Toyoto Tsusho shutting Singapore unit, starting new bunkering arm

Toyota Tsusho

19/05/2023 04:39

By Jeslyn Lerh
       SINGAPORE, May 19 (Reuters) - Japanese trading house
Toyota Tsusho Corp  8015.T  said it is shutting its Singapore
unit Toyota Tsusho Petroleum but plans to continue to offer
bunker fuel and possibly biofuel and liquefied natural gas in
the city-state through a new subsidiary.
    The company declined to comment on the reason for shutting
the Singapore unit, which ranked 29th on Singapore's Maritime
and Port Authority of Singapore's list of bunker suppliers for
2022 by volume. 
    The new subsidiary, Toyota Tsusho Marine Fuels Corp, will be
based in Tokyo and will consider adding biofuels and liquefied
natural gas (LNG) to its offerings to ships along with
conventional bunkering fuel in Singapore, a company spokesperson
said in an email in response to questions from Reuters. 
    The company is considering applying for a Singapore
bunkering licence for the new subsidiary, and also plans to set
up another bunkering unit in Shanghai, the spokesperson said.
    In April, Toyota Tsusho started supplying biodiesel-blended
fuel to ships operated by Toyofuji Shipping Co Ltd at the port
of Nagoya, according to a company statement last week.  
    Toyota Tsusho is a trading arm of Toyota Group. 

 (Reporting by Jeslyn Lerh; Editing by Florence Tan and Kim
Coghill)
 ((Jeslyn.Lerh@thomsonreuters.com;))