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Malaysia: Straits Energy Resources concludes FY 2022 with 43.1% jump in net profit

SER recorded net profit of MYR 6.16 million in FY 2022 compared to MYR 4.3 million in FY 2021, which was mainly contributed by its oil bunkering and shipping related services segment.
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Malaysia-listed Straits Energy Resources Berhad (SER), formerly known as Straits Inter Logistics, on Tuesday (9 May) posted a 43.1% jump in net profit for its financial year (FY) of 2022, which was mainly contributed by its oil bunkering and shipping related services segment.

SER recorded net profit of MYR 6.16 million (USD 1.38 million) in FY 2022 compared to MYR 4.3 million in FY 2021, the company stated in its latest filing.

Revenue for FY 2022 totalled MYR 3.11 billion, an increase of 135.8% from revenue of MYR 1.32 billion in the financial year before.

“The Group achieved another record-breaking year with a revenue of RM3.1 billion, an increase of 135.8% as compared to the previous financial year and this was mainly contributed by the Oil Bunkering and Shipping Related Services segment. All other business segments of the Group also had shown an increase in revenue compared to the previous year,” it said.

“The significant revenue increase in the Oil Bunkering and Shipping Related Services segment was driven by a higher demand in both the marine gas oil (MGO) and very low sulphur fuel oil (VLSFO) from international shipping liners and new market expansion, backed by an overall increase in the global oil prices.”

In May 2022, the Group had successfully completed its maiden STS crude oil transfer operation at Victoria Bay, Labuan. This new business segment contributed RM4.2 million to the Group’s revenue.

SER through its 70% owned subsidiary, Tumpuan Megah Development Sdn Bhd (TMD), own and operate a fleet of 15 vessels that comply with health, safety and environmental standards, ranging from 500 to 7,820 deadweight tonnage (DWT). These vessels operate in inner and outer port limits of various seaports in Malaysia.

Products offered by the Group includes:

  • Marine Gas Oil (MGO);
  • High Sulphur Fuel Oil (HSFO);
  • Very Low Sulphur Fuel Oil (VLSFO);
  • Marine Fuel Oil (MFO); and
  • Low Sulphur Heavy Fuel Oil (LSHFO).

Over the years, the Group’s has expanded its assets base, strengthen its operational capabilities and broadened its geographical coverage to capture the larger growth opportunities in the oil trading and bunkering sector in both Malaysia and the Asia region.

At present, TMD operates in 19 ports in Malaysia, which include Lumut Port, Pasir Gudang Port, Tanjung Pelepas Port, Johor Bahru Port, Kuantan Port, Kemaman Port, Kuala Terengganu Port, Bintulu Port, Labuan Port and Sapangar Bay Oil Terminal and all of which are licensed under Petroleum Development Act 1974 (PDA Licenses) for its bunkering services.

SER said the growth in revenue for FY2022 was mainly attributed to the numerous strategies undertaken by the management to gain a bigger market share. As a result of a slowing economy activity, there was margin compression during that period as a result of competitive pricing and increased costs from suppliers. The oil trading and bunkering business is characterised by high sales volumes and low margins.

In the fourth quarter of 2022, the Group expanded its oil trading and fuel bunkering services to seagoing liquified natural gas (LNG) vessels within the Labuan waters whereby TMD would provide bunkering and related services to international and domestic vessels passing through the Labuan waters. Its maiden operation involves supplying 4,000 metric tonnes of LSHFO to an LNG tanker. The bunkering service entails the supplying of LSHFO which is not available in Labuan or neighbouring states. This had boosted Labuan’s reputation and image as the new bunkering hub in the region.

SER also stated TMD is aware of the profound changes driven by technological disruption and the emergence of new technologies in the global supply chain.

“As such, TMD has started its programme towards automation and digitalisation. A shift to digitalisation is a tool for optimised bunker business models, greater transparency, cross industry cooperation and the decarbonisation of the O&G industry,” it said.

Related: Victoria STS completes its first-ever STS crude oil transfer off Labuan
Related: Straits Energy Resources and Fendercare Marine to promote Labuan STS services
Related: Straits Inter Logistics undergoes name change to Straits Energy Resources
Related: Tumpuan Megah Development to collaborate with Petronas for bunker deliveries
Related: Straits Inter Logistics receives government approval to develop STS hub
Related: Straits Inter Logistics subsidiary to become STS operator at Victoria Bay, Labuan
Related: Malaysia: Straits Inter Logistics gears up for USD 3.6 million STS hub project
Related: Malaysia: Straits Inter Logistics posts 26% rise on year in profit for Q1 2021
Related: Malaysia: Strait’s unit Victoria STS completes first-ever STS LNG transfer in Labuan

 

Photo credit: Straits Energy Resources Berhad
Published: 10 May, 2023

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Ammonia

HPA and MB Energy develop safety concept for STS ammonia bunkering

HPA says the Port of Hamburg will become “bunker ready” for ammonia, laying the groundwork for safe and reliable ammonia bunkering in the future.
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HPA and MB Energy develop safety concept for STS ammonia bunkering

The Hamburg Port Authority (HPA) and integrated energy company MB Energy on Tuesday (21 July) said they have completed a comprehensive risk analysis and developed a dedicated safety concept for ship-to-ship ammonia bunkering.

MB Energy said the analysis lays the groundwork for the safe introduction of ammonia as a future marine fuel.

“With our planned ammonia import terminal in Hamburg-Blumensand, MB Energy intends to provide the reliable land side supply infrastructure needed to support this transition across northern German ports,” it said in a social media post. 

Mabanaft Group was renamed to MB Energy last year and merged over 50 existing brands under one identity. 

Separately, HPA said the Port of Hamburg will become “bunker ready” for ammonia, laying the groundwork for safe and reliable ammonia bunkering in the future.

“The focus is in particular on container ships, cruise ships as well as RoRo and ConRo (Container/RoRo) ships,” it said. 

“We expect ammonia to establish itself as an alternative marine marine fuel in the coming years. With our preparatory work, we are already creating the conditions to welcome the first ammonia-powered ships in Hamburg and to bunker them safely.:

HPA added that the import terminal for ammonia planned by MB Energy from 2029 will make a decisive contribution to ensuring the reliable availability of ammonia as a bunker fuel in northern German ports in the long term. 

“The use of an ammonia bunker barge is considered a possible addition to the landside infrastructure to enable ship bunkering in the port and beyond in the future,” it said.

Related: Mabanaft Group renames as MB Energy, merging over 50 brands under one identity

 

Photo credit: Hamburg Port Authority
Published: 22 July, 2026

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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.

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July 21, 2026

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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

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LNG Bunkering

CIMC SOE secures order for 12,000-cbm LNG bunkering vessel from Sinopec Clean Energy

Once operational, the vessel is expected to strengthen Sinopec’s domestic coastal LNG bunkering network and help address gaps in China’s alternative fuel bunkering infrastructure.
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July 21, 2026

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CIMC SOE secures order for 12,000-cbm LNG bunkering vessel from Sinopec Clean Energy

China’s Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. (CIMC SOE) recently signed a contract with Sinopec (Beijing) Clean Energy Co., Ltd. to build a 12,000-cubic metre (m3) LNG bunkering vessel, according to Chinese maritime media.

The vessel is scheduled for delivery in 2028 and will support Sinopec’s efforts to expand its presence in the marine clean energy sector.

Once operational, the vessel is expected to strengthen Sinopec’s domestic coastal LNG bunkering network and help address gaps in China’s LNG bunkering infrastructure.

With this signing , CIMC Pacific Offshore Engineering’s LNG bunkering vessel orderbook is further strengthened, maintaining its leading position in the global market for small and medium-sized LNG bunkering vessels.

The contract also marked another milestone for CIMC SOE, which has seen a sharp increase in orders and business performance this year amid a surge in domestic LNG vessel demand.

 

Photo credit: Nantong CIMC Sinopacific Offshore & Engineering
Published: 21 July, 2026

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