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Chemoil has announced that it has launched a new wholly-owned subsidiary in Singapore named Chemoil Marine Fuel Pte. Ltd. (CMF).

CMF will have an initial paid up capital of S$1.00 and be recapitalized 'as and when the need arises', Chemoil said.

In a statement Chemoil said the activities of CMF will include investment holding and marine fuel-related services.

None of Chemoil’s directors or controlling shareholders have any interest in CMF.

"The incorporation of CMF will not have any effect on the net tangible asset or earnings per share of the company for the current financial year," Chemoil added.

Chemoil in Singapore

Chemoil operates its flagship 448,000 cubic metre Helios Terminal on Jurong Island in Singapore. Another Chemoil-owned, Singapore-based company, Chemoil International Pte. Ltd., was last year listed as the 9th largest bunker supplier in Singapore by volume, after rising 10 places from 19th position in 2008.

Last month Chief Executive Clyde Michael Bandy is reported to have said that Chemoil's sales in Singapore, the world's largest port by volume, rose to 250,000-400,000 tonnes per month.

With total monthly sales in Singapore currently at 3.3-3.5 million tonnes, Chemoil is therefore estimated to have a market share of 7.1-11.4 percent, according to these recent figures.