|Sing Fuels acquires Prime's Bunkersplus Services|
|'First step' in plan to create global alliance of independent brokerage and trading partners.
|Image credit: Unsplash|
|Updated on 07 Jun 2022 08:01 GMT
Sing Fuels on Tuesday confirmed that it is acquiring the assets of Greece-based bunker-buying management service Prime's Bunkersplus Services (Prime's Bunkers).
The partnership is the first in Sing Fuels' 10-year history, providing it with a foothold into the Greek shipping market, which the company says will strengthen its position for further expansion in Europe.
Moving forwards, Sing Fuels notes that it intends to create "a global alliance of independent brokerage and trading partners, with deep knowledge and specialism in their respective markets, and working together to provide an alternative to larger global competitors."
Founded by Irene Notias in 2002, Prime's Bunkers has been operating as a bunker-buying specialist in the Greek market, acting as an alternative to major local traders.
Following the deal, Prime's Bunkers will operate as Sing Fuels Pte. Ltd. (Hellas) and additional investment is set to be made to increase the number of staff and broaden the firm's service offering in Greece. Founder Irene Notias will continue to lead the business.
Vikash Dhanuka, Chief Executive, Sing Fuels, commented: "We are thrilled to be joining forces with Prime's Bunkers. Sing Fuels already had a presence in Greece since May '21 with Panos Tsikleas coming on board. Irene and her team are well-connected in the Greek shipping market and as long-time associates, our companies share a similar ethos and vision. Bringing together the experience, knowledge and network of both teams will further strengthen our foothold into the local market. We are both deeply committed to operational excellence and believe there is room to capture more market share with our proactive approach and after service."
Dhanuka added: "This partnership is this first of many others we hope to form as part of our strategy to build a global alliance of like-minded independent brokers and traders, who have deep specialisms in their markets, to work together to expand our market share."
Irene Notias remarked: "This partnership is a natural next step for our business. Sing Fuels has been a trusted associate over many years, and we believe their team's deep experience and resources will be valuable in helping us to scale our offering in Greece and the European region. We are excited about the possibilities of what a global alliance of like-minded partners can offer as this expands in the future. We look forward to working together to continue to raise service and operational excellence standards across our industry."