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Pavilion Energy and Gasum Join Forces on Developing Global LNG Bunker Supply Chain
Pavilion Energy and Gasum have signed a memorandum of understanding to develop a global LNG bunker supply network, the companies said Thursday.
The network will allow the two companies to use each other's bunker infrastructure and supply capabilities to serve their customers in Singapore and Northern Europe, the firms said in an emailed statement.
"Pavilion Energy is thrilled to partner with Gasum and provide customers with a wide supply LNG bunker network for ocean-going vessels sailing between the Far East and Northern Europe," Frédéric Barnaud, CEO of Pavilion Energy, said in the statement.
"We will complement this alliance with additional LNG bunkering partnerships in the Mediterranean, North Asia and the Americas.
"Our network will combine global commercial offerings with regional operational expertise and bring further momentum to the emergence of a thriving LNG bunkering industry."
On Tuesday Chee Hong Tat, senior minister of state at Singapore's Ministry of Transport, said the Maritime and Port Authority would be taking applications for additional LNG bunker supplier licences in the coming weeks with a view to building the city-state's supply capacity to 1 million mt/year by 2021.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| 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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