Physical Suppliers News

Bunker Connect,  a digital bunker platform and brokerage solution provider,  has implemented an integration with BunkerTrust,  an open rating platform on which  bunkers can rate the suppliers and the vessels supplying the receiving vessels.Customers of Bunker Connect now have access to BunkerTrust ratings, which are projected on the live incoming quotes from the suppliers during a request for quotation."We have a perfect match with BunkerTrust as we share a similar ambition, more transparency in the bunker industry. It provides additional information to base procurement decisions on and an opportunity for a supplier to differentiate from others…

Three of the world’s largest bunker suppliers, including World Fuel Supplies and Dan Bunkering, have joined a team of industry experts to review BIMCO’s standard bunker contract – BIMCO Terms 2015. Shipowners will be represented by Denmark-based J Lauritzen and Norden. Legal and P&I input comes from Clyde & Co and the North of England P&I Club. The initiative is supported by the International Bunker Industry Association (IBIA) who will have a representative on the team. BIMCO Terms 2015 are increasingly accepted by suppliers and traders around the world as a fair and balanced set of terms and conditions for purchasing and delivering marine fuels.

The OW saga - UAE Federal Supreme Court decides that physical suppliers of bunkers have no right to recourse against Owners/Charterers. In the first decision on the issue from the most senior court in the country, the UAE Federal Supreme Court has decided that physical suppliers of bunkers have no right of recourse against Owners/Charterers where there is a contractual sale and purchase chain. The Supreme Court has concluded that there are two separate contracts. One contract…

As widely reported in the maritime press, the United Kingdom's Supreme Court has granted an expedited hearing to Product Shipping & Trading's case against the collapsed OW Bunker (the Res Cogitans). The hearing will take place on 22 March in London and will deliver the final English law verdict on whether many hundreds of shipowners should pay OW Bunker's assignee ING Bank or pay the physical suppliers. In October 2015 it was held by the Court of Appeal that the UK Sale of Goods Act 1979 did not apply to contracts signed with OW Bunker as an intermediary for the supply of bunkers on credit.

With six months until the January 1, 2015 deadline, owners and operators urged to plan ahead to manage their ECA fuel needs. With exactly six months to go until the 2015 ECA regulations take effect on January 1 next year, marine fuel trading company Dynamic Oil Trading has called on ship owners and operators to prepare now to ensure that they can still meet their supply requirements for compliant products within Emission Control Areas (ECAs), and to work collaboratively with their fuel suppliers in order to minimize the impact on their operations and profitability. From January 1, 2015, all vessels sailing in the designated ECA zones in the Baltic Sea, the North Sea, the waters off the U.S. and Canadian coastline and the U.S.

Dynamic Oil Trading, a global trading company for marine fuels and lubricants, has highlighted the important role of fuel suppliers in helping shipping companies to reduce their exposure to fuel quality and quantity risks, including bunker fraud. Dynamic Oil Trading welcomes the steps taken to drive up professional standards within the industry and the use of the latest technology, such as Mass Flow Meters. However, it believes that ship owners can achieve even greater assurance over fuel quality and quantity by developing longer-term, partnership-based relationships with bunker suppliers that will work with them to reduce their exposure to disputes and fraudulent behaviour.

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.

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.

SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI), physical suppliers of marine fuel products, has delivered more than 850,000 metric tons (mt) of marine fuels since the commencement of its offshore supply service in the Gulf of Mexico in August 2007. Launched 22 months ago, Chemoil’s marine fuel supply service via Ship-to Ship (STS) operations is supported by chartered tankers MY Atlantic and Nordic Ruth. With a combined storage capacity of 50,000 mt of marine fuel, the two tankers provide continuous supply to sufficiently meet current demand in the US Gulf…

SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI) today that its profit after tax and minority interests for the first quarter of 2009 was $8.8m, up from $2.3m in the first quarter of 2008, or an increase of 283%. Amid the global economic slowdown, ship owners have increasingly turned to direct physical suppliers, a factor that has enabled the company to maintain profitability and increase our retail volumes by 16% to 2.17 million metric tons in 1Q2009. A decline of 23% in Chemoil’s total sales volumes in 1Q2009 to 3.76 million metric tons from 4.88 million metric tons in 1Q2008 is attributed to lower cargo and ex-wharf volumes, which was driven by prevailing market conditions.

Chemoil, physical suppliers of marine fuel products, has added to its barge fleet with a new delivery barge dedicated to the supply of low sulfur fuel oil in the port of Rotterdam. The newbuild will improve the efficiency and safety of its services as demand for LSFO continues in the Antwerp-Rotterdam-Amsterdam (ARA) region. Named the Laurentien after the Dutch Princess from the Royal House of the Netherlands, the new bunker barge has a range of capabilities that are suited to…