TFG Marine, a joint venture bunker company, launched by Trafigura, Frontline Ltd, and Golden Ocean Holdings earlier this year, is planning to transition to lower carbon fuels as it marks rapid business growth.
The JV was announced back in 2019, with Golden Ocean and Frontline acquiring 10 percent and 15 percent interests respectively, and Trafigura taking a 75 percent stake and contributing its existing physical bunkering activities to the new company.
The company was initially launched to act as the exclusive purchaser of marine fuels for Trafigura, Golden Ocean and Frontline, as well as certain entities affiliated with the companies, with the aim of providing bunkers to third parties as well.
The company revealed that it will start offering a wide range of advanced marine biofuels from the first quarter of 2021, in the ports of Amsterdam, Rotterdam and Flushing.
It has been a rather busy first eight months of operation for TFG Marine, having established presence in 12 physical bunkering locations supplying 540, 000 metric tonnes of marine fuel per month.
The jump in volumes has been assigned to the addition of two exclusive purchasers of bunker fuel, namely Norway-based Avance Gas and Flex LNG.
According to Trafigura, TFG Marine has built up its procurement business, purchasing approximately 250,000 metric tons of fuel per month in over 250 bunkering ports globally.
In May, the company won a bunkering license in Singapore, a major bunkering hub accounting for close to 20 percent of the world’s bunkering market.
Under the licence approval, TFG Marine will be required to operate at least two clean energy dual-fuelled bunker barges, providing more sustainable bunkering activities in the port.