The Chief Executive of Titan Petrochemicals Group Ltd. has outlined the company's plans for breaking into the Hong Kong bunker market.
Barry Cheung, who heads the Hong Kong listed company, said Titan hoped to bring product from its tanks at Nansha at Guangzhou on the Chinese mainland.
Cheung said Titan was trying “to break the mould” of the Hong Kong market
He was quoted by the maritime news service Lloyd's List as saying that even the slowest bunker tanker could make the journey from Nansha to Hong Kong in three hours.
Hong Kong is one of the world's busiest container ports, but the size of its bunker market has been restricted by a lack of storage for bunker products.
Four companies, China Resources Petroleum and Chemical Co. Ltd, ExxonMobil, Caltex and Shell, currently control the port's marine fuel storage tanks.
Titan hopes operators will take advantage of an alternative supplier with access to its own storage facilities.
Cheung also repeated the company's determination to become a player in the mainland China.
He said the company was working on “various possibilities” for entering the Chinese market, adding: “We prefer to work where we have a supply base.”
Titan owns three onshore storage facilities in China, at Nansha, at Yangshan near Shanghai and in the Quanzhou regions.
Titan has already said that it sees its storage operations as a boost for its bunker supply operations.
Titan Petrochemicals, operating through Titan Bunkering Pte. Ltd. is a major bunker supplier in the Singapore bunker market. According to the marine credit reporting company Ocean Intelligence, it supplies around 150,000 metric tonnes (mt) of bunkers in the hub each month.
Barry Cheung, who heads the Hong Kong listed company, said Titan hoped to bring product from its tanks at Nansha at Guangzhou on the Chinese mainland.
Cheung said Titan was trying “to break the mould” of the Hong Kong market
He was quoted by the maritime news service Lloyd's List as saying that even the slowest bunker tanker could make the journey from Nansha to Hong Kong in three hours.
Hong Kong is one of the world's busiest container ports, but the size of its bunker market has been restricted by a lack of storage for bunker products.
Four companies, China Resources Petroleum and Chemical Co. Ltd, ExxonMobil, Caltex and Shell, currently control the port's marine fuel storage tanks.
Titan hopes operators will take advantage of an alternative supplier with access to its own storage facilities.
Cheung also repeated the company's determination to become a player in the mainland China.
He said the company was working on “various possibilities” for entering the Chinese market, adding: “We prefer to work where we have a supply base.”
Titan owns three onshore storage facilities in China, at Nansha, at Yangshan near Shanghai and in the Quanzhou regions.
Titan has already said that it sees its storage operations as a boost for its bunker supply operations.
Titan Petrochemicals, operating through Titan Bunkering Pte. Ltd. is a major bunker supplier in the Singapore bunker market. According to the marine credit reporting company Ocean Intelligence, it supplies around 150,000 metric tonnes (mt) of bunkers in the hub each month.