Singapore: Toyota Tsusho Petroleum ceases operations, new firm established

Tokyo-based Toyota Tsuho Corporation (TTC) has decided to cease the business operation of its subsidiary Toyota Tsusho Petroleum Private Limited (TTP), a bunker supplier in Singapore. 

According to company advisories dated January 2023 to its customers seen by Manifold Times, TTC was expecting the operation to end on 30 April 2023. 

However, TTC also announced it has established a new entity named Toyota Tsusho Marine Fuels Corporation (TTMF) in December 2022. 

In the advisory, it said TTMF is expected to commence operations in May 2023; the firm is a bunker oil trader and related service provider with a worldwide network. 

TTC said TTMF will accelerate the development of its carbon-neutral fuel business aiming to contribute to its customers on their path to global and sustainable growth in the marine transportation sector. The objectives listed in the advisory include supplying biodiesel fuel, liquified natural gas (LNG), ammonia and hydrogen.

TTP was ranked 29th in MPA’s list of bunker suppliers by volume in 2022 (versus 22nd in 2021).

To date (on 3 May 2023), the Maritime and Port Authority of Singapore (MPA) has yet to remove TTP from the list of licensed bunker suppliers in the Port of Singapore.

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Photo credit: Manifold Times
Published: 3 May, 2023