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Thu 20 Sep 2012, 19:24 GMT

Chinese supplier plans $32.5m fleet expansion


Bunker firm intends to purchase seven delivery vessels as part of its expansion programme.

China's Shanghai Lonyer Fuels Co is reportedly planning to invest RMB 205 million (US$32.5 million) in its subsidiary Shanghai Shenglong Shipping in order to form a bunkering fleet.

The company is understood to be interested in purchasing three 3000 dwt and four 2000 dwt bunkering vessels to deploy them into its distribution network.

Shanghai Lonyer is also said to be planning to invest an additional RMB 60 million (US$9.5 million) in the development and operation of its bunkering business.

Currently, Shanghai Lonyer has six bunker barges chartered, ranging from 300dwt to 500dwt. "When the new vessels go into operation, we will gradually reduce the chartering of small tonnage vessels, and it will lower the company’s operation cost and improve our bottom line," the supplier is quoted as saying.

Shanghai Lonyer is primarily engaged in the procurement, transportation, storage, blending and sale of marine fuel oil.

The company operates its business primarily through the purchase of fuel oil from refiners and suppliers; the transportation of fuel oil to storage facilities; the blending, processing of fuel oil products and the sale of fuel to ships via its bunker vessels.

During the year ended December 31, 2009, Shanghai Lonyer obtained approximately 61.21% and 38.79% of its total revenue from wholesale and retail business respectively.

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