Business

Jurong Port reinforces Castor Initiative green fuels future as new global partner

‘We look forward to contributing to the success of The Castor Initiative and reinforcing Singapore as the world’s leading bunkering hub,’ says CEO of Jurong Port.

Published

5 years ago

December 2, 2021

Admin

The Castor Initiative – the multinational coalition consisting of MISC Berhad (MISC), Lloyd’s Register (LR), Samsung Heavy Industries (SHI), MAN Energy Solutions (MAN), the Maritime and Port Authority of Singapore (MPA) and Yara International ASA (Yara), on Wednesday (1 December) welcomed a new global partnership with Jurong Port.

The development is committed to make zero emission shipping a reality.

The announcement follows another key project milestone in September 2021 when LR awarded Approval in Principle (AiP) to SHI for its ammonia fuel supply and fuel storage system. SHI had earlier received an AiP in September 2020 for its ammonia-fuelled tanker design.

With Jurong Port, a provider of best-in-class multipurpose port services as the Castor Initiative’s latest partner, the multinational coalition will now have an even wider and diverse circle of maritime expertise to ensure and support the complete ecosystem required for their ammonia-fuelled tanker to operate sustainably on water.

True to its firm commitment to reduce total carbon footprint, Jurong Port is home to the world’s largest port-based solar power generation facility as well as the world’s first green berths.

Jurong Port Chief Executive Officer, Mr. Ooi Boon Hoe, said: “We are delighted to be part of The Castor Initiative, which is determined to take concrete steps to meet IMO 2050 targets through the development and deployment of ammonia-fuelled ships.”

“As actions by the shipping industry in meeting the decarbonisation goals are gaining momentum, we recognize that there could be multiple pathways for future marine fuels. Being the operator of the busiest bunkering terminal in the world’s largest bunkering port today, Jurong Port is keen to facilitate the adoption of such future marine fuels, including Ammonia, by providing suitable supporting bunkering infrastructure.

“We look forward to contributing to the success of The Castor Initiative and reinforcing Singapore as the world’s leading bunkering hub.”

MISC President and Group CEO, Datuk Yee Yang Chien, said: “We welcome Jurong Port to The Castor Initiative. The Castor Initiative is privileged to have another strategic enabler be part of our multinational alliance as we journey together to commercialize the development of our first ammonia-fuelled tanker by 2024.”

“It is without a doubt that Jurong Port’s diverse expertise and rich legacy of commercial success will be key to the sustainable operations of deep sea zero carbon emission vessels for the industry. We look forward to establishing further concrete industry milestones with all our partners as collaboration is a must and we hope that the Castor Initiative will inspire others to join forces to work together seamlessly to accomplish the industry’s GHG aspirations ahead of 2050.”

Nick Brown, LR CEO said: “The collective drive to decarbonise the maritime sector is gaining momentum and deep-sea zero-carbon vessels will be in operation by the middle of the decade. Collaboration among the Castor Initiative partners on an ammonia-fuelled tanker continues apace and we are delighted that Jurong Port has joined our development project and will support our efforts to deliver technically viable and safe zero-emission shipping.”

Jin Taek Jung, SHI President and CEO said: “We warmly welcome Jurong Port to join the Castor Initiative, our ambitious collaboration to make the zero-carbon deep-sea vessel operation reality. With regard to the industry coalition for the zero-carbon shipping, we believe that the final piece of the jigsaw puzzle will be completed with the participation of Jurong Port. We also expect that the performance of our partners’ collective efforts will be further strengthened by the expertise of Jurong Port for future fuel bunkering including ammonia.”

Brian Østergaard Sørensen, Vice President and Head of R&D Two-Stroke Business at MAN Energy Solutions said: “MAN Energy Solutions is very happy to work with a broad variety of industry partners and to take advantage of their expertise on our mutual path to decarbonisation. More than ever, this Initiative’s commitment to decarbonising the maritime economy through developing an ammonia-fuelled tanker seems timely and we look forward to be working with Jurong Port in this respect.”

Ms Quah Ley Hoon, Chief Executive, MPA said: “We welcome Jurong Port coming onboard. As the operator of one of the largest bunkering terminals, Jurong Port brings with it valuable experience and expertise.”

“As maritime decarbonisation requires a global approach, it is critical for projects like the Castor Initiative to involve stakeholders across the entire value chain. Jurong Port’s participation will enable us to test the port infrastructure and processes required to handle future marine fuels, including ammonia. This will enable the global shipping industry to work towards the International Maritime Organization’s 2050 targets for emissions reduction.”

Murali Srinivasan, Senior Vice President & Commercial Head of Yara Clean Ammonia said: “We recognise the need for collaboration through the whole value chain in order to make zero-emissions shipping a reality, by using ammonia as a fuel. We are therefore delighted to have Jurong Port join the Castor Initiative.”

“Their expertise will add value to the existing collaboration within this initiative and will ensure a more complete approach toward the first ammonia-fueled tanker becoming a reality by 2024.”

To meet the International Maritime Organization’s (IMO) 2050 ambitions on halving greenhouse gas (GHG) emissions from 2008 levels, zero-carbon vessels need to enter the world fleet by 2030.

The Castor Initiative was motivated by the partners’ shared belief that the maritime industry needs leadership and greater collaboration if shipping is to meet the IMO’s GHG ambitions.

While ammonia is one of the fuels being considered by maritime stakeholders, the partners also recognise that the shipping industry will need to explore multiple decarbonisation pathways and hope their collaboration will spur others in the maritime industry to join forces on addressing this global challenge.

Photo credit: Jurong Port
Published: 2 December, 2021

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