Asia/Pacific News
NewOcean Looking to Enter Singapore Bunker Market
Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean) is looking to expand its bunkering business to Singapore, the company announced in its half-year report.
The company said that it was considering the feasibility of a move into the world's largest bunkering market.
"As our existing customers (mainly shipping companies) are operating international routes, we will be able to develop more long term and closer cooperation relations if we can supply to them the same fueling service in South East Asia and other major Chinese ports."
Singapore has seen a drop in the number of accredited bunker suppliers in recent years, with a number of companies having returned their licenses or had their licenses revoked.
Earlier this month, despite the addition of new player AC Oil Pte Ltd the number of accredited suppliers has dropped to 59 from 60 in February, a far cry from the roughly 77 suppliers operating in 2012.
Earlier this week Ship & Bunker reported that the company announced a surge in profits for the first half of the year after the company upped its stake in Hong Kong marine bunkering through an acquisition.
