World News
Oilmar Bunker Sales Reach 1 Million Mt/Year
Marine fuels firm Oilmar DMCC has seen its bunker sales reach about 1 million mt/year, with further growth anticipated in 2024.
The firm sold almost 1 million mt of marine fuels in 2023, up by 124% from the previous year, a company representative told Ship & Bunker on Wednesday.
The increased sales came as the company expanded into West Africa, the Mediterranean, Southeast Asia and China.
The company is targeting 30-50% growth from this level of traded volumes in 2024, and in Q1 already saw 35% growth from the same period a year earlier. Further expansion into South America, the US Gulf Coast, Northwest Europe and elsewhere is expected to help drive this growth.
The firm also wants to increase its global headcount to 150 employees this year, and launched a training office earlier this month with an initial intake of 10 trainees.
"The commencement of 2024 marks a pivotal milestone for Oilmar with a change in ownership that introduced significant capital infusion and fresh perspectives from a new shareholder recognized for his industry expertise and visionary approach," the company representative said.
"This transformative change supports our strategic pivot from a traditional Shipping and Chartering business to a more diversified marine fuel trading desk with an emphasis on green fuels and LNG."
The firm was previously known as Oilmar Shipping and Chartering DMCC, rebranding to Oilmar DMCC last month.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 569.50 | 0.00 | 680.00 | 0.00 |
| Rotterdam | 515.00 | 1.00 | 674.00 | 2.00 |
| Houston | 550.00 | 2.50 | 678.00 | 6.50 |
| Fujairah | 560.50 | 0.50 | 753.50 | 2.50 |
| Global 20 Ports Average | 586.00 | 0.00 | 761.00 | 2.00 |
| Global 4 Ports Average | 549.00 | 1.00 | 696.50 | 2.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 800.50 | 2.00 |
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