Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Coastal Oil Singapore buys VLCC for storage

Singapore: Oil trader Coastal Oil Singapore Pte Ltd has secured storage on a VLCC at the Southern Malaysian port of Tanjung Pelepas for about $28 million, writes tankterminals.com.

Malaysian-listed Changhuat Corporation Berhad told Bursa Malaysia on Monday that its subsidiary Arus Dermaga Sdn Bhd (ADSB) has entered into a floating storage agreement with the Singapore trader.

The agreement calls for the provision of a 240,000 metric tonnes VLCC at Tanjung Pelepas for storage of crude oil, fuel oil or alternatively fuel oil blend stocks over a 36 months duration commencing no later than next Sunday, Changhuat said.
According to a statement to the exchange, ADSB's contractual obligation will comprise provision of the supertanker along with operation and maintenance of storage facilities on board.

The contract has been valued at approximately $28 million or RM96 million over the 36 months contract duration.

Coastal Oil Singapore is part of the Singapore-based Coastal Oil Holdings and Hong Kong-based Coastal Holdings group of companies.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish