Business

FuelTrust: Latest bunkering contamination at Singapore validates need for early warning system

‘We are seeing another fuel crisis similar to Houston in 2018,’ said Jonathan Arneault, Co-Founder of FuelTrust, who notes early warning systems to alleviate risk exist today.

Published

4 years ago

April 8, 2022

Admin

The latest fuel contamination outbreak to hit the bunkering market, this time in Singapore, should be a wake-up call to the danger of discovering quality issues only after fuel is onboard vessels, warns marine fuel tracking solutions provider FuelTrust.

FuelTrust estimates the scale of this contamination outbreak to have spread to dozens of vessels. The disruption is widespread, with many vessels suffering blackouts, engine damage, and the need to debunker. Given the additional disruption to cargo delivery, insurance claims could easily run in the hundreds of millions of dollars.

“We are seeing another fuel crisis similar to Houston in 2018,” said Jonathan Arneault, Co-Founder of FuelTrust.

“Four years later, the lawsuits from Houston are still ongoing, and we’re just realising the financial impact that a single batch of bad fuel can have on the industry. This recent incident is shining a light on a persistent global issue. Fuel quality problems cause debunkering issues every month in ports around the world, most of which never make the news.”

Bunkering remains a fragmented supply chain, full of ‘unknown unknowns’. Contaminant issues may not be picked up by today’s required testing.

The lack of digital technology to drive transparency and traceability across the industry means greater risk of fuel quality, quantity, compatibility, and fraud issues. Early warning systems to alleviate risk exist today, at a cost that works out to cents on the barrel.

FuelTrust’s Bunker Insights uses artificial intelligence and blockchain technologies to establish a digital record of fuel transactions, analyse and identify chemical risks and provide an early warning to ship owners and bunker suppliers based on these insights.

FuelTrust’s AI Digital Chemist™ allows users to know where a batch of fuel came from, what changes happened to it over its lifecycle, how it will operate in a particular engine under specific conditions and enables us to make extremely fine predictions about what happens during combustion.

“We have analysed more than 390 million barrels of fuel, looking at their exact chemical make-up.” Arneault continues.

“FuelTrust gives suppliers and shipowners the ability to know the content, history, and expected performance of fuel prior to sale or bunkering. This could reduce operational and financial risk across the industry.

“In this latest instance, a GCMS (Gas chromatography–mass spectrometry) test would have revealed the presence of the organic chlorides contaminating the fuel. FuelTrust keeps a GCMS lab analysis of the supplier storage fuel tanks, in a secured blockchain record – and provides alerts when our AI detects anomalies or non-compliant fuels before they are bunkered.”

Mark Barton, Business Development Manager at MHG Insurance and a FuelTrust advisor, confirmed the scale of the disruption to shipping from contaminated fuel, and echoed the call for an early warning system.

“What is yet to be seen here is the true scale of the contamination, which has already spread to dozens of vessels. Damage to these vessels not only means financial impact in terms of repair and time at sea, but also costs associated with failure to meet contractual agreements. We will likely see delays lasting weeks, but legal challenges could go on for years.”

“This underlines the need for better transparency and visibility in the marine fuels supply chain – and for a method of giving shipowners and bunker suppliers advance warning of problems with the fuel. The industry cannot afford to continue finding out about this kind of contamination only once the damage is done, which is why solutions like FuelTrust’s are so valuable in our fight for a safer, greener and more trustworthy marine fuels sector.”

Dr. Ram Vis, owner of Viswa Labs, echoed the call to use technology to better document and analyze risk in the supply chain.

“The current bunker quality problems give a feeling of déjà vu from an organic chlorides contamination in 2001, and more recently what we saw in Houston four years ago. While the industry has taken steps to safeguard the fuel supply chain, how do we prevent this from ever happening again in the bunker fuel industry?”

“The most effective solution is to use technology, reducing reliance on manual procedures wherever we can. There are plentiful technologies available today which can facilitate that. We can use blockchain to create a secure record of analysis, so that any gaps can be instantly identified, and the point of contamination or adulteration can be captured. In addition to blockchain, machine learning will capture the changing trends in the fuel quality relative to the bunkering port and supplier. If applied correctly, machine learning along with blockchain should prevent a recurrence of such incidents for decades to come.”

Dr. Vis goes on to say, “The last time this happened in Singapore, the MPA took very stringent action, and it is a tribute to their constant vigilance that, for almost 21 years, there has not been any major contagion there.”

Photo credit: Manifold Times
Published: 8 April, 2022

Mass Flowmeter

MFM-equipped CPN barge first listed under Hong Kong quality bunker scheme

Chimbusco Pan Nation’s bunker barge “Zhong Ran 23” has become the first vessel in Hong Kong listed on Marine Department’s official List of Quality Bunker Vessels, under a newly-launched scheme.

Published

3 hours ago

June 17, 2026

Admin

MFM-equipped CPN barge first listed under Hong Kong quality bunker scheme

Hong Kong-based marine fuel supplier Chimbusco Pan Nation (CPN) on Tuesday (16 June) announced that its bunker barge Zhong Ran 23 has become the first vessel in Hong Kong listed on the Marine Department’s official List of Quality Bunker Vessels.

The list under the Quality Bunker Operator Scheme launched on 3 June.

“The Scheme is a voluntary initiative designed to raise the standard of bunkering accuracy, transparency, and service quality in Hong Kong,” CPN said in a social media post.

“To be listed, a bunker vessel must have its Mass Flow Meter (MFM) system independently certified under ISO 22192, the international benchmark for mass flow metering in bunkering operations.”

CPN added it has operated the MFM system across our fleet of fuel oil barges since 2015.

Manifold Times previously reported Hong Kong’s Marine Department (MD) launching the Quality Bunker Operator Scheme to encourage bunker operators to install and use mass flow meter systems (MFM systems) on their bunker vessels.

MD said the scheme aims to enhance Hong Kong’s bunkering service quality and the competitiveness of Hong Kong ports, thereby further consolidating Hong Kong’s position as an international maritime centre and a major bunkering port.

Under the Scheme, bunker operators of traditional maritime fuel and biodiesel that install and use MFM systems on their bunker vessels, with the MFM systems inspected and certified by an accredited body in accordance with the International Organization for Standardization’s ISO 22192 Standard or equivalent requirements, can apply to the MD for inclusion in the scheme’s “List of Quality Bunker Vessels”, provided they meet the relevant technical and operational requirements.

Photo credit: Chimbusco Pan Nation
Published: 17 June, 2026

Financial Result

Bunker Holding exceeds FY2025/26 forecast despite geopolitical headwinds

Bunker Holding delivered a gross profit of USD 424 million and a profit before tax of USD 73 million, exceeding the Group’s expectations for the year.

Published

3 hours ago

June 17, 2026

Admin

Bunker Holding on Tuesday (16 June) said it delivered a strong performance in the financial year 2025/2026 despite continued uncertainty across global markets.

The year was shaped by geopolitical developments, evolving trade flows, periods of heightened market volatility, and strong competition.

These conditions were further amplified by developments in the Middle East, which added complexity across global energy markets and shipping routes.

In response, Bunker Holding focused on getting closer to customers and understanding the different challenges faced across shipping segments. This enabled faster decision-making, greater agility under pressure, and allowed the Group to respond effectively while continuing to support customers reliably.

Against this backdrop, Bunker Holding delivered a gross profit of USD 424 million and a profit before tax of USD 73 million, exceeding the Group’s expectations for the year. Equity increased to USD 342 million.

Revenue amounted to USD 13.1 billion, a decrease of 4% compared to the previous year. The decline primarily reflected lower average oil prices during the financial year, despite periods of heightened market volatility and stronger pricing towards the end of the period.

“This year, we have taken important steps to strengthen Bunker Holding for the future. We have simplified parts of the organisation, brought teams closer together, and made the changes needed to make us more focused and efficient. Our markets remained challenging and unpredictable, but I am pleased with both the result we have delivered and the progress we have made,” said Peder Møller, CEO of Bunker Holding.

Looking ahead to 2026/27, Bunker Holding anticipates intense market competition alongside continued investments in low- and zero-carbon fuel projects and partnerships.

Changes to the Board of Directors

Bunker Holding said the company is strengthening its Board of Directors with the appointment of several new members and a new Chairman of the Board.

Nina Østergaard, CEO and co-owner of USTC, will assume the role of Chairman of the Board, while Henrik Andersen, Group President and CEO of Vestas Wind Systems A/S, will join as Vice Chairman. Tina Revsbech, CEO of Maersk Tankers, and Kenneth Steengaard, Chairman of the Board of Global Risk Management, will join the Board as new members.

At the same time, current Chairman Klaus Nyborg and Board member Peter Frederiksen will step down from the Board.

Nina Østergaard, incoming Chairman of the Board, said: “I am excited to take on the role as Chairman of Bunker Holding at an important time in the company’s development. Bunker Holding has a strong market position, a clear strategic direction, and significant opportunities ahead. I am also pleased to welcome Henrik Andersen, Tina Revsbech, and Kenneth Steengaard to the Board. They each bring valuable experience and perspectives, and I am particularly pleased that we have attracted such strong international profiles as Henrik and Tina, whose leadership experience from Vestas and Maersk Tankers will further strengthen the Board and support the company’s continued development.”

The addition of Kenneth Steengaard moves Bunker Holding closer to its sister-company Global Risk Management and adds important insight into risk management.

Bunker Holding founder and co-owner Torben Østergaard-Nielsen thanked the departing Board members for their contributions to the company.

Photo credit: Bunker Holding
Published: 17 June, 2026

Business

Oilmar establishes Board of Directors amid international expansion

Three directors are Chief Executive Officer Yusif Mammadov, Chief Finance Officer Nain Shafi, and Legal, Credit and Compliance Head Taira Shikhiyeva.

Published

3 hours ago

June 17, 2026

Admin

Oilmar formalises Board of Directors amid international expansion

UAE-based marine fuel and petroleum products trader Oilmar on Tuesday (16 June) announced the formal establishment of its Board of Directors, marking an important milestone in the company’s evolution.

The three directors are Chief Executive Officer Yusif Mammadov, Chief Finance Officer Nain Shafi, and Legal, Credit and Compliance Head Taira Shikhiyeva.

The formation of the Board was first communicated during Oilmar’s Q1 2026 Townhall as part of a wider governance enhancement initiative and has now been formally implemented.

The Board has been established to provide strategic direction, oversee risk management and governance matters, and support the company’s continued growth across its global operations.

“At inception, the Board comprises three Directors with extensive international experience across the energy, maritime, shipping, and commodity trading sectors. Together, they bring a wealth of industry knowledge and strategic expertise to support the company’s continued growth and development,” the company said.

“The Board is expected to be further strengthened through the appointment of additional Executive and Non-Executive Directors as the company continues to expand its international footprint.”

As part of the enhanced governance framework, strategic direction, risk appetite, and key business objectives will be determined at Board level, while regional management teams will remain responsible for execution within their respective markets. This structure strengthens accountability, promotes effective decision-making, and supports the Company’s long-term growth and succession objectives.

CEO Yusif Mammadov, said: “The establishment of the Board marks the next stage in Oilmar’s development as a global energy and marine fuels business. It creates a governance framework that will support our future growth, strengthen oversight across the organisation, and ensure that our strategic decisions are guided by long-term value creation and responsible risk management.”

Photo credit: Oilmar
Published: 17 June, 2026