World News
Adani Eyes Expansion of Its Bunker Business
Adani Group (Adani) is planning to grow its share of the Indian bunker market by increasing bunkering activities at its ports on the country's east and west coasts, LiveMint reports.
Adani says it already holds a 40 percent share of the Indian market, is now looking to add one bunker business location each year, says Vinay Prakash Goel, CEO for the company's trading and mining business.
The plan is expected to grow the current 1 million tonne Indian bunkering market to 3.5 million tonnes by 2020, with an ambitious target of attracting business away from Fujairah, Dubai, and Singapore in the process.
Adani's plan is noted to come in the context of India's Sagarmala programme, intended to see the development of new ports, including as many as 142 cargo terminals at major ports.
"Singapore accounts for a substantive share of the global bunker market due to its geographical location and facilities offered. For Indian bunker market to compete, we need infrastructure at the ports," said Goel.
"To start with, Mundra will be a thrust for creating infrastructure for bunkering business followed by Hazira, Dhamra, and Vizhinjam."
Last month, Adani Bunkering PVT Ltd (Adani Bunkering) announced that it had commenced physical bunker supply of RMG 380 cSt and MGO at Hazira and Dahej.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 646.50 | 5.50 | 773.50 | 11.50 |
| Rotterdam | 604.00 | 5.00 | 756.00 | 5.00 |
| Houston | 630.50 | 1.00 | 798.50 | 4.00 |
| Fujairah | 650.50 | 3.00 | 897.00 | 13.50 |
| Global 20 Ports Average | 662.50 | 1.00 | 858.50 | 0.50 |
| Global 4 Ports Average | 633.00 | 3.50 | 806.00 | 6.50 |
| Global Average Bunker Price | 718.50 | 0.50 | 914.00 | 1.00 |
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