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Toyoto Tsusho shutting Singapore unit, starting new bunkering arm

Jeslyn Lerh
·1-min read

By Jeslyn Lerh

SINGAPORE, May 19 (Reuters) - Japanese trading house Toyota Tsusho Corp 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.

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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)