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Chemoil Energy is aiming to increase its market share of Japanese customers, company representatives are reported to have said during a presentation held on Friday 6th August.

Singapore-listed Chemoil Energy, which is partly owned by Japan's Itochu Corp with a minority stake of 37.5 percent, is reported to have confirmed that it currently has no Japanese shipping companies in its top 20 list of customers.

Speaking during the presentation event in Tokyo, Adrian Tolson, Vice President of Sales & Marketing is reported to have also confirmed that the company currently has no plans to become a physical bunker supplier in Japanese ports.

Annual sales of marine fuel in Japan are estimated to be approximately 4.8 to 5 million tonnes per year, with Tokyo Bay accounting for around 40-45 percent of the country's total bunker market.

In addition to Tokyo, the Bay area also comprises significant ports such as Yokohama, Kawasaki, Chiba, Funabashi and Kisarazu.

The Japanese bunker market has traditionally been dominated by local refiners such as Idemitsu Kosan Co. Ltd., Cosmo Oil Company Ltd., Nippon Oil Corporation, Japan Energy Corporation and oil major Exxon Mobil, in addition to trading houses such as Marubeni Petroleum Co. Ltd., Hanwa Company Ltd., Kanematsu Corporation and Sumitomo Corporation.

However, in recent years non-Japanese firms such as World Fuel Services (Trans-Tec), International Bunker Services and OceanConnect have also established offices in Japan with Peninsula Petroleum being the last foreign company to open an office in the country last month.

Chemoil's reported interest in raising sales volumes in Japan looks to form part of a coordinated growth strategy following last year's 8.5 percent decrease in sales to 15.1 million tonnes, from 16.5 million tonnes in 2008.

The sales decline was said to be due to lower wholesale volumes in Europe and the Americas combined with lower ex-wharf volumes in Asia.

Speaking about the company's objectives earlier this year Chairman and CEO, Mike Bandy, said "Chemoil will continue to adapt its diversified supply strategy and flexible sales mix as required to strengthen the stable revenue streams and tap the more profitable market segments. Combined with the increased operational strength of our strategic partners, our aim is to continue to improve from the earnings and profitability of 2009.”