Business

KPI OceanConnect earnings surge more than three-fold in FY2022/2023

Growth in both market share and profit was strongly supported by Bunker Holding’s key account management unit BOGA and KPI OceanConnect joining forces in 2022.

Published

3 years ago

July 19, 2023

Admin

Marine energy solutions provider KPI OceanConnect on Tuesday (18 July) has announced its results for the financial year 2022/2023 with earnings before tax increasing from USD 15.4 million the previous year to USD 49 million and revenue jumping from USD 2.94 billion to USD 5.87 billion.

KPI OceanConnect also saw an increase in volume of 50%.

Growth in both market share and profit was strongly supported by Bunker Holding’s key account management unit BOGA and KPI OceanConnect joining forces and operating under the name KPI OceanConnect in 2022.

The appointment of CEO Anders Grønborg further strengthened the company’s focus on its unique partnership approach, digitalisation and value-adding services, especially within the green offering.

Anders Grønborg, said: “The robust results for the year demonstrate KPI OceanConnect’s position as a preferred partner for the shipping industry during a period of uncertainty and market volatility. It is also an expression of KPI OceanConnect’s commitment to providing innovative solutions, transparency and added value to our partners.”

KPI OceanConnect made significant strides in its digitalisation drive during the year, closing around a fifth of its revenue through its AuctionConnect platform and successfully completing the first digital marine fuels deal outside Singaporean waters on SGTraDex, a digital marine fuels trading platform.

The recently announced partnership with Deloitte and ZTLment to ensure carbon credit integrity and transparency in the shipping value chain using blockchain technology further emphasises KPI OceanConnect’s commitment to innovation.

Anders added: “Looking ahead as the shipping industry continues to transform, KPI OceanConnect is well positioned to lead the way as it remains a financially strong and innovative counterpart, offering expertise, resources and global capabilities, as well as counsel clients on all aspects of the marine fuels supply and value chain. Beyond financial performance, the company’s wide range of ESG initiatives and especially its track record on diversity showcases its commitment to sustainability and social responsibility, fostering positive change for the whole industry.”

KPI OceanConnect continued to advocate the importance of diversity, equity, and inclusivity in the industry. Through the Women in Shipping campaign, the company aims to empower the voices of women in the sector and raise awareness of the excellent career opportunities that exist in shipping.

During the year, KPI OceanConnect invested in a series of global initiatives, including 20 weeks paid parental leave for all employees, stress and wellbeing, grandparental leave and stepped retirement.

KPI OceanConnect also continued its successful engagement of local stakeholders and communities through its “50for50” campaign, donating USD 50 for every deal for 50 days, which raised USD 110,000 for local organisations supporting environmental and social causes as selected by employees in each office.

In 2023, KPI OceanConnect launched its annual “get fuelled” talent programme, designed to provide young professionals with a structured education and skills for a successful career in the marine fuels industry. This initiative seeks not only to develop key competences and knowledge of the marine fuels supply chain, but to also to instil ethical business values while fostering a profound understanding of the sustainable solutions and the expertise needed to guide shipping through the green transition.

Photo credit: KPI OceanConnect
Published: 19 July, 2023

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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

15 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

15 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

15 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