Partnering with Scott Petroleum on this new venture
Florida-based, World Fuel Services Corporation is set to launch a bunker supply operations in Jamaica, capitalizing on the island’s fit as a suitable location for supplying bunker fuel to marine vessels passing through the Caribbean transhipment lane.
World Fuel Services, which is an energy, commodities, and services company founded in Doral, Florida, in 1984, will be partnering with Scott Petroleum on the Jamaican venture. Scott Petroleum is a distributor of petroleum products and services throughout the Caribbean.
The two companies will jointly supply straight-run Very Low Sulphur Fuel il (VLSFO), Low Sulphur Marine Gasoil (LSMGO), and Heavy Fuel Oil (HFO) 2 per cent produced by the Petrojam refinery in Kingston. World Fuel Services and Scott Petroleum say the combination of their respective strengths will ‘offer a seamless and efficient supply chain for bunkering operations in Jamaican ports’.
Details of the Jamaican operations
Scott Petroleum will be ‘providing bunker service delivery on the ground with knowledge of the local market’ while World Fuel Services will offer ‘pricing solutions, credit financing and first-class operations support.’
In a statement confirming its investment in Jamaica, World Fuel Services discloses that “bunkering operations will ramp up in Jamaican ports starting in July.”
In the statement, World Fuel Services explained, “With over twenty years of experience, Scott Petroleum is well known to all players in the region for its exceptional service in physical bunker supply in Jamaica and has built an unparalleled reputation for reliability, safety, and efficiency.”
“In combining forces, World Fuel Services and Scott Petroleum will offer a seamless and efficient supply chain for bunkering operations in Jamaican ports so that World Fuel Services customers can be sure they receive the highest quality fuel on time, every time, “ the statement went on to say.
World Fuel Services Senior Vice President Marine – Americas, Joe Gowe commenting remarked, “With a strong focus on safety and environmental responsibility, we are committed to upholding the highest standards of operational excellence. No matter your vessel, you can trust World Fuel Services and Scott Petroleum to provide the fuel you need to keep moving forward when bunkering in Jamaica, with an exceptional level of customer service.”
Jamaica’s vast potential for bunkering fuel
The dredging of the main ship channel into Kingston Harbour, which can now accommodate post-Panamax container vessels and the expansion of the Panama Canal to facilitate larger vessels, has boosted the island’s potential as an ideal bunkering location. Jamaica was promoted as a suitable bunkering location at the Global Bunkering Summit 2021.
Currently, there are bunker operations operating out of the port of Kingston and catering to the cruise ship facilities located on the north coast with the market set to grow even further. Analysts say the level of competition existing in the marketplace has served to improve fuel quality and service standards.
Earlier this year, LNG giant Shell and Israel’s shipping firm Zim completed the first LNG bunkering operation in Jamaica as part of their 10-year bunkering deal with South Korea’s Samsung Heavy Industries delivering the first of ten 15,000-teu LNG-powered containerships to Seaspan, a unit of Atlas Corp and charterer, ZIM.
The two firms signed the bunkering deal worth more than $1 billion in August last year under which Shell will supply ten LNG-fueled vessels that Zim will deploy on the Asia to US East Coast trade.
The 366 meters long ZIM Sammy Ofer completed a bunkering operation on March 2 in Yangshan Port, Shanghai, and now Zim’s first chartered LNG-powered ship received LNG fuel at Kingston Freeport Terminal in Jamaica. Zim claims this is the first LNG bunkering operation in Jamaican waters.