Image credit: Sing Fuels Pte Ltd

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Bunker-selling outfit Sing Fuels Pte Ltd has been named a winner in this year's Enterprise 50 (E50) Awards.

Now in its 24th year, the E50 Awards recognise the top 50 local, privately held companies that have contributed to economic development in Singapore and abroad.

The ranking of the leading 50 companies is based on a set of qualitative criteria that include business model, productivity and innovation, management ideals and governance, risk management, and market presence in the region and beyond.

Quantitative performance indicators are also taken into consideration in ranking the companies.

Commenting on the news, Sonnich Thomsen, Managing Director, Bunkering, said: "The E50 Award is a testament of our hard work and will serve as an inspiration to further our quest for globalization. We extend our gratitude to the valued support of our customers, suppliers, and our dedicated staff."

Discussing the choice of this year's theme, 'Accelerating Growth, Innovating for Tomorrow', Jonathan Ho, Head of Enterprise at event organiser KPMG, remarked: "Most local enterprises have humble beginnings, they started off as one or two-men outfits with small capital outlays. Progressively, through hard work, clear vision and enterprising spirit, many have grown in scale, scope and geographical spread beyond the local market."

Headquartered in Singapore, Sing Fuels is a trader of marine fuels and lubricants with team members based in Singapore, Taiwan, Turkey and UAE.

Sing Fuels' physical bunker supply arm, Kyto Global, is a licensed physical bunker supplier in approximately 30 UAE ports.

The company on Friday described its core values as being trust, credibility and dependability.