Bomin in the Americas: Future Proof!
Speaking from the Bomin Group’s Hamburg headquarters, Managing Director Jan Christensen explains the Group’s approach and thinking:
‘You don’t need a crystal ball to realize that the introduction of low sulfur regulations in 2020 brings both challenges and unique opportunities. We have long known that the cost of fuel will increase in 2020 and this will impact on both the industry’s financing costs, sales volumes and existing credit limits. Higher costs for buyers will have a significant impact on their financial performance and unfortunately this will be critical for those who are perhaps already struggling in weak markets or lack access to increased capital. Bomin therefore made a very conscious decision to only sell to first-rate, prompt-paying customers with whom we have complete confidence and are proud to serve them.’
Whilst acknowledging the new 2020 environment, Philip Chesson, President of Houston-based Bomin Bunker Oil Corp., is confident the business will thrive with the advent of new and additional opportunities to serve the customers.
Philip observes: ‘Bomin has always performed well in the Americas and I am confident that this will continue. Put simply, we have a good business model with the right team and the right customers. We will continue to meet our customers’ marine fuel needs in our physical locations of Houston, Panama and Virginia. We will also continue to assist our customers to secure fuel supplies throughout the Americas in ports where Bomin is not physical. This is not to say that the introduction of low sulfur limits in 2020 will be straightforward but we are prepared to support our customers as we all transition into the new low sulfur environment.’
Philip continues: ‘We will continue to work closely with our customers to better understand and accommodate their purchasing requirements as the year progresses and this will shape our exact offering as we close in on 2020. But you can be sure that Bomin will supply IFO for its customers who have scrubbers fitted, as well as gasoil and the new 0.5% fuels. We aim to work ever more closely with our customers to ensure that this transition period passes as smoothly as possible.’
Formed in 1984, Houston-based Bomin Bunker Oil Corp. is an established physical supplier of marine fuels with operations in Houston and surrounding US Gulf ports, Norfolk, Virginia, Panama (both Balboa and Cristobal) and Ecuador. Bomin Bunker Oil Corp. is ultimately and wholly owned by Marquard & Bahls AG via its Mabanaft trading division. Founded in 1947, Marquard & Bahls, Hamburg, is one of the leading independent companies in supply, trading and logistics of energy & chemicals. The core lines of business include tank storage logistics, trading and aviation fuelling.
Source: Bomin Bunker Oil Corp.