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SAFETY4SEA

Maersk leases oil storage in Singapore ahead of 2020 regulations

by The Editorial Team
October 11, 2018
in Fuels
Maersk

Above image is used for illustration purposes only

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Maersk Oil Trading has leased oil storage space in Singapore, indicating a push into the Asian bunkering hub, especially as we get near to the 2020 sulphur cap.

As Reuters reported, the company has leased 120,000 cubic meters of space for fuel oil for six months. Until now, Maersk Oil Trading did not have its own storage tanks in Singapore for the supply of  fuels to its customers, including Maersk.

This development comes at a time when the shipping industry is trying to decide the best way to comply with the 2020 regulations.

A few months before, Maersk got into a deal with Royal Vopak to launch a 0.5% sulphur fuel bunkering facility in Rotterdam. This will meet around 20$ of Maersk’s demand for IMO 2020 compliant fuels.

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The lease also comes at a time of an unbalanced market, something that made many suppliers not to renew their fuel oil storage contracts in Singapore.

This situation becomes even more difficult considering the high fuel prices, which are challenging traders to recover the costs of storage.

Maersk leases oil storage in Singapore ahead of 2020 regulationsMaersk leases oil storage in Singapore ahead of 2020 regulations
Maersk leases oil storage in Singapore ahead of 2020 regulationsMaersk leases oil storage in Singapore ahead of 2020 regulations
Tags: 2020 sulphur capMaerskSingapore
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