Singapore-headquartered energy trading firm Sing Fuels has struck a deal to acquire the assets of Athens-based bunker-buying management service Prime’s Bunkersplus Services, providing it with a foothold into one of the largest shipping markets.
Established by Irene Notias in 2002, Prime’s Bunkers specialises in the Greek shipping market and, following the deal, will continue its operation under the name of Sing Fuels Pte. Ltd. (Hellas).
Sing Fuels said it will make additional investments to increase the company’s current headcount, adding more traders, and broadening its service offering in the country. Notias will continue to lead the business.
The acquisition is the first in Sing Fuels’ 10-year history and is expected to bolster its position for further expansion in Europe. It is also the first step in Sing Fuels’ plans “to build a global alliance of independent brokerage and trading partners.” The company currently has operations in Singapore, South Africa, the UAE, the UK, and the US.
Vikash Dhanuka, chief executive of Sing Fuels, commented: “Sing Fuels already had a presence in Greece since May 21 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.”