Sign up
Log in Sign up
Mon 23 Aug 2010, 07:50 GMT

ExxonMobil in Hong Kong exit speculation


Decision to lease tank storage prompts speculation that ExxonMobil may quit the Hong Kong bunker market.

ExxonMobil has leased fuel oil tank storage capacity at Tsing Yi oil terminal in Hong Kong, prompting speculation that the oil major may withdraw from the Hong Kong bunker market altogether.

ExxonMobil recently entered into an agreement with China's leading bunker supplier China Marine Bunker (PetroChina) Co. Ltd. (Chimbusco) to lease 280,000 cubic metres (cbm) of heavy fuel oil tanks.

Tsing Yi oil terminal has the largest fuel oil storage capacity in Hong Kong with 280,000 cbm, and an additional 220,000 cbm in light oil tank capacity.

Elsewhere in Hong Kong Sinopec (Hong Kong) has a 100,000 cbm fuel oil terminal and oil major Chevron owns 30,000 cbm of fuel oil storage.

According to industry sources, Tsing Yi oil terminal would be revamped before being delivered to Chimbusco towards the end of 2012. At present, Chimbusco rents around 60,000 cbm of tank capacity at the facility.

In terms of annual sales volumes, the Hong Kong bunker market is currently estimated to be around 5-6 million tonnes with ExxonMobil selling around 1.8 million tonnes per year.

The decision by ExxonMobil to lease its entire fuel oil storage capacity at Tsing Yi to Chimbusco has led to speculation regarding the company's future in Hong Kong.

It is thought that ExxonMobil may retain its fuel oil trading team in Hong Kong or quit the market and continue supplying fuel oil from its refineries in Asia on a free on board (FOB) basis.

Oriental Aquamarine vessel. HMM deploys Korea's first MR tanker with wing sail technology  

Oriental Aquamarine equipped with wind-assisted propulsion system expected to cut fuel consumption by up to 20%.
BC Ferries vessel render. ABB to supply hybrid-electric propulsion for BC Ferries' four new vessels  

Technology will enable ferries to run on biofuel or renewable diesel with battery storage.
Alternative marine fuels port graphic. LNG-fuelled boxships sustain alternative fuel orderbook share despite market slowdown  

Alternative fuels maintained 38% of gross tonnage orders in 2025, driven by container segment.
Conceptual diagram of the MOL–ITOCHU strategic alliance. MOL and ITOCHU sign MoU for cross-industry environmental attribute certificate partnership  

Japanese shipping and trading firms to promote EACs for reducing Scope 3 emissions in transport.
CPN as China's No. 1 marine biofuel supplier in 2025 graphic. Chimbusco Pan Nation delivers 170,000 tonnes of marine biofuel in China in 2025  

Supplier says volumes quadrupled year on year, with a 6,300-tonne B24 operation completed during the period.
V.Group and Njord logo side by side. V.Group acquires Njord to expand decarbonisation services for shipowners  

Maritime services provider buys Maersk Tankers-founded green technology business to offer integrated fuel-efficiency solutions.
Container vessel manoeuvring in port. Has Zhoushan just become the world's third-largest bunker port?  

With 2025 sales of 8.03m tonnes for the Chinese port, Q4 data for Antwerp-Bruges will decide which location takes third place.
Monjasa Oil & Shipping Trainee (MOST) trainees. Monjasa opens applications for global trainee programme  

Marine fuel supplier seeks candidates for MOST scheme spanning offices from Singapore to New York.
Singapore's first fully electric harbour tug. Singapore's first fully electric tug completes commissioning ahead of April deployment  

PaxOcean and ABB’s 50-tonne bollard-pull vessel represents an early step in harbour craft electrification.
Fuel for thought: Hydrogen report cover. Lloyd's Register report examines hydrogen's potential and challenges for decarbonisation  

Classification society highlights fuel's promise alongside safety, infrastructure, and cost barriers limiting maritime adoption.




 Recommended