GoodFuels exits Singapore marine biofuel bunkering market

Photo: GoodFuels

GoodFuels has pulled out of the Singapore market and will no longer supply marine biofuel to one of the largest bunkering hotspots in the world.

“After evaluating market conditions, we have determined that applying more emphasis to our activities in Europe will enable us to maximize our impact on transport decarbonization at this time,” the company said in a statement provided to Biobased Diesel Daily®.

“As part of this strategic move, we are centralizing our operations at our headquarters in the Netherlands while maintaining our commitment to serving clients through our European base,” GoodFuels stated.

The company is closing its Singapore office after opening it nearly three years ago to respond to the fast-growing global demand for its marine biofuels in one of the world’s most important shipping and marine fuel hubs.

In early 2022, when GoodFuels chose Singapore as its second office location and first outside of Europe, the company cited Singapore’s importance to the global shipping industry and its leading position as a key bunkering hub, with mature bunkering infrastructure that will support the delivery of marine biofuel.

In the statement provided to Biobased Diesel Daily®, GoodFuels said it will continue to serve its client base with physical biofuel deliveries in the Amsterdam-Rotterdam-Antwerp region.

The company said it will continue to support international customers through its carbon insetting (GoodShipping) and offsetting (GoodZero) services globally.

“More broadly,” GoodFuels stated, “we will continue to assess and review opportunities to supply biofuel in major bunkering hubs on an ongoing basis.”