OW Bunker collapse to shake up world's largest ship fuel market Singapore
(Reuters) - The collapse of OW Bunker in the wake of an alleged fraud at its Singapore trading unit will shake up the city state's more than $25 billion marine fuel market, the world's largest, as major companies expand and small ones shrink amid a credit squeeze.
OW Bunker, a leading supplier of marine fuel oil known as "bunker", filed for bankruptcy in Denmark a week ago after it revealed losses of at least $125 million at Dynamic Oil Trading, prompting banks to refuse to provide new credit lines.
In a market that relies heavily on open credit, traders fear the incident could create a domino effect, pulling more companies down with it.
"Credit is so tight, only the big boys will survive," said independent energy consultant Ong Eng Tong.
A slew of creditors have launched legal actions in Singapore to reclaim debts, while fears of counterparty exposure have pushed up credit costs and driven bunker fuel premiums to hit more than 2-year highs.
Fuel oil sellers are demanding payment guarantees for oil sold to bunker companies, while the cost to insure such deals is also set to climb as claims relating to OW Bunker roll in.
Shipowners are also heading to other ports in Asia, with Hong Kong sellers getting up to 20 percent more inquiries from shipowners following OW's collapse.
The Maritime and Port Authority of Singapore (MPA) and the Singapore Shipping Association have said there was no disruption to bunker supply in the city state.
Singapore Port Health Office now requires all arriving vessels that have been to the Ebola affected countries (ie, Guinea, Liberia, Sierra Leone and Democratic Republic of Congo) in the past 21 days to submit the Maritime Declaration of Health Form to the Port Health Office.This form must be submitted regardless of whether there are sick passengers or crew on board. It should be submitted to the Port Health Office fax, 62228543 or by email to Port_Health_CRO@nea.gov.sg
World’s Largest Bunkering Port To Supply LNG To Ships By 2020
Singapore, the world's largest bunkering port, plans to supply liquefied natural gas (LNG) to fuel ships by 2020, a government official said on 15th October, as part of a global trend to move away from oil to gas to reduce emissions.
Illegal bunker fuel trade on the rise in Singapore
Cases of illegal trade in marine diesel are on the rise in Singapore and more offenders have been arrested, according to the republic’s Police Coast Guard (PCG). From January to July this year, around 60 metric tonnes of ship fuel changed hands illegally, 10 times more than the whole of last year, local media reported.
2014-09-15 - Singapore, all ports. Due to the presence of haze, the visibility in the Singapore Strait and port waters could be significantly reduced. During periods of restricted visibility, shipmasters are advised to keep a proper lookout and navigate with caution. They are also advised to comply with the International Regulations for Preventing Collisions at Sea and in particular Rule No. 19, Rule No. 20 and Rule 35 concerning conduct of vessels in restricted visibility, exhibition of navigation lights and sound signals in restricted visibility, respectively.
Samsung C&T Corporation has won the engineering, procurement and construction (EPC) contract from Singapore LNG Corporation (SLNG) for the phase 3 expansion of the Singapore LNG Terminal. The EPC contract is valued at around SGD700m ($560.6m), and involves further expanding the terminal to include a fourth LNG storage tank and additional regasification facilities
Dredging work will be carried out at Keppel Shipyard Benoi Road, off West Jurong Channel, from 28 July to 30 September.
As per the Maritime and Port Authority of Singapore Port Marine Notice No.98 of 2014, the works will be conducted 24 hours daily - including Sundays & Public Holidays - More at www2.marinelink.c...
Van Oord Consortium Awarded Singapore Port Expansion
Van Oord has in consortium been awarded work associated with the expansion of the Singapore Tuas Mega Port development.
Jurong Town Corporation awarded the reclamation project of Tuas Finger One to the consortium, comprising of Hyundai, Samsung, Penta Ocean, Van Oord and Boskalis. The total contract value is SGD 960 million and the combined Van Oord/Boskalis share is approximately EUR 100 million.
It is expected that the majority of the 24.5 million cubic meters of sand required for this project will be supplied by long distance bulk carriers. In addition to the land reclamation work, the consortium will undertake dredging and construct 3.4 kilometers of quay wall. Work is set to start within the next couple of weeks and will last until late 2018.
Royal Boskalis Westminster N.V. has in consortium been awarded work associated with the expansion of the Singapore Tuas Mega Port development. Jurong Town Corporation awarded the reclamation project of Tuas Finger One to the consortium, comprising of Hyundai, Samsung, Penta Ocean, Boskalis and Van Oord. The total contract value is SGD 960 million, and the combined Boskalis / Van Oord share is approximately EUR 100 million. It is expected that the majority of the 24.5 million cubic meters of sand required for this project will be supplied by long distance bulk carriers. In addition to the land reclamation work, the consortium will undertake dredging and construct 3.4 kilometers of quay wall. Work is set to start within the next couple of weeks and will last until late 2018.