Business

SIBCON 2020: Singapore Bunkering TC Chairman discusses role of Singapore bunkering standards with BIMCO

‘The SS 660 and TR 80 are designed to uphold integrity and fair trade in the industry so that mass flow meter bunkering can be promoted worldwide,’ said Chairman Seah.

Published

6 years ago

October 9, 2020

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Seah Khen Hee Chairman of the Singapore Technical Committee for Bunkering, Singapore Standards Council on Wednesday (8 October) shared his thoughts on ‘The Evolving Role of Singapore Bunkering Standards – Changes, Implications and Use Cases’ alongside Christian Bækmark Schiolborg, Manager, Marine Environment at BIMCO.

The SIBCON 2020 session focused especially on two newly launched bunkering standards for the local bunkering sector – SS 660 and TR 80 – as well as the progress shown by the introduction of the mass flow meter (MFM) to the Singapore bunker industry since 2009.

Briefly, the SS 660 is the code of practice for bunker cargo delivery from oil terminal to bunker tanker using MFM, and TR 80 is on the requirements and procedures for meter verification using a master MFM to verify and check the stability and performance of a duty meter installed on a bunker tanker or at an oil terminal.

“A lot of the challenges in bunkering, i.e delivery from the bunker tanker to the receiving vessel, actually emerges at the start of the bunker supply chain which is the first point of custody transfer between the terminal and the bunker tanker,” explained Seah.

“With SS 660 in place, we hope to be able to address this basic issue because if you can’t receive the correct bunker quantity as ordered, this will lead to incorrect inventory, which will lead to undesired practices downstream when the loaded quantity on the bunker tanker can’t tally with the total quantity delivered to vessel(s).”

Seah also highlighted that the bunker standards and MFMs in place uphold the integrity of the industry to maintain fair trade as “bunkering is not just about measurement, it is more than just measurement, it’s also about system integrity or to fully receive without shortage the quantity measured”.

“The TR 80 specifies the requirements and procedures for the master meter and for meter verification whereby a meter verification report will be generated to guide further action,” explained Seah.

Seah noted TR 80 supports the two standards, SS 648 and SS660, through mandated periodic meter verification of the frontline duty MFMs, thereby providing assurance that these MFMs continue to perform to requirements of the two standards.

Specifically, re-calibrating a frontline meter on a bunker tanker can be a very costly and time-consuming process, taking weeks. Acceptance test after re-installation alone takes about three days to complete.

The TR 80 would also be a solution to allow authorities to order a quick spot check on the frontline meters, increase efficiency, uphold trust in the industry, and promote MFM bunkering worldwide. It is a step towards future proofing as the bunker industry moves towards digitisation as MFM bunkering can also be used on alternative marine fuels such as liquefied natural gas (LNG) and methanol.

Schiolborg responded to Seah by stating BIMCO believes bunkering standards are crucial in ensuring a level playing field for shipping.

“This is a very important Singapore community driven initiative that will help ensure standardisation, including the implementation of the mass flow metering mentioned by Mr Seah,” said Schiolborg.

“However, the use of MFMs cannot stand alone as the efforts need to be complemented by the implementation of a bunker licensing scheme and enforced by port authorities to ensure transparency and standardisation.

“The entire Singapore bunkering ecosystem has shown the way and that there are significant joint economical savings to gain by working together in ensuring a level playing field for all through standardisation.

“BIMCO will continue to encourage the rest of the world to follow the example set by the Singapore community when it comes to both mass flow metering and bunker licensing schemes.”

A series of SIBCON 2020 related articles have been earlier written by Manifold Times:

Photo credit: SIBCON 2020
Published: 8 October, 2020

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

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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

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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