Dear valued customers and partners,
Kung Hei Fat Choi! Happy Chinese New Year! I would like to wish everyone the very best in the Year of Rat.
2019 was a challenging year for shipping industry - slowing economic growth, trade wars, geopolitical tensions, plus continuing uncertainty over Brexit; they all came together to create a tougher than anticipated business environment for the industry.
We certainly hope that 2019 ends at the bottom of the current economic cycle and 2020 becomes brighter, although it is likely that 2020 will without doubt bring more challenges for all sectors of the maritime industry.
Despite the challenges of 2019, Gulf Oil Marine continued to make improvements in our performance. We actively helped many of our customers prepare for compliance of the 2020 regulations. We rebalanced our stock requirements for 2020, adjusting logistics to match the new demand profile as customers switched to 0.5% S fuels in order to comply with the 2020 sulphur emissions regulations. We also provided innovative solutions to help customers to save operational costs and enhance their vessel’s efficiencies in fuels and lubes through our innovative technical offers.
As you can see, we’ve placed the customer at the heart of everything we do. And as we begin the new year, we must not lose sight of that same priority: putting the customer first, showing our customers how we can support them in their needs by providing them the best /most appropriate lubrication solution.
Despite facing what will inevitably be a challenging time ahead, I am sure that by working together, keeping focused on our priorities and putting our customers first we can realise our ambitions. I look forward to your continued support in the coming year.
Once again, thank you everyone who supported us in the past, and I wish you all a happy, healthy and rewarding Year of the Rat.
Thank you very much.
Mr. David Price
CEO, Gulf Oil Marine Ltd.