EMEA News
Sing Fuels Acquires Brokerage Prime's Bunkerplus Services in Greece
Trading firm Sing Fuels has acquired Athens-based brokerage Prime's Bunkerplus Services, marking another major bunker firm taking on a hybrid model of operation.
Prime's, founded by Irene Notias in 2002, will continue to be managed by her while operating under the new name Sing Fuels Pte Ltd (Hellas) after the acquisition, Sing Fuels said in an emailed statement on Tuesday.
Sing Fuels plans to hire more traders for its new Greek operation and expand its service offering. The firm also aims for this acquisition to be the first step in building up a 'global alliance of independent brokerage and trading partners', according to the statement.
"We are thrilled to be joining forces with Prime's Bunkers," Vikash Dhanuka, CEO of Sing Fuels, said in the statement.
"Sing Fuels already had a presence in Greece since May 2021 with Panos Tsikleas coming on board.
"Irene and her team are well-connected in the Greek shipping market and as long-time associates, our companies share a similar ethos and vision.
"Bringing together the experience, knowledge and network of both teams will further strengthen our foothold into the local market.
"We are both deeply committed to operational excellence and believe there is room to capture more market share with our proactive approach and after service.
"This partnership is this first of many others we hope to form as part of our strategy to build a global alliance of like-minded independent brokers and traders, who have deep specialisms in their markets, to work together to expand our market share."
