-side, fuel suppliers and traders on the sell-side, as well as ports, and local and national governments on developing infrastructure projects. The company also provides research and insight services. 20|20 has been established by Adrian Tolson, one of the industry’s leading marine energy experts.

30 Nov 2015

Bunker Fuel Market Poised 460 million tons by 2020

Transparency Market Research launched its latest study on the global bunker fuel market, in terms of revenue and volume. The report predicts that the global bunker fuel market is likely to reach an estimated volume of 460 million tons by 2020. The market, therefore, is poised to exhibit a moderate 3.1% CAGR during 2014-2020, expanding from 372.30 million tons in 2013. Bunker fuel is a fractionally distilled liquid fuel derived from crude oil. Also known as fuel oil, the substance can be classified on the basis of its chemical composition, intended purpose, and boiling point. Unlike other petroleum products, bunker fuel is more polluting and highly unrefined. Apart from fuel oil, there are other middle distillate fuels, which are also used as bunker fuels.

28 Oct 2015

Phillips Heads Gulf Petrochem's Credit Risk, Bunkering Div.

Gulf Petrochem has appointed John Phillips as Head of Credit Risk for the Group’s Bunkering division. With over 30 years experience in the Maritime sector, John is a well known expert in the industry and will focus on areas such as Credit Management (focused on Bunker business), Credit insurance & Bunker business development. Before joining Gulf Petrochem, he held the role of Global Head of Credit and Director at Soyuz Bunkering Group (Singapore) Pte Ltd, handling customer selection and promotion as well as liaising with legal departments and insurers on ship arrests and insurance claims. Prior to this, Phillips worked for Chemoil Energy Ltd, where he was responsible for the creation, implementation and management of global credit and counter party risk policy.

18 Nov 2014

OW Bunker to Meet Liquidator; Ship Arrests Continue

OW Bunker owes financers more than $750 million-creditor data; six more vessels arrested; 7 in total. The Singapore arm of bankrupt Danish shipping fuel trader OW Bunker will meet with its liquidator KPMG in early December to discuss the firm's outstanding debt, which totals almost $1.5 billion globally. OW Bunker, a leading supplier of marine fuel oil known as "bunker", filed for bankruptcy in Denmark earlier this month after it revealed losses of at least $125 million at one of its Singapore-based subsidiaries Dynamic Oil Trading, sending the bunker fuel market into turmoil. Oil firms have stepped up legal action against OW Bunker's Singapore units since the announcement with the arrest of ships, now totalling seven, Singapore court documents show.

07 Nov 2014

Fuel Scandal Sends Traders Scrambling, Investors Eye Lawsuits

Photo: OW Bunker

Traders and shipping companies scrambled to source fuel and take over supply contracts on Friday after Danish marine fuel supplier OW Bunker said a suspected fraud at its Singapore subsidiary had pushed it to the brink of bankruptcy. The alleged fraud at Singapore-based subsidiary Dynamic Oil Trading is potentially one of the biggest financial market scandals to hit the city state since 2004, when China Aviation Oil (Singapore) ran up oil futures losses of $550 million. Some institutional and individual investors in Denmark said they were considering taking legal action against the firm.

05 Mar 2014

Danish shipping fuel supplier OW Bunker confirms IPO plan

Private equity co Altor plans to partly sell holding; OW Bunker FY net up almost 50 pct at $63.4 mln. Revenue up more than 20 pct at $16.99 billion. Danish ship fuel supplier OW Bunker plans an initial public offering (IPO) of shares in Copenhagen, it said on Wednesday, confirming what sources familiar with the matter had told Reuters on Monday. The company, which has a share of around 7 percent of the global shipping fuel market, said it planned to sell new stock as well as some of the shares owned by its major shareholder, private equity group Altor. It did not say how much it planned to raise. The company also posted full-year 2013 results showing revenue up more than 20 percent to $16.99 billion and net profit up almost 50 percent to $63.4 million.

03 Mar 2014

Denmark's OW Bunker to announce IPO this week

Danish ship fuel supplier OW Bunker aims to publish plans for a stock market listing this week, three sources familiar with the matter told Reuters on Monday. "The plan is to be listed before Easter," one source said, adding that Morgan Stanley, Carnegie, Nordea and ABG would lead the IPO. Two other sources said an intention to float letter will be published later this week. Private equity group Altor has owned OW Bunker since buying its parent Wrist Group in July 2007. No indication was given on the price Altor paid, although local media said that it could have been anywhere between 1 and 2 billion Danish crowns ($182-364 million). "An exit may well come in the foreseeable future," Altor's head of Danish activities Soren Johansen told Reuters in January.

07 Feb 2014

Dynamic Oil Expands Middle East Operations

Three new appointments announced as recruitment drive to support expanding customer base continues. Dynamic Oil Trading has announced a series of appointments at the company’s recently launched Dubai office, amid continued expansion of the firm’s Middle East operation. Bunker traders Leonore Lagendijk and Mirko Antichi, as well as accountant Sheila Oller will join Dynamic Oil Trading’s Dubai operation with immediate effect. Leonore comes to the role with three and a half years’ trading experience, having previously held trading jobs at O.W. Bunker Middle East DMCC and BP.

07 Oct 2013

Dan-Bunkering, Chemoil Begin Jury Trial

Dan-Bunkering Ltd. is commencing a jury trial in San Francisco in a dispute with the California based bunker supplier, Chemoil Corporation. The matter relates to a number of supplies of heavy fuel made by Chemoil in Panama in the spring of 2008 which allegedly caused problems for the supplied vessels. dan-bunkering.com

14 Mar 2012

Ships Vie With Japan Utilities as Fuel Supplies Dwindle

Oil refiners’ investment in more-efficient refinery facilities is leaving shipping lines competing with Japanese power producers for a fuel no one wants to make. Refiners are upgrading plants to cut output of fuel oil, a byproduct of making gasoline and diesel, as it sells for less than the price of crude. Shipping lines are seeking more of the product -- known in the industry as bunker -- to fuel expanding fleets, while Japanese electric companies are speeding purchases as they close nuclear plants for safety checks following 2011’s tsunami. “We have a bunker market which is still growing, and we have no fuel,” said Fereidun Fesharaki, chairman of Singapore-based Facts Global Energy Inc.

15 Nov 2011

New Management for Ocean Intelligence

John Phillips, Manager Director.

In support of global growth opportunities, the Singapore-based marine credit analysis company, has appointed John Phillips Manager Director. Phillips will also become a member of the Petromedia Group Board and will be based in Singapore. John Phillips comes to Ocean Intelligence from his own consulting company, Awyr Las Pte Ltd, which will continue to be run autonomously. Phillips was Global Credit Manager for leading marine fuels supplier Chemoil, before he left to set up Awyr Las Pte Ltd, and before that Phillips was Operations Manager for Lloyds MIU.

23 Jun 2011

IBIA Issues Details Regarding Barcelona Convention

Bunker industry trade association IBIA has announced details of its three-day annual convention taking place in Barcelona November 2-4, 2011. To be held at the Hotel Rey Juan Carlos I, the convention will see ship-owners and operators, suppliers, traders and brokers, service providers and legislators, debating and discussing the impact on the bunker industry of the 0.1% 2015 Emission Control Areas; the effects of increased demand for MGO on bunker prices and availability in Europe; implications for the bunker industry on a shift to LNG fuelled ships and the outlook for Europe, the Americas and Asia. The conference will be chaired by Bob Lintott, managing director of ISO Bunkers and IBIA Chairman with over 40 years experience in the marine fuels industry in the UK and USA.

03 Mar 2011

CHEMOIL ANNOUNCES NEW MANAGEMENT TEAM

SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI) announced today that as part of its efforts to build upon the company’s strengths and expand its business reach, it has promoted various Chemoil veterans and brought in experienced top talent to help lead the company towards sustainable growth. Tom Reilly, who was appointed Chemoil’s new CEO in January 2011, said “Chemoil is entering the next phase of growth and I am excited to be working with a new talented management team that comprises not only of dedicated employees whose commitment help make Chemoil one of the leading energy suppliers today…

07 Jan 2011

Chemoil Acquires Oceanconnect’s Marine Fuel Group

Tom Reilly

SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI), supplier of marine fuel, announced its acquisition of OceanConnect Holding’s (OCH), marine fuel business. The purchase price as agreed by both parties is expected to be approximately $25m and took into account factors such as the marine fuel business’ historical and future earnings potential. The deal includes the acquisition of OCH’s marine fuel business, its independent online bunker auction portal, and a team of experienced bunker brokering and trading employees and staff in the United States…

28 Oct 2010

Topaz Awarded $100m EPC Contract

Photo courtesy Topaz Energy and Marine

Topaz Engineering, a division of Topaz Energy and Marine has been awarded a $100m EPC contract for the Phase IV Oil Storage Terminal for client GPSChemoil in Fujairah, U.A.E. Through its subsidiary, Nico International Hydrospace, Topaz Engineering has won one of the major tank terminal repeat contracts in Fujairah for GPSChemoil, a partnership between Gulf Petrol Supplies LLC (GPS) and Chemoil. The 580,000 m³ terminal is one of the largest EPC tank terminal projects awarded to Topaz Engineering in the recent past in terms of project value and terminal size.

20 Apr 2010

Chemoil Appoints Valenzuela to Latin America

SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI) has appointed Veronica Valenzuela as Managing Director of one of its operating subsidiaries, Chemoil Latin America Inc. Valenzuela joined Chemoil in 2009 and has more than 30 years of industry experience, including seven years as the general manager of Chevron’s operations in Panama. She holds both MBA and CPA degrees and has also served in the past as President of the American Chamber of Commerce in Panama. Valenzuela takes over this position from Andres Galavis effective immediately, following Galavis’ resignation.

15 Jun 2009

Chemoil Postions for Expansion in N. America

Chemoil said it will continue to pioneer the provision of sustainable marine fuel solutions to help ship operators meet the emissions reductions requirements proposed for enforcement across the coastlines of the U.S. and Canada. This follows a joint application to the IMO by both the USA and Canada at the end of March 2009 to create an Emissions Control Area (ECA) that would stretch across more than 200 nautical miles of coastal waters to help lower emissions from vessels traveling to and from ports in the region.

07 Aug 2009

Chemoil Continues Trend of Profitability

SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI) announced that its profit attributable to equity holders for the second quarter of the 2009 financial year (FY2009) was $12.2m leading to 1st half results of $21.1m. Profit for 2Q2009 increased 38.6% from the $8.8m recorded in 1Q2009. Chemoil’s retail volumes grew by 11% despite an overall reduction of sales volume by 15%. Gross contribution per metric ton (GCMT), a key performance indicator, was $11.61 in 2Q2009, which represents a 10.4% increase over 2Q2008 GCMT of $10.52 and a 32.8% increase over 1Q2009 GCMT of $8.74.

14 Oct 2009

Chemoil Appoints Van Eijck

SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI), an independent marine fuel suppliers, announced it has appointed Michiel Van Eijck to the position of Sales and Marketing Director for Europe. Van Eijck will maintain relationships Chemoil has developed with its European customers across its diversified supply chain operations worldwide. Prior to joining Chemoil, Van Eijck was Director of Mergers and Acquisitions with Dutch energy provider Eneco Holdings N.V. He has also previously held managerial roles in sales, sourcing and supply with E.ON Benelux and Vopak Oil Logistics covering the European and the Middle East markets. Van Eijck holds a Master in Law, Civil Law from the University of Rotterdam. (www.chemoil.com)

12 Jan 2010

Chemoil Concerned Re ISO 8217 Revisions

SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI), an independent physical suppliers of marine fuel, is urging the International Standard Organization’s (ISO) working group which is currently reviewing changes to bunker fuel specifications, ISO 8217, to ensure there was a broad, cross-industry consensus for a fair and equitable revision to the Standard. Responding to recent claims that current recommendations ISO/DIS (Draft International Standard) 8217 were too lenient and in favour of the bunker supplier, Chemoil has highlighted a number of issues raised within the proposed revision that, if implemented, could trigger rising bunker fuel costs for ship operators and will increase disputes over fuel specifications.

25 Feb 2010

Chemoil Q4 & FY2009 Report

SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI) reported a net profit attributable to equity holders of $11.5 million for the year ended December 31, 2009 (FY2009) and a net profit attributable to equity holders of $2.9 million for the fourth quarter of 2009 (4Q2009). Reflecting Chemoil’s continued strong presence in retail shipping sales, fuel deliveries rose by 5% to 4 million metric tons for 4Q2009 compared with 3.8 million metric tons for 4Q2008. Supported by strong retail volumes in Asia, retail marine fuel sales rose by 6% for FY2009 – accounting for 59% of all volumes throughout the year. Furthermore, Chemoil’s continued dedication to cultivating strategic partnerships…