World News
Petrol Bunkering & Trading Clarifies Group Restructuring Process
Petrol Bunkering & Trading PBT Ltd (Petrol Bunkering) today, in an emailed statement, clarified details of the restructuring of the Petrol Bunkering Group of companies - a process initiated at the beginning of the year.
As Ship & Bunker has reported, Petrol Bunkering & Trading Germany GmbH Wednesday announced that the company's Hamburg-located branch office will cease operations, effective May 1, 2017.
"With Rob Morelis being in the business for almost 40 years, it is slowly becoming his desire to take a step back and start thinking about his retirement. It has been decided to close down the Hamburg office as per May 1st 2017," explained the company today.
"We are confident we can continue to grow our business and strengthen our business relationships, carrying on the route Rob Morelis has successfully set so many years ago."
In this context, the owners of Petrol Bunkering & Trading Netherlands BV (PBT Netherlands BV), have started a cooperation with their largest customer, the Seatrade Group, which has led to the establishment of a new entity called PBT International NV - based in Curaçao.
"The role of PBT International NV is, besides being present in the time zone where a substantial part of the group's business takes place, to become the new entity for which account bunkers are being traded," explained Petrol Bunkering.
"At the moment, the group is still in the transition phase of the restructuring."
While PBT Netherlands BV currently act as agents for the group's Swiss office and the Curaçao office, the group says it intends to phase out the business conducted for the Swiss account in favour of the Curaçao account
"However, please be guided that the two entities are already completely separate, which means Petrol Bunkering & Trading PBT Ltd is not liable for business conducted for the account of PBT International NV, and vice versa," noted Petrol Bunkering.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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