IBIA Chairman: 'What We See is a Market That is in Flux'

Cosulich, CEO of bunker supplier Fratelli Cosulich, took over as IBIA's chairman in April. Image Credit: IBIA

IBIA Chairman Tim Cosulich has set out his views on the current fragile state of the bunker market and the industry body's priorities over the next year.

Cosulich, CEO of bunker supplier Fratelli Cosulich, took over as IBIA's chairman in April. In emailed comments he reflected on the unusual market conditions seen since then.

"What we see is a market that is in flux." he said.

"You have on one side the geopolitical situation, with focus on sanctions and compliance, and then at the same time obviously prices continuing to be on the high side, which has implications in terms of access to credit and also in terms of credit risk.

"Most sectors of shipping are doing ok, so that at least provides a bit of comfort in the big picture."

He also set out IBIA's priorities for the next year.

"At IBIA, the overarching goals for the next 12 months mostly revolve around increased focus on ethics and transparency," he said.

"This is because we come from a number of years where we've had cases of fraud, bankruptcies or breach of sanctions, and so we think it is important for us as an industry to focus on ethics, integrity and transparency and making sure we make the bunker industry seen as completely reliable.

"On that note, we have been pursuing for quite some time an effort towards increased uptake of bunker licensing, including through our MFM and Licensing Working Group, chaired by Alexander Prokopakis of ProBunkers. 

"Obviously IBIA would not be the organisation instituting a licensing scheme, but we aim at facilitating a discussion around it. 

"The idea is to provide support to port authorities and institutions in the main bunkering hubs around the world, who are interested in implementing a licensing scheme similar to the one that Singapore has, with the mandatory use of mass flow meters.

"We are also focusing on the energy transition and on regulations through our Future Fuels Working Group, chaired by Constantinos Capetanakis of Starbulk.

"There's still a lot of information, and it can be overwhelming to get a clear view of what the options will be in future.

"Our goal is really to consolidate as much as possible inputs from different sources and provide members with quality content, so that they can plan their strategy."

Cosulich will be speaking at the IBIA Annual Convention 2022 in November. The convention will be held at the JW Marriott Houston hotel on November 15-17. The event will consist of a bunker training course on November 15, followed by a series of keynote speeches, presentations and panel sessions over the following two days.

For more information and to register for the event, click here. If you would be interested in participating as a speaker or panellist, contact IBIA's global head of marketing and events, Sofia Konstantopoulou, at sofia.konstantopoulou@ibia.net.

If you would be interested in sponsoring the event, contact Ship & Bunker's head of sales and partnerships, Paul Davis, at sales@shipandbunker.com.