Business

MPA, ESG, MAS issue statement to reassure bunker trading sector remains ‘resilient’

Singapore’s bunkering and oil trading sector is sufficiently diversified with more than 130 significant global, regional and local companies that trade energy products, they state.

Published

6 years ago

April 22, 2020

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The Maritime and Port Authority of Singapore (MPA), Enterprise Singapore (ESG) and Monetary Authority of Singapore (MAS) on Tuesday (21 April) issued a joint statement addressing the impact of Hin Leong Trading’s recent financial woes on the bunkering industry:

No Serious Impact on Oil Trading and Bunkering Sectors; Banking System Remains Sound

In response to media reports, Enterprise Singapore (ESG), the Maritime and Port Authority of Singapore (MPA) and the Monetary Authority of Singapore (MAS) confirmed that the agencies are closely monitoring developments related to Hin Leong Trading Pte Ltd and the broader oil trading and bunkering sectors.

ESG assessed that Singapore’s oil trading sector remains resilient notwithstanding the challenges posed by the drop in global demand for energy. The sector is sufficiently diversified with more than 130 significant global, regional and local companies that trade energy products. Singapore is also an important regional storage, blending and distribution hub for refined oil products. While Hin Leong is related to UT Singapore Services Private Limited which owns Universal Terminals by common shareholdings, Universal Terminals is operated independently of Hin Leong. Besides Universal Terminals, there are other independent oil terminal operators in Singapore including Vopak, Oiltanking and Tankstore.

MPA has assessed that there will be no serious impact on Singapore’s bunkering industry. There may be some short-term minor disruptions due to the lapse of contractual obligations by Ocean Bunkering Services and Hin Leong Marine International. The Singapore bunkering sector is well diversified with 43 other licensed bunker suppliers, including Minerva Bunker and TFG Marine which recently received their licenses.

ESG and MPA will continue to work with stakeholders to ensure that Singapore’s supply chain for oil products and bunkering operations continue to function without disruption.

MAS is in close contact with the banks on developments related to Hin Leong. MAS agrees with the assessment by ESG and MPA and has reminded the banks not to de-risk indiscriminately from the bunkering and oil trading sectors. Banks should, however, continue to apply judicious credit assessment on individual borrowers to manage their risks.

The banks are well capitalised and diversified in their exposures to these sectors. MAS is also closely monitoring liquidity and credit conditions in the market which, on the whole, continue to be supportive of households and businesses.

The full press release is available for download here.

Photo credit: Maritime and Port Authority of Singapore
Published: 22 April, 2020

LNG Bunkering

Singapore: Eastern Pacific Shipping hits 700 LNG bunkering milestone

Since commencing LNG bunkering operations in November 2020, the company said it has completed a total LNG bunkering volume of 2,920,191 cubic metres.

Published

9 hours ago

August 18, 2026

Admin

Singapore: Eastern Pacific Shipping hits 700 LNG bunkering milestone

Singapore-based shipping firm Eastern Pacific Shipping (EPS) on Monday (17 August) said the company has successfully completed its 700th LNG bunkering operation, carried out for vehicle carrier Lake Victoria in Emden, Germany.

Since commencing LNG bunkering operations in November 2020, the company said it has completed a total LNG bunkering volume of 2,920,191 cubic metres (m3).

“Reaching 700 LNG bunkering operations reflects not only the scale of our investment in alternative-fuel capabilities, but also the experience, coordination and commitment of our teams at sea and ashore,” EPS said in a social media post.

“As we continue to grow and diversify our fleet, every operation adds to the practical experience needed to support shipping’s energy transition.”

Manifold Times previously reported the company completed a total of 530 LNG bunkering operations with over 2.4 million m3 of LNG bunkered, from the start of recorded data to 31 Dec 2025.

In its 2026 ESG Report, EPS said its fleet is among the largest dual-fuel fleets in the industry, with over 170 vessels designed to operate on alternative fuels.

In 2025, 25% of the fuel consumed by EPS fleet were alternative marine fuels, including LNG, LPG, ethane, and biofuels.

Photo credit: Eastern Pacific Shipping
Published: 18 August, 2026

LNG Bunkering

Yang Ming dual-fuel vessel completes first SIMOPS LNG bunkering operation in Shanghai

“YM Willpower” successfully received around 2,000 mt of LNG alongside active cargo handling, significantly enhancing operational efficiency during the port call.

Published

9 hours ago

August 18, 2026

Admin

Yang Ming dual-fuel vessel completes first SIMOPS LNG bunkering operation in Shanghai

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) on Monday (17 August) said its 15,500 TEU LNG dual-fuel vessel, YM Willpower, successfully completed its first-ever LNG bunkering operation via SIMOPS (Simultaneous Operations) at the Port of Shanghai.

Through close collaboration with Shanghai International Port (Group) and SIPG Energy Shanghai, the vessel successfully received around 2,000 metric tonnes (mt) of LNG alongside active cargo handling, significantly enhancing operational efficiency during the port call.

With LNG dual-fuel technology, the company said it is continuing to expand alternative-fuel bunkering capabilities, enhance operational flexibility and efficiency and advance lower-carbon shipping solutions.

Manifold Times previously reported YM Willpower completing its first bunkering operation in Singapore.

In 2026, Yang Ming will progressively introduce newly built 15,500 TEU class container vessels primarily fueled by liquefied natural gas (LNG) into its operating fleet.

The lead vessel, YM Willpower, completed partial LNG bunkering at the shipyard prior to delivery and was officially deployed on 8 February into Yang Ming’s Far East–Mediterranean MD2 service.

Photo credit: Yang Ming Marine Transport Corporation
Published: 18 August, 2026

Methanol

Fratelli Cosulich launches methanol-ready bunker tanker in China

Designed with MarineLINE-coated cargo tanks and methanol readiness from the outset, “Carlotta Cosulich” combines operational flexibility with future-fuel readiness.

Published

9 hours ago

August 18, 2026

Admin

Fratelli Cosulich launches methanol-ready bunker tanker in China

Genoa-based marine fuel supplier Fratelli Cosulich on Monday (17 August) announced the launch of its new methanol-ready bunker IMO II tanker, Carlotta Cosulich.

The launch of Carlotta Cosulich, the third of four sister vessels, took place at Taizhou Maple Leaf Shipyard in China, bringing together the project team, partners and stakeholders.

Silvia Bordon, General Manager, served as the vessel’s godmother during the ceremony.

“Designed with MarineLINE-coated cargo tanks and methanol readiness from the outset, Carlotta Cosulich combines operational flexibility with future-fuel readiness,” the company said in a statement.

Equipped with a five-tonne cargo crane and dedicated arrangements for Single Point Mooring (SPM) operations further enhances her versatility across a wider range of bunkering operations.

“Following the successful delivery of her two sister vessels, she brings us one step closer to completing this four-vessel programme and reinforces Fratelli Cosulich Group’s commitment to safety, innovation, sustainability and operational excellence,” the company added.

Photo credit: Fratelli Cosulich
Published: 18 August, 2026