In January Statoil delivered its first batch of fuel to Japan’s largest commercial firm, Mitsui, in Singapore.
1,600 tonnes of heavy oil with a value of NOK 1.6 million were delivered. The fuel will supply Mitsui’s and other Japanese shipping companies’ fleets in Singapore harbour.
“Mitsui is important for us because this may open up the Japanese market, which is known for its quality awareness and requirements, similar to the Scandinavian market,” says Peter Rasmussen, manager for aviation, marine and special products in Statoil's Nordic energy unit.
The department has been marketing heavy oil for ships in Singapore for around six months. It buys heavy oil from Statoil Asia Pacific, who handle and store cargo at Singapore harbour.
Almost all shipping fuel is traded on the spot market as individual loads. Annual sales in Singapore are estimated at around 500,000 tonnes of heavy oil.
Other major clients include Denmark's A P Møller, Norway's Bergesen and Sweden's Stena.