PetroChina becomes top 2021 Singapore bunker supplier

Spanish Market: Oil products
18/01/22

Chinese state-controlled PetroChina's Singapore subsidiary was the largest physical supplier of bunkers in Singapore last year, according to data from the city-state's Maritime and Port Authority (MPA).

PetroChina International Singapore rose to the top of the rankings after climbing three spots, while Equatorial Marine Fuel Management Services remained in second place. Shell Eastern Trading, which was the top supplier in 2020, fell back to third place. Vitol Bunkers rose six spots to fourth, while fellow trading firm Trafigura's TFG Marine rounded off the top five suppliers.

Singapore last year had 41 licensed bunker suppliers, down from 45 the previous year. Competition among suppliers in the world's largest bunkering hub has been increasing, with falling margins as a result. More consolidation is expected, said market participants.

Trading houses such as Vitol, Trafigura and also Mercuria's Minerva Bunkering, which rose to 13th place from 22nd, are newcomers to the Singapore bunker market, having secured their licences in early 2020.

Domestic supplier Sentek Marine and Trading fell from third to eighth position, after the company's founder in late 2020 was charged relating to oil product theft at Shell's Pulau Bukom refinery.

Singapore's total bunker sales rose by 0.3pc from a year earlier to 49.99mn t in 2021. The MPA data does not provide specific volumes by company.

By Sammy Six

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Ocean Petro Gulf to operate Jafza bitumen terminal

04/10/24

Ocean Petro Gulf to operate Jafza bitumen terminal

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Nis steps up bitumen, restarts PMB output at Pancevo

04/10/24

Nis steps up bitumen, restarts PMB output at Pancevo

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Экспортная пошлина на нефть в Казахстане в октябре снизилась

04/10/24

Экспортная пошлина на нефть в Казахстане в октябре снизилась

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US light vehicle sales surged in September

03/10/24

US light vehicle sales surged in September

Houston, 3 October (Argus) — Domestic sales of light vehicles rebounded in September, increasing to a seasonally adjusted rate of 15.8mn on the strength of greater truck purchases. Sales of light vehicles — trucks and cars — rose from a seasonally adjusted annual of rate 15.3mn in August, the Bureau of Economic Analysis reported today. Sales have whipsawed the previous four months, but September's rate largely was in line with the 15.7mn unit rate in September 2023. The US Federal Reserve last month cut its target rate for the first time since 2020, bringing it down by 50 basis points from its 23-year highs as inflation has been easing. Lower inflation and Fed easing, which ripples across credit markets, make it more affordable for people to purchase new vehicles. Fed policymakers have penciled in another 150 basis points worth of cuts through 2025, as they hope to head off any weakening in the labor market that could scuttle the wider economy. Higher overall sentiment about the US economy, fueled by a robust 3pc growth in gross domestic product (GDP) in the second quarter, healthy labor conditions and consumer spending also have encouraged consumers to spend. Sequentially, light truck sales increased by 3.1pc to a 12.8mn unit rate in September, while sales of cars rose by 4.4pc to a 3mn unit rate in the same time period. By Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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