Business

Mabanaft: ‘Unsatisfactory’ 2017 bunker results

‘The Mabanaft group realised strong sales, with a mixed overall business performance,’ says parent.

Published

8 years ago

June 1, 2018

Admin

Mabanaft, the trading division of Hamburg-based independent energy supply, trading and logistics group Marquard & Bahls (M&B), which oversees operations of bunkering firms Bomin, Matrix Marine and NWB Bunker recorded ‘unsatisfactory’ bunkering results in 2017, says its parent.

“The Mabanaft group realised strong sales, with a mixed overall business performance,” notes M&B in comments regarding its 2017 financial results.

“While wholesale trading and bunkering recorded unsatisfactory results, the positive trend in the retail sector continued.

“The merger of trading activities into ‘Global Books’ and further adaptions form a strong basis for the trading businesses future international growth.”

The trading group posted total oil product sales volume of 27.2 million metric tonnes (mt) during 2017, a 9.7% increase over 24.8 million mt in the year before.

Overall, M&B ended 2017 with net income of EUR 34.6 million and operating result of EUR 200 million.

“The tank storage logistics division again made a strong contribution,” it says.

“Aviation fuelling and the end-consumer business also achieved good to very good results.”

Oiltanking, the group’s tank storage logistics arm, recorded a successful albeit mixed year for 2017.

“Some sites saw a decline in capacity utilisation. At the same time, many contracts were extended and several major projects advanced,” it explained.

“In Matola, Mozambique, Oiltanking successfully commissioned a new tank terminal.”

At year-end, Oiltanking operated 80 terminals in 25 countries, with a total capacity of 21 million cbm.

M&B’s aviation fuelling division, Skytanking, had a good business year and continues its expansion.

“Many sites in Europe, India and Africa reported an increase in throughput volumes,” it shares.

“Key events included the start of aviation fuelling in Malta, and the acquisition of the Sun Jet Services Group in Germany.

“Following this transaction, Skytanking is now the market leader for aviation fuelling in the German, Switzerland and Austria region.”

At the end of 2017, Skytanking was represented at 71 airports around the world and recorded a total throughput of 18.1 million cbm of jet fuel.

Moving forward, M&B stated its intent to strive for further international growth in the future.

“The focus is on expanding the core activities of trading, tank storage logistics and aviation fuelling.

“The strong operating base and solid financial position provide a good starting point for future projects and plans.”

Photo credit: Marquard & Bahls
Published: 1 June, 2018

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