TFG Marine signs agreement with Consort Bunkers for four newbuild methanol carriage bunker tankers
TFG Marine, a leading international marine fuel joint venture founded by Trafigura, Frontline and Golden Ocean, has signed a long-term time charter agreement with Singapore-headquartered Consort Bunkers for four newbuild methanol carriage-ready bunker tankers.
This marks TFG's latest move to prepare its logistics capabilities for the future demand for low-carbon marine fuels.
The 6,500-dwt IMO type 2 tankers are being constructed by Merchants Jinling shipyard in Nanjing, China and will be operated by Consort Bunkers for TFG Marine. Deliveries will commence in late 2024 and continue into 2025. The vessels will be capable of carrying TFG Marine's current range of marine fuels, including high-sulfur fuel oil (HSFO), very low-sulfur fuel oil (VLSFO), marine gasoil (MGO) and biofuels up to B100, as well as any grade of liquid methanol in the future.
"This agreement is part of TFG Marine's ongoing efforts to renew our fleet with modern, Mass Flow Meter-equipped bunker barges that are ready to carry the low-carbon fuels that will help shipping decarbonise," TFG Marine's Global Head of Bunkering Kenneth Dam said. "We see a multi-fuel future for our industry, with methanol, biofuels, ammonia and more all having a role to play alongside traditional marine fuels in meeting the goals of the Paris Agreement."
S.K. Yeo, Director and General Manager of Consort Bunkers, said the company was proud to work with TFG Marine to enable methanol bunkering in future within the Port of Singapore with these advanced tankers. "With the Maritime and Port Authority of Singapore set to introduce a methanol bunkering licensing framework in the near future, we are supporting TFG Marine’s goal to take a leading role in providing low-carbon fuels to international shipping companies in this global bunkering hub,” he said.
The new tankers will be fitted with mass flowmeters (MFMs), as required by the MPA. TFG Marine has long advocated for the global adoption of MFMs to increase transparency in the bunkering process. A recent whitepaper sponsored by TFG Marine proposed Singapore's MFM-based licensing system as a model for other port regulators to follow.
This newbuild order expands on TFG Marine's initial investment in low-carbon fuel bunkering infrastructure. In January 2024, the company announced an agreement with Fratelli Cosulich Group for a methanol dual-fuel bunker barge to be delivered in late 2025 and deployed in the Port of Singapore.
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