TFG Marine and Consort Bunkers ink long-term charter deal for new methanol bunker tankers

TFG Marine, a marine fuel joint venture founded by Trafigura, Frontline, and Golden Ocean, has entered into a long-term charter agreement with Singapore-based shipowner Consort Bunkers for four newbuild methanol carriage-ready bunker tankers.

The 6,500 dwt IMO Type II tankers are under construction at Merchants Jinling shipyard in Nanjing, China, and will be operated by Consort Bunkers for TFG Marine.

The vessels are scheduled for delivery in late 2024 and into 2025.

The tankers will be capable of carrying TFG Marine’s current range of marine fuels, including HSFO, VLSFO, MGO and biofuels up to B100, as well as any grade of liquid methanol in the future, the company said.

In addition, the newbuilds will be fitted with Mass Flow Meters, as required by the Maritime and Port Authority of Singapore (MPA).

S.K. Yeo, Director and General Manager of Consort Bunkers, said: “With the Maritime and Port Authority of Singapore set to introduce a methanol bunkering licensing framework in the near future, we are supporting TFG Marine’s goal to take a leading role in providing low-carbon fuels to international shipping companies in this global bunkering hub.”

Kenneth Dam, TFG Marine’s Global Head of Bunkering, added: “This agreement is part of TFG Marine’s ongoing efforts to renew our fleet with modern, Mass Flow Meter-equipped bunker barges that are ready to carry the low-carbon fuels that will help shipping decarbonise.

“We see a multi-fuel future for our industry, with methanol, biofuels, ammonia and more all having a role to play alongside traditional marine fuels in meeting the goals of the Paris Agreement.“ 

The agreement with Consort Bunkers marks TFG’s latest move to prepare its logistics capabilities for the future demand for low-carbon marine fuels. It also expands the company’s initial investment in low-carbon fuel bunkering infrastructure.

In January 2024, the company announced an agreement with Fratelli Cosulich Group for a methanol dual-fuel bunker barge to be delivered in late 2025 and deployed in the Port of Singapore.