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Straits Inter Logistics sees 66% decline in net profit; slight recovery in bunker business

The Recovery Movement Control Order was announced in early June, and so the oil trading and bunkering segment saw an improvement in revenue, it said.

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Malaysia-listed Straits Inter Logistics Berhad (Straits), the parent of Tumpuan Megah Development Sdn Bhd (Tumpuan Megah), on Wednesday (25 November) posted a 66% fall in its third quarter (Q3) 2020 net profit due to reduction in revenue from the oil trading & bunkering services, due to Covid-19 related economic restrictions.

Straits recorded net profit of MYR 0.75 million (USD 184,026) in Q3 2020, compared to net profit of MYR 2.20 million (USD 539,811) during Q3 2019, showed its latest financial statement.

The group said its revenue for the current quarter decreased by 28.6%, a MYR 64.5 million drop to MYR 161.2 million as compared to MYR 225.7 million recorded in the corresponding quarter of the previous year.

Specifically, segment revenue from the company’s oil trading and bunkering services was MYR 157.3 million in Q3 2020, representing a 29.9% drop from revenue of MYR 224.7 million in Q3 2019.

“The reduction in revenue is mainly because of the COVID-19 pandemic that hit the shipping industry worldwide including Malaysia,” explained the company.

“The Malaysian Government has announced the Recovery Movement Control Order (RMCO) in early June where more activities were allowed subject to social distancing.

“Therefore, the oil trading & bunkering services segment and inland transportation & logistics segment has seen an improvement in revenue of MYR 85.5 million and MYR 0.5 million respectively compared to the preceding quarter.

“However, the economy of the country was still in a recovering stage compared to previous year.

“The decrease in profit was mainly due to lower profit contribution by the oil trading & bunkering services segment and initial setup cost incurred by the port management segment of MYR 2.2 million and MYR 0.7 million respectively.”

In line with the group’s business strategy to further expand its bunkering services and supply of Marine Fuel Oil, it had on 24 July, 2020, through Beluga Asia Ltd, a wholly-owned subsidiary of Tumpuan Megah, entered into a Memorandum of Agreement to acquire a bunker vessel, M.T. Veronica for a purchase consideration of MYR 10.4 million (USD 2.45 million).

The company said the acquisition will enlarge the vessel fleet capacity of the group and would provide flexibility in respect of its allocation and utilisation of vessels in undertaking the business segment.

Related: Straits Inter Logistics subsidiary SMF Eden acquires “M.T. MO Satu” bunker tanker for USD 4.5 million
Related: Straits Inter Logistics sees 67.8% fall in Q2 2020 profit due to Covid-19 related impact
Related: Straits Inter Logistics subsidiary Beluga Asia acquires bunker tanker to increase service availability
Related: Straits Inter Logistics IMO 2020 strategies contribute 141.2% jump in revenue for Q1
Related: Straits Inter Logistics concludes FY 2019 with ‘commendable performance’, says Chairman
Related: Straits Inter Logistics concludes FY 2019 with 75% jump in net profit
Related: Bursa Malaysia approves Straits Inter Logistics acquisition of Tumpuan Megah
Related: Straits Inter Logistics meeting approves Banle Energy acquisition
Related: Malaysia: Straits Inter Logistics makes land logistics expansion
Related: Straits Inter Logistics takes over operation and management of Labuan Liberty Terminal


Photo credit: Straits Inter Logistics Berhad
Published: 30 November, 2020

 

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Alternative Fuels

ClassNK updates safety guidelines for alternative-fuelled ships

The classification society says it has revised the safety requirements within its guidelines for ships using methanol, ethanol and hydrogen as marine fuels.

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Classification society ClassNK on Tuesday (18 August) said it has revised the safety requirements within its guidelines for ships using methanol, ethanol and hydrogen as marine fuels. 

In Part D of the guidelines, covering hydrogen-fuelled ships, the revision incorporates the Interim Guidelines for the Safety of Ships Using Hydrogen as Fuel (MSC.1/Circ.1701) issued by the IMO this year, and additionally introduces a hydrogen leak frequency table that can be used for the safety assessments required under the IMO guidelines. 

In Part A, covering methanol and ethanol-fuelled ships, new structural strength requirements for methanol/ethanol fuel tanks—which are not addressed in the IMO guidelines—have been established. 

“Through this revision, shipyards, designers, and shipowners can carry out design and safety assessments in line with the latest international standards, and by utilizing ClassNK’s own leak frequency estimates and the relevant requirements, they can proceed the development of alternative-fuelled ships in a more rationally,” ClassNK said in a statement. 

As the building of alternative-fuelled ships advances in response to the global challenge of reducing GHG emissions, ClassNK has comprehensively compiled the safety requirements for ships using methanol, ethanol, LPG, ammonia, and hydrogen—fuels regarded as promising alternatives—and has issued the guidelines. 

“Taking into account the risks that the use of alternative fuels poses to the environment, seafarers, and ships, the guidelines set out requirements for equipment, controls, and safety devices to minimize such risks,” it added. 

With the issuance of the IMO guidelines for hydrogen-fueled ships (MSC.1/Circ.1701), ClassNK said it has fully incorporated the IMO guidelines to make the guidelines more user-friendly for shipyards, designers, and shipowners, while also enhancing the requirements serving as design and assessment guidance for other alternative fuels. 

In the development of the IMO guidelines, now reflected in Part D, ClassNK participated as a member of the Japanese delegation to the IMO Sub-Committee CCC 11 and contributed to the discussions.

Note: The Guidelines for Ships Using Alternative Fuels (Edition 3.1)  can be viewed under “Guidelines” on My Page by registering as a user on the ClassNK website. 

 

Photo credit: Venti Views on Unsplash
Published: 20 August, 2026

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Bunker Fuel

Panama bunker fuel sales climb 10.5% on year in July 2026

Total bunker sales at Panama was 427,985 mt in July 2026, compared to sales of 387,152 mt during the similar period in 2025, according to PMA data.

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Bunker fuel sales at Panama rose 10.5% year-on-year in July 2026, according to the latest data from La Autoridad Maritima de Panama, also known as the Panama Maritime Authority (PMA).

Total bunker sales at Panama was 427,985 metric tonnes (mt) in July 2026, compared to sales of 387,152 mt during the similar period in 2025.

In July 2026, the Pacific side of Panama posted bunker sales of 362,826 mt; 224,829 mt of VLSFO, 103,127 mt of RMG 380, 4,978 mt for marine gas oil (MGO), and 29,892 mt of low sulphur marine gas oil (LSMGO) were delivered.

The similar region saw total marine sales of 316,932 mt a year before in July; with VLSFO sales at 205,610 mt, RMG 380 sales at 80,850 mt, MGO sales at 2,624 mt, and 27,848 mt of LSMGO being sold.

Panama’s Atlantic side, meanwhile, recorded total bunker fuel sales of 65,159 during July 2026; the figure comprised 52,759 mt of VLSFO, 2,869 mt of RMG 380, 2,972 mt of MGO, and 6,559 mt of LSMGO.

It saw total sales of 70,220 mt in July a year before; with VLSFO sales of 53,868 mt, RMG 380 sales of 6,042 mt, 1,659 mt of MGO, and LSMGO sales of 8,651 mt.

 

Photo credit: George Keel
Published: 20 August, 2026

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Decarbonisation

CSA and MFA partner to support shipowners, bunker suppliers on emissions compliance

Clean Shipping Alliance and the Marine Fuels Alliance signed a MoU to also advance transition to alternative bunker fuels and emissions reduction technologies.

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CSA and MFA partner to support shipowners, bunker suppliers on emissions compliance

The Clean Shipping Alliance (CSA) and the Marine Fuels Alliance (MFA) on Wednesday (19 August) said they have signed a Memorandum of Understanding (MoU) to support the shipping industry and bunker suppliers in meeting regulatory requirements on emissions, and to advance the transition to alternative fuels and emissions reduction technologies.

The agreement will see CSA’s expertise in exhaust gas cleaning systems and marine environmental technology brought together with MFA’s network and knowledge across the marine fuels supply chain. 

Both organisations share an interest in supporting the maritime industry’s transition toward a sustainable, compliant and lower-emission future, and the agreement sets out a structure for the two bodies to share technical insight and coordinate on regulatory pathways.

Through the collaboration, the two associations intend to encourage dialogue between technology providers, fuel suppliers and ship operators, share technical insights and support the development of practical regulatory pathways.

Under this framework, the two associations will:

  • Share technical data and research: on MARPOL compliance, alternative fuels and emissions reduction technologies.
  • Coordinate joint advocacy: including at the International Maritime Organization (IMO) level and alongside sessions of the IMO’s Marine Environment Protection Committee (MEPC).
  • Support industry events: on fleet modernisation, retrofitting and fuel quality standards.
  • Develop practical operational guidance: linking technology providers, fuel suppliers and ship operators.

Andreas Chrysostomou, Executive Director of the Clean Shipping Alliance, said: “Shipping’s compliance and availability challenges won’t be solved by one technology or one fuel. It needs ongoing communication between different elements of the value chain, and that’s why CSA and MFA have signed this MoU. Technologies, fuels and regulation cannot be considered in isolation, and by working together we can bring together complementary expertise, improve the exchange of technical knowledge and contribute to solutions that are both environmentally effective and operationally realistic.”

Anthony Mollet, Executive Officer of the Marine Fuels Alliance, said: “The CSA brings a wealth of technical knowledge and first-hand industry experience, particularly in relation to emissions, environmental regulation and the technologies being adopted by shipowners and operators. This partnership will give our members an important additional source of expertise and insight, helping them better understand the challenges facing the industry and make informed decisions as the transition towards cleaner shipping continues.

“For companies across the contractual chain in bunkers, it is increasingly important to understand the decisions being made by shipowners and operators around fuel choice, emissions technologies and the future fuels they intend to use. 

“The selection of a particular fuel grade or technology can have significant implications throughout the bunker supply chain, from contractual arrangements and fuel specifications to supply and operational considerations. This is a key area of focus for the MFA, and we are committed to providing our members with clear, practical and relevant resources to help them navigate these developments.”

The non-binding MoU will initially remain in effect for two years, with both associations designating points of contact to coordinate joint initiatives and regularly review the collaboration.

 

Photo credit: Clean Shipping Alliance and Marine Fuels Alliance
Published: 20 August, 2026

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