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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Istanbul supplier ready to capitalize on rise in large-sized enquiries

Physical supplier issues "biggest bunker barge" in Istanbul reminder following rise in large-sized enquiries and increase in sales.

Updated on 15 Sep 2014 17:21 GMT

Turkish physical bunker supplier, Energy Petrol Shipping Trade Industry Inc., looks keen to capitalize on the recent increase in the number of large-sized bunker enquiries at the country's leading bunker port after today issuing a statement to remind the market that its vessel, Deniz M, is the "biggest bunker barge in service in Istanbul".

The 2001-built 3659-deadweight-tonne (dwt) Deniz M (previously named MT Safir) was recently acquired by Energy Petrol for cargo replenishments.

In an emailed statement sent today (September 15), chief executive officer (CEO) Mustafa Muhtaroglu stated that Energy Petrol was able to increase sales in Istanbul during the first six months of this year, claiming that it had attained a 15 percent market share - up from the 12 percent market share the company said it had in February. The rise in sales follows a general decline in the Istanbul bunker market between 2012 and 2013, Energy Petrol's CEO said.

According to Muhtaroglu, the number of large-sized enquiries for ships bunkering in Istanbul has also increased, pointing out that Energy Petrol is now able to supply ships by barge with a pumping rate of 400 to 500 tonnes per hour in order to meet demand.

The company has already supplied several parcels ranging 1,800 to 2,200 tonnes per order and received "very positive responses" from clients, Muhtaroglu said.

Energy Petrol serves its clients with a total of 11 tankers, including four newly built sister vessels. The MT Demre 1, MT Demre 2 and MT Demre 3 were constructed in 2013, whilst the 810-dwt MT Demre 4 was built in 2014.

The four MT Demre barges are able to carry intermediate fuel oil (IFO) and marine gas oil (MGO) at the same time and have a pumping rate of up to 300 cubic metres (cbm) per hour.

An additional two newbuild 1650-dwt vessels - the MT Demre 5 and MT Demre 6 - are currently under construction.

Commenting on the Deniz M in February, Muhtaroglu said: "We are also happy to introduce our new tanker, the 3659-dwt MT Deniz M. It is the biggest one in the area, enabling us to perform large quantity supplies in one lot using one barge. We have already received our first large order and will supply 2,200 tons of fuel oil for a cape size vessel in Istanbul next week."

Also speaking in February, chief financial officer (CFO) Yesim Muhtaroglu remarked: "We have been significantly growing in time with very healthy financial results. We are operating without any cash credits, including our tanker investments."

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