Asia/Pacific News
7 Suppliers Exit Singapore Bunker Market in Last 12 Months
Singapore now has 71 accredited bunker suppliers in the country, six fewer than the 77 recorded this time last year, according to the latest information issued by Maritime and Port Authority of Singapore (MPA).
A total of seven companies have lost their status during the last 12 months, while only 1 new supplier has been added in that time.
The total of number of accredited suppliers may drop even further in the coming months as smaller suppliers look to consolidate, sources told Seatrade Global earlier this week.
Singapore-based bunker supplier Titan Bunkering is the latest supplier to fall off MPA's list of accredited bunker suppliers, after reports indicated it decided not to renew the licence after scaling back its bunkering operations in the country due to financial difficulties at parent firm Titan Petrochemicals Group Limited [HKG:1192] (Titan).
Over the last year TItan has been facing, amongst other things, a winding up petition after being declared insolvent by one of its creditors.
Standard Oil & Marine Services Pte Ltd and G-Fuel Pte Ltd (G-Fuel) both came off the supplier list in February, the same time Pacific Bunkering Services Pte Ltd was added to the list, although G-Fuel had its license cancelled in December after BDN misuse.
Bakri Trading Co (Asia) Pte Ltd, Hir Huat Trading Pte Ltd, Ocean Energy Bunkering Pte Ltd, and Sanko Oil (Pte) Ltd, are the other firms who have lost their status over the last year.
The volume of bunkers sold in Singapore last month fell by 3 percent month-on-month, with average monthly sales for all products in the country during the first five months of 2013 down 4 percent on the same period in 2012.
