Trafigura has said it plans to join up with two Norwegian-owned shipping firms to start supplying shipping fuels.
The commodity trader said it was launching a joint venture with Frontline and Golden Ocean as the industry prepares for tough new fuel standards from the beginning of next year.
“We believe … the joint venture’s increased base volumes and greater access to both infrastructure and credit will provide increasingly competitive bunkering supply services to our customers,” it said.
It comes as the International Maritime Organisation (IMO) plans to introduce new emissions standards in fuel from next year.
They will ban most ships from using shipping fuel with more than 0.5 per cent sulphur, without mitigation measures.
The limit is currently 3.5 per cent. The crackdown is part of the IMO’s plans to halve emissions by the middle of the century.
“We are confident in our ability to supply quality products at competitive prices to the fleets controlled by the joint venture partners as well as to third party shipowners and operators,” said Trafigura.
The two shipping firms, owned by Norwegian billionaire John Fredriksen, said the venture will “ensure our ability to source and acquire marine fuels at competitive prices on a continuous basis.”
They will own a combined 25 per cent of the joint venture.