World News
GP Global to Supply 0.50%S Bunkers from April, Expand Fujairah & UAE Bunker Ops
GP Global today said it will supply IMO 2020 compliant 0.50%S bunkers from April as part of a raft of announcements on its supply and expansion plans in response to the new global sulfur cap for marine fuel.
With a goal of lifting the group's capacity to up to 100 KTPM, the supplier says it has plans to increase the number of barges in Fujairah. It has also restarted its trucking business to cover fuel oil and MGO in major ports in the United Arab Emirates (UAE).
Alongside the infrastructure developments, recent new hires in Singapore, Dubai, and Europe has taken its team to 50 bunker traders globally.
"GP Global is committed to providing bunker customers globally with compliant fuel for regulatory changes by IMO in 2020. We are prepared to offer 0.5% Low Sulphur Fuel oil (LSFO) from April to our customers in major ports and at physical delivery points of Rotterdam/ARA, Fujairah and Singapore," said Prerit Goel, Group Director at GP Global.
"We shall extend the availability of LSFO to other smaller ports where we are physical suppliers by Q4 2019 in preparation for the regulatory changes in January 2020."
The company will also continue to supply HSFO and MGO, and in 2020 expects to supply 5 million metric tonnes of bunkers globally.
It is also looking to provide IMO 2020 specific lubricant solutions in the major ports.
Elsewhere in its plans, Goel says GP Global is currently exploring options to enter the bunker market in America.
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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