Singapore has granted two new bunker supplier licenses to Minerva Bunkering and TFG Marine as volume increased in the world's largest ship refuelling hub despite the coronavirus outbreak.

In a statement, The Maritime and Port Authority of Singapore (MPA) said it awarded the new bunker supplier licences following the call for applications for new licences in December 2019.

MPA and Enterprise Singapore (ESG) welcome the entry of Minerva Bunkering and TFG Marine, which will consolidate Singapore’s position as the global bunkering and oil trading hub.

"These two new players will increase the supply of marine fuel that is compliant with the International Maritime Organization (IMO) 2020 sulphur regulations in the Singapore bunker market," MPA said, noting that Minerva Bunkering and TFG Marine will also be required to each operate at least two clean energy dual-fuelled bunker barges — helping drive more sustainable bunkering activities in the Port of Singapore.

The two new players bring the total number of MPA-licensed bunker suppliers to 45 in the Port of Singapore. 

MPA said bunkering services in the Port of Singapore and oil trading remain resilient despite the global COVID-19 pandemic. Bunker sales in Singapore grew by 5.4%, from 12.07 million tonnes in the first quarter of 2019 to 12.72 million tonnes in the first quarter of 2020.

These two companies complement ESG's effort in the bunker fuel trading sector comprising more than 70 players, ensuring that Singapore can meet the demands of the oil trading industry.

"MPA will continue to work closely with industry stakeholders to carry out periodic reviews to establish a robust regulatory framework that ensures the quality and availability of bunker in the Port of Singapore.  Singapore continues to undergo a successful IMO 2020 transition to serve the needs of the industry during COVID-19 whilst maintaining its position as the global bunkering hub," it added.