Malaysia-listed Fast Energy Holdings Berhad on Friday (27 August), the parent company of bunkering firm Fast Energy Sdn Bhd (FESB), published its quarterly report for the second quarter (Q2) of 2021 ended 30 June 2021.
The parent company posted a net profit of RM 109,000 (USD 26,095) in Q2 2021, an 89% fall from net profit of RM 890,000 in Q2 2020. Overall revenue in Q2 2021 was RM 73.5 million, up 916% from revenue of RM 7.2 million in Q2 2020.
The company, meanwhile, recorded a net profit of RM 213,000 for its bunkering, vessel chartering and petroleum trading operations during Q2 2021. Revenue for the segment was RM 69.5 million during the similar quarter.
“In an effort to expand Fast Energy Group’s revenue and profits as well as diversify its earnings bae, the Fast Energy Group is diversifying its principal activities to include oil bunkering, vessel chartering and petroleum trading business, thereby reducing its reliance on its manufacturing business segment,” it states.
“This new business segment commenced operations under its wholly-owned subsidiary Fast Energy Sdn Bhd (FESB) in December 2020 and management hopes that this business will contribute to group profit going forward.
“Additionally, the Company had also invested in a 35% equity stake in CCK Petroleum Sdn Bhd on 24 March 2021 which includes a profit guarantee. The company’s share of profit would amount to at least RM 1.75 million for each of the two financial years.
“Based on industry forecasts, maritime trade flows are expected to improve following global recovery from the health pandemic.”
Related: Malaysia: Techfast Holdings Berhad changes name to Fast Energy Holdings Berhad
Related: Techfast forms bunkering JV with Fultonn Marine and Wise Marine; poised to become shipowner
Related: Techfast net profits dive 41% in 2020; positive outlook for bunkering subsidiary
Related: Malaysia: Techfast Holdings enters MYR 540 million MGO bunker supply agreement
Related: Malaysia: Techfast Holdings & Wise Marine ink USD 540 million bunker supply contract
Related: Malaysia: Techfast starts oil trading unit, unveils bunker supplier ambition with proposed CCK Petroleum acquisition
Related: Malaysia: Techfast Holdings acquires 35% stake in bunker trading firm CCK Petroleum
‘The JMs have failed to discharge their duties by blindly helping the Banks mount a false case against the Defendant,’ wrote defence lawyers representing former IPP Director Dr Goh Jian Hian in court statement.
Lead prosecutor Andreas Myllerup Laursen aims for a fine and a prison sentence in the so-called Syria case scheduled to commence in Odense, Denmark on 26 October, writes the Danish publication.
In a modern re-telling of the story of David versus Goliath, local bunker barge owners/charterers successfully resisted claims brought in the Singapore courts by Phillips 66 for misdelivery of bunkers.
Bunker barge owners and operators; traders and suppliers; banks, including players in other countries, will have to re-examine respective operations, advises Helmsman Associate Director Jonathan Tan.
Vopak BL was a non-essential document with no contractual force and had no effect as a contract of carriage or as a document of title, states written Judgement issued by Singapore Court of Appeal.
Dwivedi Vivek Kumar ended his tenure as Global Head – Bitumen & Shipping & Regional Head – APAC at GP Global APAC on 10 November 2020 due to internal structuring of the GP Global Group.