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Fri 15 Jul 2016, 12:21 GMT

Turkish supplier expands bunker barge fleet


Acquisition of two barges brings Energy Petrol's total number of vessels to 13.

Turkish physical bunker supplier Energy Petrol Shipping Trade Industry Inc has expanded its fleet with the acquisition of two bunker barges.

The addition of the 2006-built, double hull sister barges Unex I (IMO 9385403, 1481 dwt) and Unex II (IMO 9417672, 1472 dwt) - renamed MT Energy M and MT Energy Y respectively - brings the company's total number of vessels to 13.

Both the vessels acquired were previously Israeli-flagged and operated by Haifa-based bunker supplier United Petroleum Export Co. Ltd. (UNEX). As a result of the vessel sales, UNEX is now carrying out deliveries in Israel by road truck, a member of the trading team told Bunker Index today.

Energy Petrol's fleet of barges includes four newbuild vessels and the Deniz M - said to be the biggest bunker barge currently in service in Istanbul. The 2001-built 3659-deadweight-tonne (dwt) vessel (previously named MT Safir) was acquired by Energy Petrol in 2014 in order to carry out cargo replenishments.

The newbuilds MT Demre 2 and MT Demre 3 were constructed in 2013, whilst the 810-dwt MT Demre 4 was built in 2014 and the 1750-dwt MT Demre 6 was added last year. The four barges are able to carry both intermediate fuel oil (IFO) and marine gas oil (MGO) at the same time.

An additional two newbuild vessels - the MT Demre 7 and MT Demre 8 - are currently under construction.

In an email message, Energy Petrol's founder and CEO, Mustafa Muhtaroglu [pictured], said that the company now has the largest number of double hull bunker barges (6) operating in the local area.

CFO Yesim Muhtaroglu explained that the vessel acquisitions "have been done without any bank credit lines, confirming very healthy financials".

Earlier this year, Energy Petrol said it achieved a 38 percent increase in sales volume in 2015, supplying 347,000 tonnes of marine fuel compared with 252,000 tonnes in 2014.

The company also said that it sold 40,000 tonnes in December 2015, almost double the volume sold in December 2014.

According to Turkey's Energy Market Regulatory Authority (EMRA) - or Enerji Piyasasi Duzenleme Kurumu (EPDK) in Turkish - Energy Petrol last year had a market share of 15 percent in Istanbul, the country's largest bunker port. Sales of marine fuel at the port are estimated to be around 2 million tonnes per annum.

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