Trafigura has confirmed that the bunkering trading joint venture which the global commodity trader set up with Frontline and Golden Ocean last year will be operating under the name TFG Marine PTE Ltd.
When Trafigura first announced its intention to set up the JV in August last year, Jeremy Weir, Trafigura’s Executive Chairman and CEO, commented: ‘Today’s announcement represents a further progression in the development of Trafigura’s response to the challenges and opportunities the impending IMO 2020 regulation will present. We look forward to providing an essential service to our clients and working closely with Frontline and Golden Ocean to grow this venture into one of the world’s leading suppliers of marine fuels in the coming years.’
In December, Trafigura included this information in its 2019 annual report: 'During 2019, Trafigura and leading ship owners Frontline Ltd. and Golden Ocean Group Ltd. announced an agreement to establish a leading global supplier of marine fuels. Trafigura will contribute its existing physical bunkering operations to the joint venture and owns 75 percent interest. The joint venture, TFG Marine, will act as the exclusive purchaser of marine fuels for Trafigura, Frontline and Golden Ocean. Our priority will be to work with our customers to find the most cost-effective and reliable solutions for continuity of supply amid the uncertainty and volatility created by IMO 2020. This includes our bunker customers managing a new specification and price set, but also extends to our traditional diesel customers who will see the knock-on effects of IMO 2020 in the form of increased demand and potential disruptions to supply.'