Singapore-based bunker supplier and logistics services provider Consort Bunkers Pte Ltd is expecting deliveries of its latest seven 8,000 dwt newbuild vessels to enhance marine fuel delivery operations at the republic.
The Chinese build ships feature Japanese made components for essential operating machinery (e.g. pumps. Engines, etc); each has a total cargo capacity of 7,500 mt for up to three types of products via segregated cargo lines and is equipped with two Endress + Hauser mass flowmeters (MFMs) for simultaneous dual grade bunker delivery operations.
“These vessels are the result of a fleet renewal plan initiated in 2016 when we were approached by oil majors to upgrade our existing own and chartered fleet with higher quality newbuildings,” Yeo Siok Keak, Director and General Manager of Consort Bunkers, told Manifold Times.
“We see value in the market coming 2020, a period when new regulations and a wider variety of 0.5% sulphur limit compliant fuels are introduced, and have built these bunkering vessels to get the job done.”
A feature of the vessels, an option to offer two different grades of marine fuel in a single bunker delivery operation, is a unique function not available to the majority of bunker tankers in the Singapore market.
“Initially, our intention was to build upon the proven efficiencies which MFMs offer by further improving on productivity with these dual grade barges,” notes Yeo.
“However, it seems we are now seeing increased interest from oil majors and reputable traders keen on chartering these larger and modern newbuilds.
“As such, we are now evaluating our position where possibly more than half of the new fleet will be chartered out, with the remaining barges used to continue supporting our own physical bunker supply.
“This falls in line with Consort’s long term strategy of diversifying our business model to include a combination of time charters, spot barging and sales.”
To date, the company has already taken delivery of five bunker tankers, namely Pearl Mercury, Pearl Mercure, Pearl Melody, Pearl Mimosa and Pearl Mutiara; the remaining two vessels, Pearl Maya and Pearl Majestic, are expected to be delivered by the third quarter of 2019.
Consort also operates in the Middle East via bunkering subsidiary Pearl Marine which supplies marine fuel at Fujairah, Khor Fakkan and Jebel Ali, and has recently started marine refuelling operations at the Port of Zhoushan and Ningbo in China through subsidiary Consort Bunkers (Zhoushan) Co. Ltd.
The company ranked 11th in the Maritime and Port Authority of Singapore (MPA) list of top bunker suppliers by volume in 2018.
It entered formal intentions with Zhoushan-based companies to collaborate in maritime logistics, bunker supply and wholesale petroleum trading in 2018.
Related: MPA list reveals top bunker suppliers at Singapore port in 2018
Related: Consort Bunkers and Glencore Singapore in MOUs with Zhoushan firms
Photo credit: Consort Bunkers
Published: 16 May, 2019
