The lubes have extended oil life and improved engine reliability while resulting in 37% lower lubricant consumption, Shell Marine said.

Trade tensions with US, a weaker global economy and reduced consumer confidence led to the slowdown in energy demand in 2018, Lee said.

An account will be laid before the meeting showing the manner in which the winding-up has been conducted.

Gan has more than ten years of experience in bunker trading and will be based in the Singapore office.

A proposal originally submitted by IBIA to add a definition of sulfur content under regulation 2 of MARPOL Annex VI is also garnering support.

"I think we have ample cargoes in Singapore at the moment and incoming in March," a trader said.