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Bomin Group has announced that it will be suspending its physical operations in Spain and Estonia, whilst it will also be closing its offices in Madrid, Tallinn and Rio de Janeiro.

Additionally, Bomin confirmed that its offices in Hamburg, Houston, Dubai and Singapore would now operate as "four regional hubs".

"The hubs will ensure global alignment, highest service quality and cost-effective fuel supply solutions in line with customer needs," Bomin said.

Customers currently being supported in Madrid and Tallinn are to be serviced in Hamburg from January 2017, whilst clients in Rio de Janeiro will be managed by the Houston office. Bomin said the new measures were designed to deliver long-term and sustainable growth for the business.

Commenting on the news, Thomas Roller, Managing Director of Bomin, remarked: "Strengthening our regional hub structure enables closer customer relationships. It allows us to better support our customers by providing universal quality and service standards in every physical supply and trading operation worldwide. Ship owners need a solution-driven approach to fuel supply. The changes we have made will ensure that Bomin is well prepared to master the challenges of the upcoming IMO regulations in 2020."

The news comes a month after the company announced that it would be closing its offices in Athens and London.

"In future, Bomin will not focus resources where there is no strategic alignment with its overall business strategy," Bomin said in a statement in November.

"The marine fuel supply chain is experiencing significant transition and change, in line with new regulations and added complexity. It is therefore critical that Bomin's global infrastructure and resources are invested in the right areas to ensure it can meet the customers' requirements. As part of this process the company has increased its physical infrastructure in key areas including Singapore and in Europe, in line with its value-driven physical trader model," the company also said last month.

In October, Bomin confirmed the sale of its shareholding in the joint venture LNG bunkering business Bomin Linde LNG. The company's 50 percent stake in Bomin Linde LNG, which was established in 2012 with joint venture partner Linde AG, was acquired by Linde AG. It now owns all the shares in the business.

Commenting on the reason for the decision, the German bunker specialist said: "Bomin took the decision based on the speed of transition within the marine fuel supply chain in line with changing regulations. The demand for LNG has been slower than anticipated, and while LNG remains a viable clean fuel product, Bomin's focus in the short to medium term will be on other alternative products that meet emissions regulations."

Also in October, Bomin expanded its physical operations in Singapore, the world's leading bunker port, deploying four double-hulled barges.

Bomin is 100 percent owned by Mabanaft, which is the trading division and subsidiary of Marquard & Bahls AG. Other subsidiaries are: Oiltanking, Skytanking and Mabagas.

Image: Bomin's head office in Hamburg, Germany.