Singapore’s Tankoil Marine, Hong Fatt lose bunkering licences

MPA’s separate investigations into the two companies revealed “discrepancies and wrongful declarations” in the records kept on board their bunker tankers.

“There were also incidences of transfers of bunkers between bunker tankers that were done without MPA’s approval. MPA has therefore decided to revoke the companies’ licences as they had breached the terms and conditions of their bunker supplier and bunker craft operator licences,” the Singapore port authority said.

Previously little known Tankoil Marine made headlines in recent months due to the company’s involvement in an alleged $125m fraud at the now-defunct Dynamic Oil Trading, subsidiary of bankrupted OW Bunker.

Due to Tankoil Marine's active involvement in conducting trades for Dynamic Oil Trading, the company actually rose dramatically to become Singapore's number six biggest bunker supplier by volume in 2014 and number seven in 2013, compared to a ranking of 66th in 2012. Dynamic Oil Trading, meanwhile, was established on 1 October 2012.

MPA affirmed that the two companies are no longer allowed to operate as bunker suppliers and bunker craft operators in Singapore port.

In order to sell bunkers in Singapore with a MPA-approved Bunker Delivery Note (BDN), a bunker supplier needs to meet a set of criterias and obtain an accredited bunkering licence from MPA.

MPA reiterated that all licensed bunker suppliers and operators need to adhere to the terms and conditions of their bunker licences, failing which they will risk losing the licences.

Over the last few years, MPA has revoked the bunkering licences of several bunker companies for breaching the licensing requirements, due mainly to allowing other companies to use their government-approved BDNs to supply bunkers.

As of today, MPA listed a total of 61 accredited, or licensed, bunker suppliers in Singapore.