World News
Navigator Gas Joins Hafnia Bunker Alliance
Navigator Gas, a leading operator of handysize gas vessels is set to join the Hafnia Bunker Alliance, adding to the number of vessels under the group's umbrella.
"We are happy to welcome Navigator Gas into the Hafnia Bunker Alliance and looking forward to working with them in creating further synergy and transparency for all our members," Peter Grunwaldt, head of bunker procurement for Hafnia, told Ship & Bunker on Monday.
Navigator Gas owns and operates the world's largest fleet of handysize gas carriers. In 2020, they expanded their presence by opening a new ethylene export terminal in Houston, through a joint venture with Enterprise Products Partners. In 2021, they successfully completed the merger of Ultragas ApS's fleet and business activities with Navigator's.
Navigator completed an IPO in 2013 on the New York Stock Exchange, and as such there are many similarities to the journey Hafnia has been on, growing its presence in the product tanker market through mergers and acquisitions, Grunwaldt said.
"Like us and many of our members Navigator Gas share an ambition not only to be a market leader in their segment, but also put emphasis on efficiency and reliability," he said.
"The synergies we are able to create together are unquestionable, and demonstrate the model works.
"We firmly believe the consolidation that currently goes on in the bunker space is an advantage for both the buying and the selling side.
"As an industry this needs to happen for a variety of reasons."
Martin Bork, CEO of Navigator subsidiary Ultragas ApS, said the move would save the firm money on its fuel bills.
"The outsourcing of Navigator Gas's bunker procurement function is a logical step for us to build on the company's operational efficiency, maximising savings through bunker procurement," he said.
"We are confident that working with the Hafnia Bunker Alliance will enable us to deliver strategic efficiencies for the company, and we look forward to working with the Hafnia team."
The Hafnia Bunker Alliance now covers a wide range of vessel owners and operators across a variety of shipping segments.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 567.50 | 3.50 | 700.00 | 14.50 |
| Rotterdam | 512.50 | 4.00 | 695.00 | 17.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 562.50 | 2.50 | 755.00 | 0.00 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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