Joint Media Release by MPA and ESG: Singapore’s oil trading and bunkering sectors boosted with entry of two global bunkering companies
The Maritime and Port Authority of Singapore (MPA) has awarded two new bunker supplier licences to Minerva Bunkering and TFG Marine, following its call for applications for new licences in December 2019, MPA said in its release.
Bunkering services in the Port of Singapore and oil trading remain resilient despite the global COVID-19 pandemic. Bunker sales in Singapore grew 5.4%, from 12.07 million tonnes in the first quarter of 2019 to 12.72 million tonnes in the first quarter of 2020.
MPA and Enterprise Singapore (ESG) welcome the entry of Minerva Bunkering and TFG Marine, which will consolidate Singapore’s position as the global bunkering and oil trading hub.
These two new players will increase the supply of marine fuel that is compliant with the International Maritime Organization (IMO) 2020 sulphur regulations in the Singapore bunker market. It brings the total number of MPA-licensed bunker suppliers to 45 in the Port of Singapore. Minerva Bunkering and TFG Marine will also be required to each operate at least two clean energy dual-fuelled bunker barges. This will help drive more sustainable bunkering activities in the Port of Singapore.
These two companies complement ESG’s effort in the bunker fuel trading sector comprising more than 70 players, ensuring that Singapore can meet the demands of the oil trading industry. Minerva Bunkering and TFG Marine are related entities by shareholding to Mercuria Group and Trafigura Pte Ltd respectively, two of the world’s largest independent energy trading companies with significant presence in Singapore. Their entry will further strengthen Singapore’s eco-system of global players which includes oil majors (Shell and BP), national oil companies (Sinopec and Aramco) and other independent trading companies (Glencore, Vitol and Mitsui).
MPA will continue to work closely with industry stakeholders to carry out periodic reviews to establish a robust regulatory framework that ensures the quality and availability of bunker in the Port of Singapore. Singapore continues to undergo a successful IMO 2020 transition to serve the needs of the industry during COVID-19 whilst maintaining its position as the global bunkering hub.
