Singapore trading firm Sing Fuels acquires Prime’s Bunkersplus

Sing Fuels Pte. Ltd., a global energy trading firm in the maritime industry headquartered in Singapore announced that it is acquiring the assets of independent bunker-buying management service Prime’s Bunkersplus Services L.P. 

Based in Athens, Greece, Prime’s Bunkersplus Services is a spin-off of Prime Petroleum Services, Inc. (PPS) which operates in the bunker brokering sector by bridging top-tier shipping companies with vetted physical suppliers and re-sellers of marine fuels and lubricants.

The move is the first step in Sing Fuels’ plans to build a global alliance of independent brokerage and trading partners, with local knowledge in their respective markets. Sing Fuels currently has operations in Singapore, South Africa, the United Arab Emirates, the United Kingdom, and the United States. 

Prime’s Bunkers, which was founded by Irene Notias in 2002, specialises in the Greek shipping market. It focuses on implementing cost-effective, intelligent bunker buying strategies with key decision makers, providing an effective alternative to local major market traders.

Following the deal, Prime’s Bunkers will continue its operation under the name of Sing Fuels Pte. Ltd. (Hellas). Additional investment will be made to increase the company’s current headcount, adding more traders, and broadening its service offering in Greece. Founder Irene Notias will continue to lead the business.

“We are thrilled to be joining forces with Prime’s Bunkers. Sing Fuels already had a presence in Greece since May 2021 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,” said Vikash Dhanuka, chief executive, Sing Fuels.

“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,” said Notias.