CMT Bunker Fuel Webinar Takeaways
Blog Article - June 12, 2020
The CMT Bunker Fuel Webinar held on 10 June in replacement of the Bunker Fuels Asia conference, highlighted a number of key points about the current market. Speaking at the panel exploring the shipping environment post-IMO2020, and discussing what level of impact COVID-19 has had on the bunker and shipping sector, Jesper Rosenkrans, Total Marine Fuels Global Solutions’ (TMFGS) Global Sales and Business Development Director, shares his takeaways from the conference.
The industry is at the halfway mark in a year focused on navigating COVID-19 and driving decarbonisation, following the IMO 2020 regulations introduced in January. When looking at the conventional bunker fuel market, we have seen a period of elevated uncertainty that requires making risk management a priority. A mind-shift is underway not just in Singapore but globally, as the intensity of the risks experienced over the last few months drives change in how we do business with each other, increasing initiatives based on collaboration between companies.
Given the circumstances, we recommend a ‘partnership’ approach, working collaboratively with reliable companies in times of need and rapid change. We are likely to experience further price volatility, operational uncertainty due to the health pandemic of COVID-19, focus on credit risks, and increasingly complicated sanctions and compliance landscapes. At TMFGS, we have implemented measures to ensure we remain the ‘safe port’ partner-of-choice for our customers, providing reassurances in these challenging times.
As society steers toward a ‘new normal’, a focus on transitioning to decarbonisation and the role of cleaner fuels such as LNG will be paramount. Total is committed to this ambition. We see LNG as the marine fuel solution for ‘here and now’, and it is a clear leader for today’s environmental, commercial and technical needs. The investment decisions for LNG make a compelling case as the technology is ready and works across different segments to drive the industry towards more sustainable activity.
That LNG is the most appealing solution for today is not at odds with investing in developing longer-term solutions for the industry.
Our thanks to fellow panel experts Yasuhito Imaizumi, Deputy GM, Summit Energy & Resources Pte Ltd, Justin Tan, Category Manager, Marine Fuels and Hedging, The China Navigation Company, John Phillips, Head of Bunker Credit Management, Global, GP Global Group, and of course our competent moderator for the session, Adrian Tolson, Director, BLUE Insight Lead, for a great roundtable discussion. We look forward to the next series of debates.