Business

INSIGHT: Argus Media discusses Singapore bunker price assessments

Launch of bunker price service is the first of three business development phases Argus has planned for the Singapore bunker market, says Business Development – Asia.

Published

8 years ago

June 22, 2018

Admin

The recent launch of bunker price assessments for the Singapore market is the first of three business developmental phases Argus Media has planned for the republic’s maritime and oil industry, says its Business Development – Asia.

“We view this as a multi stage project. The first phase is raising awareness in the market and getting people to submit bunker pricing and trade data to Argus,” Alan Bannister told Manifold Times in an exclusive interview.

“Phase two, to be carried out in the next three to four months, is to have companies using Argus’ bunker assessment as the reference price in term deals; particularly the container lines which will often sign contracts three to six months ahead on a floating price basis and will need a pricing index for reference.

“The last phase, to be executed by end of the year, is to help clients who have physical exposure tap into the paper derivatives market in order to hedge that exposure.”

Bannister notes Argus, which collects reported trade data of bunker ‘done deals’, recorded 10,470 metric tonnes (mt) of marine fuel transactions on its first day of Singapore bunker price assessment operations on Monday.

Using an example of 4 million mt of marine fuel sold at Singapore in a 31-day month (130,000 mt per day), he believes it is only a short matter of time before Argus is able to record a 25% share (32,500 mt) of total marine fuel transactions carried out at Singapore port – to establish itself as an industry benchmark.

“Being based at the world’s bunkering hub gives us access to a rich amount of data,” explains Bannister.

“Market participants recognise accurate and trusted price assessments are crucial tools for the industry to use in physical term contracts, to measure one’s bunker purchase and sales performance against one’s peers and as a reliable basis for paper derivative settlements.

“Also, companies who submit trade data get free access to the resulting assessments.

“We forecast that we will be able to record 25,000 mt of marine fuel transactions daily by the end of July, and certainly hit the 25% milestone before end of the year.”

The Argus bunker assessment covers Fuel Oil (3.5% 380 cst) and Marine Gasoil (MGO and LSMGO) grades that take trade information reported by 7pm (Singapore time); delivery is between 4-12 days from the trade date and quantity of 500-3000mt for 380cst HSFO and 50-500mt for MGO and LSMGO).

Published: 22 June, 2018

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

22 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

22 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

22 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026