GoodFuels exits Singapore after near three years in the market

FincoEnergies’ biofuel brand, GoodFuels, will cease all bio-bunker deliveries in Singapore with immediate effect, according to Jing Xieng Han, general manager of GoodFuels Asia Pacific.

PHOTO: Cargo terminal at the Port of Singapore. Getty Images

"FincoEnergies has decided to consolidate GoodFuels operations in the Asia Pacific and ARA regions," she wrote in a social media post, adding that the company will continue operations through its Amsterdam office.

Han also announced that she would be departing GoodFuels Asia Pacific, effective November 6.

GoodFuels has not yet provided an official reason for its exit from the Singapore market.

Meanwhile, Singapore recently overtook Rotterdam as the largest biofuel bunker hub. Rotterdam sold around 137,000 mt of bio-blended bunkers in Q3 2024, about 40% less than the 227,000 mt sold in Singapore during the same period.

Rotterdam’s Q3 sales dropped by 41% from the previous quarter, marking the lowest level since Q4 2021.

By Konica Bhatt

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