The Maritime and Port Authority of Singapore (MPA) has awarded two new bunker supplier licenses to Minerva Bunkering and TFG Marine, following its call for applications for new licenses in December 2019.
The MPA says that bunkering services in the Port of Singapore and oil trading remain resilient despite the global COVID-19 pandemic. Bunker sales in Singapore grew 5.4%, from 12.07 million tonnes in the first quarter of 2019 to 12.72 million tonnes in the first quarter of 2020.
The MPA and Enterprise Singapore (ESG), the Singapore government agency promoting enterprise development, said the entry into the market of the two new licensees would consolidate Singapore’s position as a global bunkering and oil trading hub.and would increase the supply of IMO 2020 compliant marine fuel in the Singapore bunker market.
The two new entrants bring the total number of MPA-licensed bunker suppliers in the Port of Singapore to 45.
Minerva Bunkering and TFG Marine will also each be required to operate at least two clean energy dual-fuelled bunker barges. This will help drive more sustainable bunkering activities in the Port of Singapore.
The two companies complement ESG’s effort in the bunker fuel trading sector comprising more than 70 players, helping ensuring that Singapore can meet the demands of the oil trading industry.
Minerva Bunkering and TFG Marine are related entities by shareholding to two of the two of the world’s largest independent energy trading companies.
Minerva Bunkering, created by the restructuring of the former Aegean Marine Petroleum, is a wholly owned subsidiary of Mercuria Energy Group Limited, whileTFG Marine is a joint venture between its majority shareholder Trafigura Group Pte and ship owning companies Frontline Ltd and Golden Ocean Group Ltd.
“We are excited to bring our physical supply model to the world’s largest bunkering hub. Leveraging our global integrated fuel supply chain and the substantial investment we have made in Singaporean flagged bunker tankers and storage capacity, we believe Minerva will positively contribute to the stability and growth of the Singapore market,” said Minerva CEO Tyler Baron.
Anders Grønborg, who joined TFG Marine as Chief Executive Office in April 2020 to oversee the company’s ongoing expansion efforts, said: “This is excellent news, particularly as Singapore is the largest bunkering hub in the world. TFG Marine adds value by providing an end-to-end service, integrating its expertise in commodity trading with marine fuels supply infrastructure and logistics. As a very strong counterparty in the marine market we look forward to serving the thousands of vessels visiting the Port of Singapore each year efficiently, reliably and responsibly.”
From the beginning of May, TFG Marine will supply HSFO, MGO and VLSFO bunker fuel to bulk carriers, oil tankers and container vessels calling at the Port of Singapore.
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