World News
Ecoslops Implements Supply Deal with Galp
Ecoslops, which specializes in recycling ship slops into IFO and MDO bunkers, has announced the implementation of a long-term agreement with Galp, which will see Galp purchase the refined cut produced by Ecoslops at its refinery at Sines, Portugal.
"It is a great pleasure to enter this agreement with Galp for many reasons. Firstly, it provides further concrete evidence that our products achieve the best possible standards," said Vincent Favier, Chairman and CEO of Ecoslops.
"It also demonstrates that our circular economy model works perfectly, as part of the light product sold to Galp is produced by slops generated by the tankers that are regularly calling at Sines for the Galp refinery. Finally, I would like to thank Galp for their trust and the partnership spirit that has driven our discussion since the start."
Ecoslops says it has built a dedicated pipeline connection between its tanks and the Galp crude oil pipeline in order to make deliveries to the Galp refinery.
While annual volume will fluctuate based on Ecoslops' feedstock, currently an estimated 10,000 tonnes per year can be delivered under the agreement.
The first deliveries to Galp were carried out last month, achieving a combined volume of 1,200 tonnes.
"This first delivery is the result of a vision, after Ecoslops and Galp agreed in 2013 to establish a partnership to address the recycling of vessel’s slops and represents a clear step towards sustainability, one of Galp Values, placing Sines harbor in a unique innovative position," said José Carlos Silva, COO for Trading & Refining at Galp.
The agreement, which is slated to last through to the end of 2020, is said to benefit both parties through the reduction of logistics costs.
In June, Ship & Bunker reported that Ecoslops had signed an agreement with TOTAL Group to set up a bunker focused oil residue waste-processing unit at La Mède, near Marseilles, France.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 655.50 | 2.00 | 808.50 | 4.50 |
| Rotterdam | 619.00 | 0.00 | 789.00 | 8.00 |
| Houston | 628.50 | 7.50 | 812.50 | 1.50 |
| Fujairah | 653.50 | 4.50 | 900.00 | 2.50 |
| Global 20 Ports Average | 672.00 | 0.50 | 885.00 | 7.00 |
| Global 4 Ports Average | 639.00 | 2.50 | 827.50 | 2.00 |
| Global Average Bunker Price | 727.50 | 1.50 | 933.50 | 5.00 |
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