Geneva, 10 December 2020 - TFG Marine, ("TFG"), the global marine fuel supply and procurement joint venture company created by Trafigura and shipping firms Frontline and Golden Ocean, announces major milestones in its strategy to grow and improve transparency in new markets and provide customers with more sustainable marine fuels.
TFG Marine will extend its global footprint to commence bunkering operations in Amsterdam-Rotterdam-Antwerp waters by the end of 2020, including the introduction of mass flow meters (MFMs) on certain of its chartered barges in 2021. TFG currently supplies over 200,000 metric tonnes of marine fuels per month from vessels using MFMs as part of its Singapore operations, improving transparency and certainty for customers. TFG’s voluntary introduction of MFMs to the ARA market will extend these benefits to Europe.
TFG is also pleased to announce the appointment of Rasmus Bach Nielsen, Trafigura Global Head of Fuel Decarbonisation, to the TFG Marine board and the successful trials of a marine biofuel for the first time.
Rasmus joins the TFG Marine board having previously led Trafigura’s Wet Freight business for six years, helping to transform it into one of the leading global players in the market and overseeing more than USD3 billion of successful asset transactions. In his current role as Global Head of Fuel Decarbonisation, created in August 2020, Rasmus is responsible for leading the Group’s initiatives to reduce the carbon footprint of its own and industry-wide maritime fuel use.
Sea trials on Trafigura’s bareboat chartered vessel, Marlin Amethyst, and initial results from laboratory testing demonstrate the safe and effective use of both the B30 blend biofuel, composed of 30 percent waste oil feedstock and 70 percent Very Low Sulphur Fuel Oil (“VLSFO”) and B20 blend biofuel (20 percent biodiesel and 80 percent VLSFO). No handling issues were experienced during the combustion process and no engine or infrastructure modifications were required.
TFG intends to expand sea trials to test the use of sustainably sourced, lower-carbon alternatives on additional maritime vessels and is working on certain initiatives to minimise the carbon footprint of marine fuels.
“We’re delighted to commence operations in ARA waters, offering customers greater transparency through the introduction of mass flow meters, and a broader range of advanced marine fuels, including biofuels,” said Kenneth Dam, TFG Marine’s Global Head of Bunkering. “Rasmus’s appointment to the board is particularly welcome, given the wealth of experience he brings and our shared commitment to accelerating the transition to lower-carbon fuels.”
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Notes to Editors
Formed in 2020, TFG Marine is a marine fuels supply and procurement joint venture, between physical commodity trading company Trafigura Group Pte and ship owning companies Frontline Ltd and Golden Ocean Group Ltd. The joint venture brings together three companies that are market-leaders in their respective fields, each with solid credentials and complementary strengths in global commodity trading and shipping.
The combined marine fuel demand from Trafigura, Frontline and Golden Ocean, covering a fleet of some 700 owned and chartered vessels, provides economies of scale, and lays the foundation for TFG Marine to become one of the world’s largest fuel procurement and supply alliances, generating substantial demand in key bunkering hub ports globally.