TFG Marine signs agreement with Consort Bunkers for four newbuild methanol carriage bunker tankers

Singapore, 29 July 2024 - TFG Marine (“TFG”), the leading international marine fuel joint venture founded by Trafigura, Frontline and Golden Ocean, today announced the signing of 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 HSFO, VLSFO, 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 Flow Meters, 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. 

ENDS 

For further information, please contact: 

TFG Marine’s Press Office: Tel +41 (0) 22 592 4528 or Email: media.tfg@tfgmarine.com 

Notes to Editors 

TFG Marine is a leading international marine fuel supply and procurement joint venture between physical commodity trading company Trafigura Group Pte and ship owning companies Frontline Ltd and Golden Ocean Group Ltd. Formed in 2020, the company provides modern, simplified and transparent services that bridge every stage of the bunkering process for its customers, supplying over 10 million metric tonnes of marine fuels per annum across 35 strategic bunkering hub locations globally.

Visit: www.tfgmarine.com