3 Min Read
* Bomin adds 4 time-chartered bunker barges
* Sees opportunity ahead of MFM implementation
* Bomin ranked 25th in MPA's 2015 list of suppliers by volume (Adds detail, comment)
By Roslan Khasawneh
SINGAPORE, Oct 11 (Reuters) - The Bomin Group said on Tuesday it added four time-chartered bunker barges to its operations in Singapore this month, ahead of regulations that go into effect in January 2017 that will require the adoption of mass flow meters for shipping fuel deliveries.
"The investment in developing our physical operations in Singapore comes at an important time for Bomin, as the bunkering sector is experiencing significant change," said Thomas Roller, managing director of Bomin Group, in a press release on Tuesday.
Since the start of October, Bomin has deployed four mass flow meter (MFM) double-hulled bunker barges in Singapore that have been approved by the Maritime and Port Authority of Singapore (MPA), the company said.
Bomin, a Hamburg-based independent supplier and trader of bunker fuels, did not reveal the investment cost in the release.
The company has been an MPA-approved shipping fuel supplier in Singapore, the world's largest bunkering hub, since 1988. It was ranked 28th in 2014 and 25th in 2015 on the port authority's list of bunker fuel suppliers by volume.
Singapore's bunker companies have less than three months to go before the mandatory implementation of mass flow meters for marine fuel deliveries at the beginning of next year. It is expected that some companies may have to drop out, unable to adapt to the new business model.
"The fuel supply chain is fundamentally changing and becoming increasingly complex, which in conjunction with tough economic conditions is making it very difficult for smaller suppliers," said Jan Christensen, global head of bunker operations at Bomin.
The MPA, which first announced the coming change in April 2014, said last week the regulation is on track for implementation, with 110 bunker tankers already approved to perform such marine fuel deliveries in the port of Singapore.
MFM systems are intended to ensure fair and accurate measurements in the delivery of bunker fuels, enhancing productivity and mitigating corrupt practices.
Reporting by Roslan Khasawneh; Editing by Tom Hogue and Joseph Radford