Overcoming market turmoil in the European and Mediterranean bunker fuel market

Challenging market conditions continue for the bunker market. Russian’s invasion of Ukraine and subsequent sanctions have impacted global supply chains in energy and beyond. Economic and market volatility are upon us. What does the future hold for the bunker market and what does 2023 and beyond look like?

This year’s challenge for the market is to manage volatility while investing in the shift to low and zero-carbon fuels for the next regulatory milestones. Bunker suppliers must continue to establish footholds in the alternative fuels space and shipping companies must continue to explore options away from conventional bunkers to cut their greenhouse gas emissions. Although the main market to talk about here remains LNG, Methanol is rapidly becoming another stand-out fuel. But these are just near-term solutions, how do longer-term hopes around Ammonia and Hydrogen fare?
At a time when HSFO gains market share and VLSFO prices increase, come together with the world’s leading bunker suppliers, refiners, traders, brokers, and ship owners/operators to explore the outlook for the European bunker market by reviewing bunker fuel supply and demand, pricing trends, shipping markets, the supply chain, alternative fuels and future regulatory milestones.


Key topics covered include:

• Examining current market conditions in Europe against a backdrop of high uncertainly in the bunker market.
• Reviewing bunker market trends and pricing in a 0.50% Sulfur world as new regulations emerge
• Addressing the outlook for the supply chain by reviewing the shipping market and providing the latest developments in European bunker buying and supplying
• Establishing which future fuels have potential in the bunker market specifically LNG and biofuels such as Ammonia and Methanol, hydrogen
• Looking ahead to the next wave of regulatory milestones, possible geopolitical scenarios & considering their impact on the European bunker market



Thursday December 1, 2022
  • 08.30 AM Registration and networking 
  • 09.15 AM Chair's welcoming remarks
Opening keynote
  • 09.25 AM Keynote: Bunker Market in uncertain times
    • Reviewing the critical role of the marine fuels industry within the global economy
    • Views on the impact of recent events on the bunker market
    • HSFO availability (likely challenging on regional ports ) how scrubber fitted vessels ROI slowed and financial challenge for the vessel owners who are switching to VLSFO
    • The state of the market post COVID-19
    Peter Zachariassen, CEO, Bunker One
  • 09.50 AM Interview: Russia/Ukraine Crisis and its impact on the European bunker Fuel Market
    • Looking at the market against the current volatile backdrop of global inflation, Russia/Ukraine crisis and possible impact of sanctions
    • Surveying the recent geopolitical landscape and disruption of 2022
    • Examining bunker margin and impact on the supply chain
    • Growing role of No Objection Certificate (NOCs)
    Neil Lamerton, UK Bunker Market Specialist, Alpha Trading
  • 10.15 AM Panel discussion - Leaders discuss key headlines shaping the bunker market’s agenda
    • Russia/Ukraine impact
    • Outlook for VLSFO and overall demand
    • New fuels for the industry (ammonia, methanol, hydrogen & LNG)
    • Credit challenges
    • Contamination of fuels
    • Preparing for growth in the bunker market at a time of volatility
    Michael Malamen, Global Commercial Manager, Board Member, PMG Holding
    Guido Cardullo, Head of Business Development, Fratelli Cosulich
    Carsten Ladekjaer, CEO, Glander International
    Chris Chatterton, COO, Methanol Institute
  • 10.55 AM Networking and refreshment break
  • 11.25 AM Panel discussion: Tackling credit challenges in the bunker market
    • Impact of increasing oil prices and expensive products on creditworthiness of counterparts
    • Greater scrutiny from banks
    • Looking at the evolving payment terms
    • Credit vetting across the bunker industry
    • Alternative credit sources
    Christopher Morgan, Global Head of Credit, Delta Energy
    Anna-Maria Fotinou, Senior Credit Risk Manager, Island Oil (Holdings) Ltd
  • 12:05 PM The big picture: Impact of the Oil market on bunker fuel demand
    • Outlook on volatile oil markets, the risk to supply and macroeconomics,
    • The ‘platinum age’ in refining and in Europe and the impact to bunker fuels
    • Trends in the competitiveness of gasoil, LSFO and HSFO
    • Impact of high oil (and gas) prices on growth in alternative fuels
    Nicole Leonard, Head of EMEA Custom Solutions, Custom Analytics and Consulting Services, S&P Global Commodity Insights
  • 12:30 PM Networking Lunch
Emerging bunker Price Trends and Quality : VLSFO , MGO and HSFO
  • 1:35 PM Rising quality issues
    • The importance of quality fuel
    • How has quality shifted in the past year – correlation between oil price and quality
  • 2.00 PM Assessing bunker price developments for current and future marine fuels
    • Current trends in HSFO, VLSFO and MGO markets
    • What can we expect in bunker markets going forwards?
    •  Hi-5 spread :increase in scrubber uptake and projections ahead of IMO 2030
    • The impact of Russia’s invasion of Ukraine on bunker markets and how they are changing the bunkering space
    • Pricing and methodology for alternative fuels
    Tamara Sleiman, Managing Editor, EMEA Residual Fuel Oil, S&P Global Commodity Insights
Examining the bunker market in a 0.50% Sulfur world
  • 2.25 PM Regulation outlook for the bunker market
    • Keeping abreast What’s next from the IMO – 2030 and IMO 2050 regulation
    • Looking at possible achievable outcomes and enforcement. How to ensure compliance with these regulations
    • The new carbon intensity indicator (CII) set for January 2023. What is it? What could be the impact? How will it be implemented and how might it tighten as a regulation between January and 2030
    • New regulation on biofuels
    Unni Einemo, Director, The International Bunker Industry Association (IBIA)
  • 2.40 PM Q&A Session
    Unni Einemo, Director, The International Bunker Industry Association (IBIA)
    Mark Smith, Loss Prevention Executive, North Group
Supply chain outlook in 2022
  • 2:50 PM Digitalizing of the bunker Market; reducing costs through digital tech
    • Are digital service providers to the bunker market and shipping industry changing the market?
    • Improving efficiency and addressing anti-corruption and compliance issues with digitalization
    • Reviewing digital activity within the bunkering space
  • 3:15 PM Shipping markets review and outlook
    • Reviewing 2022 so far and understanding shipping markets today
    • Understanding tomorrow’s marine fuels trends today
    • The post-IMO2020 world: Zero carbon trade
    • A global crossroads: Shipping across the globe
    Dr. Natalie Gupta, Director Bunkering, Yara Clean Ammonia
    Charles Chatsy, Shipping Analyst, Affinity
  • 3:55 PM End of Day One Closing Remarks
Friday December 2, 2022
  • 08:30 AM Networking
  • 09:15 AM Chairman’s welcoming remarks and review of day one
Opening Keynote
  • 09:25 AM Future risk & looking ahead; what is the next crisis for the bunker market?
    • Global uncertainly is greater now than for many years
    • Risks under the radar
    • New pandemics and supply chains
    • Further lock downs in China and impacts
    Rob McLeod, Head of Risk Solutions, Hartree
New Fuels, Carbon Offsetting & Digitalization; Examining their potential in the Bunker Market
  • 9:50 AM Biofuels - solutions and future
    • Examining biofuel solutions for the marine sector
    • Regulatory framework for use of biodiesel in shipping
    • Supply chain of biofuel for bunkering
    • Typical challenges
    • Outlook for biofuels in the bunker industry
  • 10:15 AM Shipowners Panel – what is the path to net zero carbon in the bunker industry over the next 20 years?
    • Shipowners discuss bunker licensing, Mass Flow Meters and new ECA’s in Europe
    • Challenges of reducing GHG emissions on shipping
    • Drive towards large zero -carbon cargo ships
    • Bridging or Transition Fuels: LNG and Methanol
    • Discussing Ammonia and Hydrogen
    • Digitalization of bunkering – progress and potential
    Kenneth Dam, Global Head of Bunkering, TFG Marine
    Michael McNamara, VP, Global Fuel Sourcing, Carnival
    Sveta Ukkonen, Head of Marine Fuels & Services, Neste
    Rustin Edwards, Head of Fuel Oil Procurement, Euronav
    Jan Christensen, Senior Director Global Fuel Purchasing, Hapag-Lloyd
    Tyler Baron, CEO, Minerva Bunkering
  • 10:40 AM Networking and refreshment break
  • 11:10 AM Methanol as a future fuel
    • Assessing the growing market demand for methanol in shipping
    • Platts Methanol bunker price assessment
    • How Methanol is emissions savings as a bunker fuel
    Ilyas Muhammad, Green/e-Fuels Development & Trading, Maersk
  • 11:35 AM Uncovering the facts of carbon offsetting in bunker
    • The role of carbon offsetting in tackling decarbonization • bunker firms offering a carbon offset option • Taking advantage of low price for offsets while investing in the shift to low and zero-carbon fuels
    Alex Karalis, Shipping & New Fuels Lead, Pennine Energy Group
  • 12.00 PM Closing Remarks from Chair
  • 12.15 PM End of Conference

Key numbers






Ship Owner/Operator


Technology/Service Provider




SpeakerUnni Einemo,
Director, The International Bunker Industry Association (IBIA)

Unni Einemo joined the IBIA secretariat in April 2016 as IMO Representative and Communications Manager. She was promoted to Director in 2018 to serve as the global head of the Association.

Prior to joining IBIA, she spent two decades as a journalist/analyst in marine fuel and shipping in her capacity as Managing Editor for the highly regarded Bunkerworld and Sustainable Shipping news services at Petromedia, and later Platts, which acquired Petromedia in 2015. She has gained expert knowledge through engaging with industry and taking part in numerous conferences and IMO meetings.

Lloyd’s List named her as one of ‘Ten women influencing shipping in 2019’ and among the “Top 10 in regulation” in 2018 in connection with its annual Top 100 most influential people in shipping series.

Unni is a Masters Graduate from the School of Oriental and African Studies in London, with a major in Contemporary Politics of the Middle East.
SpeakerTyler Baron,
CEO, Minerva Bunkering

Tyler Baron is the Chief Executive Officer of Minerva Bunkering, the leading physical supplier in the marine fuels industry, and a subsidiary of the Mercuria Energy Group. Minerva serves customers in 150 ports worldwide utilizing its extensive portfolio of bunkering dedicated logistics assets across supply vessels and storage terminals.

Prior to joining Minerva, Tyler led the financial and operational restructuring of bunker supplier Aegean Marine Petroleum Network, Inc., later acquired by Mercuria.

Across roles in banking and investment management, Tyler has two decades of experience in equity and debt capital markets within the energy, transportation, and industrial sectors.

SpeakerCarsten Ladekjr,
CEO, Glander International

Carsten Ladekjær is the CEO of Glander International Bunkering Group, one of the world’s leading bunker trading companies located in 9 offices across the world.

A bunker veteran with 20+ years of experience, Carsten has been responsible for steering Glander International Bunkering into new waters and global success. He started his triumphant career as a bunker trader in 1995 after completing military service in the Royal Danish Guards. His tremendous vision and ambition propelled him into high ranking positions such as Managing Director, Senior Vice President and CEO of bunker trading companies before he joined Glander International Group in 2017.

Carsten is a regular speaker at industry-related meetings and events, where he is keen to share his bunker knowledge and insights with audiences around the world.

SpeakerChris Morgan,
Global Head of Credit, Delta Energy

A uniquely-experienced credit and sanctions compliance specialist across the shipping, oil & gas, transport/logistics and aviation sectors, Chris has been credit manager for some of the largest and best-known bunker companies in the world, in the UK, Singapore, Dubai and Rotterdam. He also has almost ten years experience working as a credit analyst in the shipping and bunker sector prior to moving into bunkering proper in 2010. He now heads up the credit and compliance function for Delta Energy in Rotterdam, which is part of the large Delta Corp group in Dubai. Chris can be seen speaking at conferences and contributing articles for the bunker press quite regularly.

SpeakerJan Christensen,
Senior Director - Fuels, Lubricants & Chemicals, Hapag-Lloyd AG

Jan started his career in bunkering and shipping in 1997 with Maersk in Copenhagen. Before joining Hapag-Lloyd in Hamburg as Senior Director of Global Fuel Purchasing in the summer of 2019, Jan held management positions with Bomin, OW Bunker and Maersk Oil Trading in Denmark and Germany.

Jan has worked in all parts of the bunkering supply chain (sourcing, risk management, sales, purchasing) and has a unique insight on both sides of the negotiation table.

SpeakerDr. Natalie Gupta,
Director Bunkering, Yara Clean Ammonia

Natalie Gupta recently joined Yara Clean Ammonia as a Director Bunkering Value Chain Partnerships and is currently responsible for developing the market for ammonia as a shipping fuel. Previously, Natalie worked as an Consultant for different type of clients focusing on ports, shipping, and trade facilitation. Natalie has a PhD in development economics and an MSc in finance and financial law.

SpeakerNeil Lamerton,
UK Bunker Market Specialist, Alpha Trading

Neil Lamerton started his career at sea with P&O Steam Navigation Company as a Deck Cadet and on completion of Second Mates he came ashore buying bunkers for P&O the P&O consortium. Since then he has worked with AJ Speed & Co, Marubeni, Wake Marine/Davies & Newman Wake/KPI Bridge Oil, He then took on the role of Global Head of bunkering with Gulf Petrochem, before setting up his own Company Oceanic Energy. After a year with LQM in London, when the office was closed down he joined Alpha Trading continuing their business in Europe and Africa and helping to expand their position in Asia, the Middle East and South America.

Neil was a founder member of the IBIA and has been a member of the Worship Company of Fuellers and the Energy Institute for most of his career. He has for many years had a major interest in alternative fuels and is helping Alpha Trading expand its inland Biodiesel Department into the Marine Market.

SpeakerIlyas Muhammad,
Green/e-Fuels Development & Trading, Maersk

Mr. Ilyas Muhammad is Senior Business Development Manager at A.P. Moller – Maersk HQ in Copenhagen, Denmark. He is responsible for developing the supply of green fuels for Maersk container ships. Mr. Ilyas has Masters in Chemical Engineering from Seoul National University South Korea and 15 years’ experience in Commercial Management, Project Development, Technology Licensing & Process Engineering, while working at Haldor Topsoe, Shell Refinery, Samsung Engineering and Fatima Fertilizer.

SpeakerSveta Ukkonen,
Head of Marine Fuels & Services, Neste

Sveta Ukkonen, M. Econ., MBA, leads the Marine Fuels and Services business at Neste Corporation. Neste is the world’s leading producer of sustainable aviation fuel, renewable diesel, and renewable feedstock solutions for polymers and chemicals industry. Sveta joined Neste in 2012, and has held several leadership positions in both oil products and renewables businesses. Sveta is driven by the purpose of creating sustainable solutions for future mobility. During her career at Neste, Sveta was driving the launch of several cleaner solutions for road transportation and especially marine.

Before joining Neste, she has worked in M&A and sales positions within pharmaceutical distribution and steel industry.

SpeakerMichael Malamen,
Global Commercial Manager, Board Member, PMG Holding

Michael began his career in investment banking in London, working on major M&A deals in the Oil&Gas and energy sectors (totalling over USD20 billion), including refinery and port sales on behalf of Essar Oil and Essar Energy. Worked in energy teams at Royal Bank of Scotland, Societe Generale and VTB Capital. Subsequently, Michael spent several years in the strategy department at Eurasian Natural Resources Group.

Currently Michael is the Commercial Director and Head of Bunker and Cargo Sales and Trading at PMG Holding. Michael spearheaded the expansion of PMG Holding from a company well known as a physical bunker supplier in the Black Sea, with a 20 year heritage, to a global bunkering house. Today PMG ships to all bunker hubs around the world and has 5 offices worldwide.

Michael holds an Msc in Mathematics, Statistics, Operations Research and Economics from the University of Warwick and an additional Msc from CASS Business School.

SpeakerGuido Cardullo,
Head of Business Development, Fratelli Cosulich Spa

Guido Cardullo is the Head of Business Development of Fratelli Cosulich, a world leading bunker trading company with offices in Hong Kong, Vietnam, Singapore, Dubai, Athens, Genoa, Monaco, Paris and New York.

Before that, he was Managing Director of the Singapore office of Fratelli Cosulich, where they operate as a physical supplier with a fleet of 6 owned bunker barges. Mr Cardullo joined Fratelli Cosulich in 2011.

SpeakerPeter Zachariassen,
CEO, Bunker One

Peter Zachariassen is an experienced CEO with a demonstrated history and international background from the Bunker Industry. Combined with a pragmatic yet strategic mindset, Peter also has deep operational insights from his many years in the industry. Peter is setting the bar high when it comes to development, new ways of working, trends and customer demands. The smooth 2020 transition is one of the recent achievements, where a combined strategic and operational focus showed proper use of that exact experience. Simplicity, digitalization, expansion, low emission fuels, and customer partnerships are the key focus areas on Peters desk and where we will see Bunker One accelerate in the coming years.

SpeakerNicole Leonard,
Head of EMEA Custom Solutions, Custom Analytics and Consulting Services, S&P Global Commodity Insights

Ms. Leonard manages Platts Analytics cross-commodity analytics and client engagement, showcasing Platts Analytics integrated outlook on the interdependency of commodities and the fundamentals and trends that drive individual commodity markets. She has held senior analyst positions on Platts Analytics’ crude oil, NGL, and natural gas teams and managed countless Custom Analytics bespoke projects, during which time she contributed to various reports, built relevant and durable quantitative models, and facilitated the expansion of crude and product analysis at Platts Analytics. Ms. Leonard provides commodity market updates to over 100 S&P Global clients per year, and showcases Platts Analytics’ analysis at over a dozen conferences, annual meetings, and forums per year.

SpeakerTamara Sleiman,
Managing Editor, EMEA Residual Fuel Oil, S&P Global Commodity Insights

Tamara is the managing editor of the EMEA fuel oil team in London. She has a particular focus on high and low sulfur fuel oil, as well as fuel oil feedstocks, the impacts of IMO 2020 and the COVID-19 pandemic on fuel oil markets. Tamara has been focusing on the evolution of compliant bunker fuels, and the challenges the market may face with future environmental regulations.

SpeakerKenneth Dam,
Global Head of Bunkering, TFG Marine

Kenneth Dam joined Trafigura’s fuel oil team in 2017 and in May 2019 became Co-Head of its newly formed bunkering team. In 2020, Kenneth was appointed Global Head of Bunkering for TFG Marine, a joint venture created between Trafigura and ship owning companies Frontline and Golden Ocean to supply quality marine fuels to ship owners at global strategic bunkering hubs.

Before joining Trafigura, from 2011 to 2016, Kenneth worked for Monjasa and played a key role in developing its West Africa bunkering operations. Before entering the marine fuel supply and shipping industry, Kenneth was a financial advisor for leading Danish financial services company Nykredit.

SpeakerRustin Edwards,
Head of Fuel Oil Procurement, Euronav

Rustin Edwards has been over 20 years in the Fuel oil and Maritime industry. He has been with Euronav for over 1 year to monitor and manage the fuel oil procurement of their fleet. Prior to this he was leading the IMO 2020 work stream at Macquarie Commodities Trading. Prior to that he was the global head of fuel and feedstocks trading at Cargill, managing the fuel oil exposure for the company. HE was employed by Chevron Products Company for 7 years, 5 years in Houston as part of the Chevron Marine Products group and 2 years in London. Prior to joining Chevron, Rustin worked as a supply coordinator and analyst for Amerada Hess corporation, performing supply logistics for their refinery system and terminal network. HE worked for 2 years in Saint Croix as a port captain, managing the terminal port operations. He has sailed on ocean tankers, from ULCC to coast wise handy tankers, achieving the rank of Master Mariner, Unlimited tonnage.

SpeakerMark Smith,
Loss Prevention Executive, North Group

Mark joined North of England P&I Loss prevention department in September 2013 in the. Mark previously worked as a Fleet Superintendent for Maersk, a Technical Superintendent for Paccship UK Ltd and spent time as an engineer at sea with P&O Nedlloyd. Mark is involved with all aspects of loss prevention including guiding Members, writing publications and hosting webinars with a recent focus on decarbonisation in shipping.

Mark is part of North’s decarbonisation working group and also deals with enquiries on bunker quality and disputes.

SpeakerRob McLeod,
Head of Risk Solutions, Hartree

Rob McLeod leads Hartree’s Global Risk Solutions group, sharing advice and insight to customers across all industry sectors on energy price risk – from bunker fuel and diesel to natural gas, emissions and beyond – and providing hedging tools to help manage that risk. Over the past 14 years, Rob has built a leading franchise in risk management across the energy sphere – structuring solutions to exactly fit clients’ needs, whether as standalone derivatives or embedded into physical supply. Prior to joining Hartree, Rob worked in energy at UBS. He holds a BSC in Economics from the University of Bristol.

SpeakerCharles Chasty,
Shipping Analyst, Affinity

Charles Chasty is the senior analyst at Affinity Research, having been the lead oil and tanker analyst since 2017. Charles advises clients globally of the latest developments across the shipping markets to aid in strategy, both in chartering and investment decisions.

SpeakerAlex Karalis,
Shipping & New Fuels Lead, Pennine Energy Group

Alex Karalis leads the shipping & new fuels desk at Pennine Energy where he is responsible for implementing targeted strategies along the low & zero carbon fuels and carbon savings certificates value chain. He also co-leads the sustainability focus group for the Marine Fuels Alliance; a non-for-profit organisation which sets out to address the complex challenges that physical bunker suppliers face.

Prior to joining Pennine Energy, Alex held various roles with Trafigura and ArrowResources AG. He holds a BSc in Maritime Business and Maritime Law from the University of Plymouth and an MSc in Shipping, Trade, and Finance from Cass Business School.

SpeakerChris Chatterton,
COO, Methanol Institute

Mr. Chatterton joined the Methanol Institute in February 2015, managing MI’s CIS, Asia Pacific and Middle East operations. Over the past 20 years, Mr. Chatterton has worked at the executive level across the energy, shipping, automobile, renewables and chemical sectors, where he has been responsible for creating strategy, fundraising, restructuring, crisis management and operations for both start-ups and multinationals.

After launching a successful business incubator in Kazakhstan, circa 1994, Chris discovered a passion for educating, connecting and guiding like-minded entrepreneurs. Since then, he has led several energy and agricultural organizations to successful IPOs in addition to numerous cross-border private placements in the EU, Asia, Middle East and CIS and is active in the start-up space as a founder, thought leader and investor. Mr. Chatterton is fluent in Russian and holds an EMBA from HEC Paris.



Become a sponsor

Position your business in expert company, distinct from your competitors. At the S&P Global Commodity Insights Barcelona Bunker Fuel Conference, each sponsor has the opportunity to showcase their product or service to industry-wide professionals. We provide an environment that encourages an honest and open dialogue among attendees. If you would like to lead the conversation as an event sponsor, contact us for more details on available packages: Jon Fleming on +44 7815 019864 or [email protected].


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Register by December 01, 2022
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The Barcelona Bunker Fuel Conference will be held on December 1-2, 2022 at the Novotel Barcelona City in Spain.

Your conference registration does not include accommodation. A limited number of rooms have been reserved for conference attendees at the Novotel Barcelona City at a discounted group rate.

Please note that these rates apply for the nights of November 30-December 1, 2022. The discounted room rate will be available until November 1, 2022 – or until the group block is sold-out, whichever comes first.
Hotel Details:
Novotel Barcelona City
Avinguda Diagonal, 201
08018 Barcelona
Tel: +34 933 26 24 99

Room Rates:

Double Room Single Occupancy: €120.00

Rates per room and day. VAT 10% included.
Breakfast: included.
Touristic tax: 3.80€ PER DAY AND PERSON, not included in rates. (Rates subject to changes on the current regulations)

Please click here to book your discounted rate

** Please note: S&P Global Commodity Insights is not associated with any third-party reservation agents. Making any reservations through a third party may put your credit at risk of a compromise. To make your reservation, please contact the hotel directly.

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How do I register?

We offer three easy ways to register: online, by phone, and by email.

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Phone: +44 (0)20 7176 6111

I am no longer able attend. May I send someone else in my place?

If you’re not able to attend, we’re happy to transfer your registration to a member of your organization at no cost, up to 2 business days in advance of the event. Requests must be received in writing via email to [email protected] on or before Tuesday, November 29, 2022, and are subject to approval.

What if I need to cancel my registration?

If you're not able to attend or send a colleague in your place, we accept cancellations and provide refunds if received in writing to [email protected] at least 30 days before the event. In the event of non-attendance, the full invoice fee will be payable.

Are there sponsorship opportunities?

Yes, we offer a variety of standard and tailor-made sponsorship opportunities to fit your marketing and business-to-business needs—and your budget. Please reach out directly to the Business Development Manager for this event:

Jon Fleming
Email: [email protected]

Are press passes available?

Yes, we allow accredited media writing on behalf of major industry publications to cover the event at no charge. Please reach out to the contact below for press pass approval.

Alex Baird
Email: [email protected]

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