Fresh from the news rival Vopak is forming a low sulphur fuel venture in Rotterdam with Maersk, Gunvor Group has put on hold earlier plans to create its own low sulphur fuel producing plant in the same Dutch port.
“The price environment and other relevant economics have changed considerably since Gunvor first began exploring the concept a year ago,” the company said in a statement.
Dutch newspaper Het Financieele Dagblad first reported the delay, citing an internal company memo.
Gunvor also confirmed to Reuters it has halted plans to sell its stake in the Stargate storage terminal in Rotterdam.
Last week Maersk and Vopak agreed to launch a 0.5 % sulphur fuel bunkering facility in Rotterdam, Europe’s largest bunkering hub. This first joint initiative will cater for around 20% of Maersk’s global demand, enabling Maersk to deliver approximately 2.3m tonnes of sulphur cap compliant fuel per year.
With 16 months to go until the global sullphur cap kicks in, Maersk remains opposed to scrubbers while many of its large rivals have moved to get them installed.