London - Maersk Oil Trading has leased oil storage space in Singapore, signalling a push by one of the world’s biggest ship fuel buyers into the Asian bunkering hub ahead of changes to global fuel standards from 2020, trade sources said. Maersk Oil has taken storage at the Tankstore oil terminal in Singapore, a spokesman for parent A.P. Moller-Maersk told Reuters, without giving further details.
The firm has leased 120,000 cubic meters of space for fuel oil for six months, said three trade sources with direct knowledge of the matter. The sources declined to be identified as they are not authorised to speak to the media. Maersk Oil is a major ship fuel supplier globally but has not had its own storage tanks in Singapore for the supply of marine fuels to its customers, which include A.P. Moller-Maersk, the world’s biggest container line. The move comes ahead of the 2020 introduction of new rules on marine fuels that will limit the sulphur content to 0.5 percent, from 3.5 percent currently, to curb pollution.