Malaysia-listed bunkering firm Straits Inter Logistics (Straits) Tuesday received approval from exchange holding company Bursa Malaysia to acquire a 55% majority stake, or 8.25 million ordinary shares, in Tumpuan Megah Development for the consideration of RM35.75 million (USD $8.77 million).
Straits on 7 June, 2018 announced plans for acquiring Tumpuan Megah, a Malaysia bunkering firm that offers oil bunkering services business, which includes ship-to-ship bunkering, barging operations and dealing in oil and petroleum products.
Tumpuan Megah currently has operations at eight ports in Malaysia, all of which are licensed under Petroleum Development Act 1974, through seven bunkering vessels ranging between 500 to 4,700 dwt.
The proposed acquisition will enlarge the customer base of Straits by tapping into the existing customer base of Tumpuan Megah, allowing Straits to capture larger market share and increase its market presence in the bunkering services industry in Malaysia.
“The proposed acquisition would enable Straits to have an immediate expansion in respect of its fleet size and assets base from the current two vessels to nine vessels for its operations,” Dato’ Sri Ho Kam Choy, Straits Inter Logistics Berhad Group Managing Director, earlier said.
“With such expansion of asset base, Straits is capable to undertake higher volume of bunkering services, thereby increase its operational capacities.”
Related: Straits Inter Logistics to acquire Tumpuan Megah Development for RM35.75 million
Related: Straits Inter Logistics Q1 revenue up 57%
Related: Malaysia: Bunkering firms extend HOA arrangement
Related: Straits Inter Logistics: Positive outlook for Malaysia bunkering sector
Related: Malaysia-listed bunkering firm Straits Inter Logistics net profit up 27 times
Related: Straits Inter Logistics and Banle Energy explore bunker business opportunities
Photo credit: Straits Inter Logistics
Published: 8 August, 2018
Figure represents an increase of 8% (6 incidents) in the total number of incidents and an increase of 15% (9 incidents) in actual incidents, compared to 2018
Bunkering and development of coastal infrastructure for cruise sector under study by shipping firms.
OPEC+ adherence implies stronger prices and would signal Singapore VLSFO nearing the $400 range by late 2020 and moving towards $500 in late 2021, it said.
‘Excessive liner wear while using the new VLSFO fuels’ analysed 12 cases of abnormal engine cylinder liner wear out of over 20,000 tested VLSFO bunker samples.
Managers from EY said the directors ‘breached their fiduciary duties’ by transferring the funds when OTPL was financially troubled, against the interest of creditors.
Named Sakura Leader, the vessel was ordered by Shin-Kurushima Dock Co and is already engaged for service, including vehicles for Toyota Motor Corporation.
Event welcomed over 1,100 attendees from 42 countries; delegates visited virtual booths about 4,800 times; while around 5,800 connections were made, according to data from organiser Informa.
Bunker suppliers and bunker craft operators may choose to carry out meter verification using either existing MIMO method OR with the use of a Master Meter.
Pai Kheng Pheng of Sentek Marine & Trading Pte Ltd on Thursday (8 October) was ordered remanded for a further week for investigations, AGC spokesperson informs Manifold Times.
INTERTANKO, BIMCO, SSA, IBIA Asia share what the technology brings to the waterfront, while operator Metcore International and manufacturer Endress+Hauser explain its benefits to the bunkering industry.
‘We still see circumstances where a product is ‘off-spec’ and the holder of the fuel is then trying to move it back ‘on-spec’ through the use of appropriate additive technology,’ says spokesman.
Captain Rahul Choudhuri, Managing Director AMEA at VPS, suggests a ban on the obsolete marine fuel quality standards of ISO 8217:2005 and 2012 which no longer apply to the shipping sector.
