World News
World Fuel Services New Owner of Former Panoil Petroleum Bunker Tankers
World Fuel Services (WFS) has purchased four bunker tankers that were previously owned by Panoil Petroleum Pte Ltd (Panoil), IHS Fairplay reports.
The news comes just days after the Maritime and Port Authority of Singapore (MPA) revoked Panoil's bunker craft operator licence following checks which revealed unauthorised alterations were made to the mass flow meter (MFM) systems onboard the company's five bunker tankers.
IHS Markit's Sea-web data indicate that between January 2015 and June 2017, Panoil sold four of its bunker tankers to individual special purpose vehicles, all of which are owned by WFS.
The purchased tankers include the 8,828 DWT Athenia, the 3,384 DWT Jubilee, the 800 DWT Megalodon, and the 8,839 DWT Metis - all of which are now registered to four separate Singapore-registered ship owning entities.
WFS has not provided comment on the vessel purchases, and vessel sale prices have not been disclosed.
For the past two years the Panoil has ranked at number 10 on MPA's list of top suppliers by volume in the world's biggest bunkering port.
The use of MFMs for MFO bunkering has been in force in Singapore since January 1, 2017, the first and currently only port to mandate such a requirement, having been introduced as part of efforts to crack down on volumetric-based bunker fraud.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 648.00 | 2.00 | 808.00 | 10.00 |
| Rotterdam | 613.50 | 4.50 | 792.00 | 21.50 |
| Houston | 646.00 | 3.00 | 851.00 | 13.50 |
| Fujairah | 647.50 | 1.50 | 900.00 | 0.50 |
| Global 20 Ports Average | 672.50 | 0.50 | 896.50 | 0.50 |
| Global 4 Ports Average | 638.50 | 2.00 | 838.00 | 4.00 |
| Global Average Bunker Price | 727.00 | 2.00 | 943.00 | 2.00 |
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