TFG Marine Secures Deal with Consort Bunkers for Four New Methanol-Carrying Bunker Tankers

TFG Marine (“TFG”), the leading international marine fuel joint venture founded by Trafigura, Frontline, and Golden Ocean, has announced a long-term time charter agreement with Singapore-based Consort Bunkers for four new methanol-ready bunker tankers. This step represents TFG's continued commitment to enhancing its logistics capabilities in anticipation of future demand for low-carbon marine fuels.

The 6,500-dwt IMO Type 2 tankers are being built by Merchants Jinling Shipyard in Nanjing, China, and will be operated by Consort Bunkers on behalf of TFG Marine. Delivery of the vessels is scheduled to begin in late 2024 and extend into 2025. These tankers will be equipped to handle 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.

Kenneth Dam, TFG Marine's Global Head of Bunkering, commented, "This agreement is a key component of TFG Marine's strategy to modernize our fleet with advanced bunker barges equipped with Mass Flow Meters, prepared to transport the low-carbon fuels essential for the shipping industry's decarbonization. We envision a multi-fuel future for our sector, where methanol, biofuels, ammonia, and other alternatives will complement traditional marine fuels in achieving the targets of the Paris Agreement."

S.K. Yeo, Director and General Manager of Consort Bunkers, expressed pride in collaborating with TFG Marine to advance methanol bunkering capabilities within the Port of Singapore using these state-of-the-art tankers. "With the Maritime and Port Authority of Singapore preparing to implement a methanol bunkering licensing framework soon, we are committed to supporting TFG Marine's ambition to lead in supplying low-carbon fuels to international shipping companies at this key global bunkering hub," he stated.

The new tankers will be equipped with Mass Flow Meters, in compliance with the MPA's requirements. TFG Marine has long championed the global use of MFMs to enhance transparency in the bunkering process. A recent whitepaper sponsored by TFG Marine recommended Singapore's MFM-based licensing system as a model for other port regulators to adopt.

This newbuild order expands on TFG Marine's initial investment in infrastructure for low-carbon fuel bunkering. In January 2024, the company announced an agreement with Fratelli Cosulich Group for a methanol dual-fuel bunker barge, scheduled for delivery in late 2025 and set to operate in the Port of Singapore.

TFG Marine is a prominent international marine fuel supply and procurement joint venture, established in 2020 by the physical commodity trading company Trafigura Group Pte and ship-owning firms Frontline Ltd and Golden Ocean Group Ltd. The company offers modern, streamlined, and transparent services throughout every stage of the bunkering process for its customers. TFG Marine supplies over 10 million metric tonnes of marine fuels annually across 35 key bunkering hub locations worldwide.