Equatorial Marine Expands Bunker Tanker Fleet
Singapore's largest bunker fuel supplier Equatorial Marine Fuel is expanding its tanker fleet, a company executive told Reuters this week, adding it will receive its first IMO type 2 chemical bunker tanker before the end of 2024 and three more in 2025.
These four tankers will add to the company's existing fleet of 20 conventional bunker tankers, said Choong Sheen Mao, chief operating officer at Equatorial Marine Fuel.
Choong said half of Equatorial's current fleet is currently delivering marine fuel oil while the other half delivers marine gasoil.
The fleet expansion comes as the company eyes potential business opportunities in supplying lower-carbon fuels.
"We want to be ready for these fuels when demand comes up in the future," Choong told Reuters late-Tuesday on the sidelines of the Argus Asia B24 forum, which was held in the week of SIBCON 2024.
The type 2 tankers will be able to carry methanol or biofuel blends comprising up to 100% biofuel content. Based on MARPOL maritime regulation, biofuel blends consisting of more than 24% biofuel content can only be carried by type 2 chemical tankers.
Initially, the tankers will likely deliver conventional fuels as spot demand for alternative fuels like methanol and biofuel has yet to ramp up, Choong said.
Equatorial was the top marine bunker supplier by volume in 2022 and 2023 in Singapore, the world's largest hub for ship refuelling. The company launched marine biofuel sales in late 2022.
(Reuters - Reporting by Jeslyn Lerh; Editing by Eileen Soreng)