Malaysia-listed bunkering and storage company Petrol One Resources Berhad (PORB) will be delisted from the country’s stock exchange on 24 August, 2018 if it is not able to submit an appeal against its delisting on or before 20 August, said a note from exchange holding company Bursa Malaysia on Monday.
PORB cited issues with it being “unable to fully secure suitable placees for the entire tranche of the placement shares, despite numerous efforts from the company to actively engage and source for suitable placees.”
“This is partly due to the commitment required from the placees to subscribe for both the placement shares and corresponding rights shares as the amount involved is relatively substantial.”
“The current challenging equity market conditions for fund raising exercise,” it adds.
PORB and its wholly-owned indirect subsidiary, Arus Dermaga Sdn. Bhd. (ADSB), which provides ship to ship (STS) transfer services were unable to meet their loan obligations on January 2011 and March 2010.
The company entered into a debt settlement agreement (DSA) with its respective lenders to settle outstanding loan obligations in full by a cash payment of RM 6.5 million.
PORB was classified as an affected listed issuer pursuant to Paragraph 2.1 (a) of Practice Note 17 (“PN17”) under the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Malaysia”) on 30 August, 2012.
In the financial year ended 30 June 2017, PORB recorded net profit of RM 1.8 million (USD $440,000), a 161.5% increase over net profit of RM 702,392 in FY 2016.
However, it posted net current liabilities of RM 111.7 million and capital deficiency of RM 107.6 million in FY 2017.
Published: 14 August, 2018
DWM crew members onboard the 40,230 GT bulk carrier M/V Protefs failed to document oily bilge water in the vessel’s oil record book, according to attorney’s office statement.
Owners, masters and agents of vessels arriving in Singapore must ensure all operations are carried out contactless or contactless with segregation protocol.
LNG bunker sales during Q2 2019 was 6,269 mt, up 383% from 1,297 mt in Q2 2018, states port data.
Green vessels are high-risk due to maintenance expenses and rising shipping rates, but present great benefit.
‘This is also an important step in the expansion of our network of bunkering services at all major ports in the Sultanate of Oman,’ says company.
“MV Solar Roma” received 865 m3 of LNG sourced from Petronas Energy and Gas Trading in less than 12 hours upon its arrival at Pintu Gedung anchorage.
Firm hopes to leverage partnership in Greece as a springboard to expand into neighbouring and overseas markets including Europe and China, says Robin Van Elderen, Regional Head Bunkers, Europe, Sing Fuels.
Singapore can help less developed countries in SouthEast Asia through ‘piloting and scaling fuels and technology as well as a leading hub for green finance’, said DNV Group President and CEO Remi Eriksen.
Octamar™ Ultra HF, Octamar™ Complete, and Octamar™ F35C were found to have improved the fuel economy while reducing exhaust gas and other emissions of marine engines in a series of trials, states report.
Disposal of evidence has resulted in Singapore not being able to provide full details to the United Nationals Panel of Experts which sought information regarding the case, says Ministry of Foreign Affairs.
‘We are proud to be amongst the first to show the successful steps taken by Singapore’s bunkering ecosystem to remain forward thinking and relevant,’ Choong Sheen Mao, Director of EMF, tells Manifold Times.
‘With the launch of a common data infrastructure, Kenoil aims to continue achieving an end to end visibility and transparency on the bunker data supply chain,’ states Kenoil Managing Director.
