Business

Straits Inter Logistics Q2 2019 net profit up on bunkering developments

Group’s 2019 outlook continues to look positive with completion of acquisitions and new business activities.

Published

7 years ago

August 26, 2019

Admin

Malaysia-listed bunkering firm Straits Inter Logistics (Straits) on Friday (23 August) posted a 166% increase in net profit for the quarter ended 30 June (Q2) of 2019 due to increased business activities.

It recorded net profit of RM 1.8 million in Q2 2019, an increase from net profit of RM 683,000 during Q2 2018.

Revenue during Q2 2019 was RM 125 million, a 183% increase from revenue of RM 44 million during the similar period last year.

Specifically, the company’s oil trading & bunkering services segment posted revenue of RM 124 million in Q2 2019.

“In line with the Group’s plan to build its sustainable revenue stream consisting of oil bunkering and trading in oil products, it has managed to almost doubled up its revenue for the second quarter of 2019 by RM81.03 million to RM125.22 million, from RM44.20 million achieved in the second quarter of 2018,” it stated.

“The substantial jump in revenue is mainly due to the consolidation of the results of Tumpuan Megah Development Sdn Bhd (Tumpuan Megah).

“For the second quarter of 2019, the revenue increased by RM16.47 million or 15.1% to RM125.22 million, from RM108.76 million achieved in the preceding quarter, as the Company commenced its MFO bunkering and increased its bunkering operation as the monsoon and festive season ended in the first quarter.

“The pick up in the oil and gas industry has also contributed to increase in demand for the bunkering business.”

Straits recently completed a 55.0% equity stake in Tumpuan Megah and 38.0% equity stake in Banle, which comes with a Profit After Tax Guarantee per annum of RM5.00 million and USD 0.83 million respectively for the financial year ending (FYE) 31 December 2019 and 31 December 2020.

“With this expanded Group business infrastructure, the Group is poised to exploit its positive mid-term prospects,” it says.
Straits, through subsidiary Tumpuan Megah, on 26 June entered into a provision of bunkering services agreement with Bintulu Port Sdn Bhd (BPSB) for a contract period of three years commencing from 1 August 2019.

In line with the Group’s business strategy to further expand its bunkering services and supply of marine fuel oil (MFO), Straits on 14 June enlarged its asset base through SMF Begonia Ltd, a wholly-owned subsidiary company of Straits Marine Fuel & Energy Sdn Bhd (SMF) by acquiring a vessel named M.T. Antlia (subsequently renamed to M.T. SMF Begonia) for a purchase consideration of USD 4.70 million.

The company on 23 April 2019, incorporated a 51.0% subsidiary known as Straits Marine Services Pte Ltd (SMS) in Singapore to provide in-house vessel and marine management services to the Group’s fleet of vessels, which was previously outsourced to external parties.

The Board of Directors is of the opinion that it would be more cost efficient and beneficial to set up its own vessel management services division under the direct supervision of its Executive Director, Captain Tony who will oversee and ensure that the vessels overall operations and maintenance cost are effectively managed at a very competitive level.

On 6 May 2019, the Group had entered into a Heads of Agreement (HOA) with Elsa Energy Sdn Bhd (Elsa) to facilitate negotiations and collaborations as well as to explore potential acquisition opportunities between Straits and Elsa.

“With the completion of the above acquisitions and new business activities, the Group’s outlook for 2019 continue to look positive,” it concludes.

Published: 26 August, 2019

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

14 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

14 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

14 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026