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Mabanaft bunker fuel unit closes Singapore, Antwerp offices ahead of IMO 2020

German oil product trader Mabanaft’s marine fuel trading unit Bomin plans to close its Singapore and Antwerp, Belgium offices later this year, Bomin said.

Bomin to operate only from Houston, Texas and Hamburg, Germany

“The Bomin group is in a transformation and restructuring process and intense competition and low margins characterise the situation in all major ports,” says Jan Christensen, Bomin’s managing director. “We see many bunker companies making major adjustments to their operating models in preparation for IMO 2020.”

The U.N. International Maritime Organisation (IMO) is introducing new rules on bunker fuel from 2020 to curb pollution produced by the world’s ships.

Mabanaft started Houston office in August.

Source: Reuters

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