Bunker supply firm
Chemoil has dismissed the majority of its fuel oil trading team in Singapore, according to industry sources.
Bloomberg and
Reuters report that nine people have left the Singapore-based operation. The team included spot bunker and cargo traders and operations personnel.
Reuters says it was informed by a source with 'direct knowledge of the matter' that only one person now remains in the Singapore fuel oil and bunker division. The news agency was also told by the same source that Chemoil's fuel oil trading team in Singapore was only assembled last year.
Chemoil's last period of significant staff changes and high-profile departures and appointments was in 2011, after the employment of
OceanConnect's former Chief Executive Officer,
Tom Reilly, as CEO and Director.
Following Reilly's appointment, Chemoil announced a new management team in March 2011, which included the promotion of various Chemoil veterans and brought in experienced professionals in a bid to help lead the company towards a period of sustainable growth after generating a loss of US$9.5 million in 2010.
Former OSG Senior Vice President, Mats Berglund, joined Chemoil as Chief Financial Officer (CFO) and Chief Operating Officer (COO). Sanjay Anand, who had been Chemoil's Managing Director for Asia and Vice President of Shipping and Logistics, was promoted to Senior Vice President of Global Operations.
In addition, S I Shim, who was formerly Managing Director for Asia at OceanConnect, was named Managing Director of newly-acquired bunker trading entity OceanConnect Marine. Raymund Murga, former Finance Director for Chemoil was promoted to Vice President, Finance and Vasanth Kumar former Director of Risk Management, was promoted to Director of Global Commercial and Corporate Risk.
However, the numerous appointments were also accompanied by a string of resignations, including that of Adrian Tolson who, after 25 years with the company, decided to resign from his position as Vice President of Sales and Marketing.
Chief Financial Officer, Jerry Lorenzo, left the Singapore office in March 2011 and Global Business Development Manager, Keith Richardson, left the San Francisco office in January of the same year. Another long-standing member of staff to leave during this period was George Pence, Manager of Sales and Marketing in the United States, who worked at Chemoil's San Francisco office for some 12 years.
The most high-profile departure last year was the resignation of Mats Henrik Berglund from his post as CFO and COO. He was later appointed CEO of Pacific Basin Shipping Limited in Hong Kong.
Recently published data by the Maritime and Port Authority (MPA) of Singapore shows that Chemoil was the fifth-largest bunker supplier by volume in Singapore last year, climbing one place from 2011.
The structure of Chemoil's Singapore operation has altered significantly in recent months. In October, Chemoil entered into an agreement to sell a 100% shareholding in its Helios Terminal in Singapore to
Oiltanking GmbH for US$285 million.
Located on Jurong Island, the terminal has a total capacity of 503,000 cubic metres (cbm). It is a built-for-purpose fuel oil storage and blending facility and is equipped with a finger jetty with six berths that can handle up to two Suezmax-size vessels simultaneously.
During the third quarter of 2012, Chemoil recorded profit after tax attributable to equity holders of US$7.7 million, up from US$2.5 million on the corresponding period last year.
Profit after tax during the second quarter of last year rose to US$ 2.9 million, up from US$ 1.0 million year-on-year. First quarter profit declined to US$ 8.8 million, down from US$ 23.3 million in 2011.
