Singapore Bunker Traders’ Licence Revoked

by Milos Bezanov

Tankoil Marine Services, Singapore’s sixth biggest bunker oil supplier in 2014 and Hong Fatt Oil Trading, the 33^rd biggest supplier, have had their craft operator and bunker supplier licences revoked by the Maritime and Port Authority of Singapore (MPA).

Stating that all bunker suppliers need to follow the terms and conditions of their licences; “ [the] MPA’s separate investigations into the two companies revealed discrepancies and wrongful declarations in the records kept on board their bunker tankers….there where also incidences of transfers of bunkers between bunker tankers that were done without the MPA’s approval” said the MPA.

Having risen to 6^th from 66^th in 2012, Tankoil Marine Services made headlines in recent months for its involvement in an alleged £125 million fraud with Dynamic Oil Trading, a Singaporean subsidiary of the recently bankrupted OW Bunker.

Dynamic Oil Trading was established in October 2012 and is responsible for shipping 80,000 tonnes a month of bunker oil to Tankoil.

More Firms Have Followed Suit

The news of Tankoil Marine Services and Hong Fatt Oil Follows on from similar situations in recent years. Coteam Petroleum Trading, in allowing other firms to use it’s Bunker Delivery Notes (BDN), breached the terms of the bunkering licence. Northwest Resources and Progressive Power in 2014 have also had their licences cancelled.

Other companies since 2012 have included Windbuild Petrofin, Coast Channels Marine Service, Golden Lights HS Bunkering, Palmstone Petroleum, Excel Petroleum, Excel Petroleum Enterprise and Lian Hoe Leong and Borthers.

“All bunker suppliers operating in the port of Singapore are required to be licensed by MPA. Any bunker supplier or bunker craft operator found to have contravened any terms and conditions of MPA bunkering licences will have their bunkering licence suspended or cancelled,” said the MPA.