Trafigura has set out TFG's geographical expansion targets for next year. File Image / Pixabay
TFG Marine, the new bunker supplier launched jointly by commodity trader Trafigura and shipping firms Frontline and Golden Ocean, is now selling more than half a million tonnes of fuel per month.
By the end of September the firm's bunker sales reached 540,000 mt/month in about 300 trades per month, Trafigura said in its annual report Wednesday. The supplier operates from 12 physical bunkering locations.
Avance Gas and Flex LNG are now exclusively buying bunker fuel from TFG, Trafigura said.
The company plans to add bunker operations in the US Gulf, the Mediterranean, South Africa, the Middle East, China and South Korea next year, Trafigura said.
TFG also plans to start supplying marine biofuels to customers at Amsterdam, Rotterdam and Flushing from the first quarter of 2021.
Trafigura has not published separate accounts for TFG Marine, but Golden Ocean has shed some light on the firm's finances.
From its position as a 10% shareholder of TFG, Golden Ocean reported its share of earnings at a $300,000 loss in the third quarter, and profits of $300,000 in the second quarter and $400,000 in the first quarter -- suggesting an overall result of a $3 million loss in the third quarter and profits of $3 million and $4 million in the second and first quarters, respectively.
Trafigura, Frontline and Golden Ocean joined forces to launch TFG Marine last year.