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Malaysia: Fast Energy proposes acquisition of CCK Petroleum Sdn Bhd shares

Fast Energy will hold 70% equity interest in CCKSB and accordingly upon completion of the proposed acquisition, CCKSB will become a subsidiary company of Fast Energy.

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Malaysia-listed oil bunkering and renewable energy provider Fast Energy Holdings Berhad on Wednesday (18 May) made three proposals to shareholders including a proposed acquisition of CCK Petroleum Sdn Bhd’s (CCKSB) ordinary shares.

CCKSB, principally involved in the trading of bunker oil and provision of oil bunkering services which involves the trading of marine fuels, is currently a 35%-owned associate company of Fast Energy.

In the proposed acquisition, Fast Energy will acquire 175,000 ordinary shares, representing 35.0% equity interest in CCKSB, from CCKSB shareholder Mohd Faizul bin Nasir for a purchase consideration of MYR 28,000,000.

This amount is to be satisfied via a combination of MYR 23,972,660 in cash and MYR 4,027,340 via the issuance of 11,800,000 new ordinary shares in Fast Energy after the completion of the Proposed Share Consolidation at an issue price of MYR 0.3413 per Fast Energy Share. 

Upon completion of the proposed acquisition, Fast Energy will hold 70% equity interest in CCKSB and accordingly, CCKSB will become a subsidiary company of Fast Energy.

The proposed acquisition is to consolidate profits generated by CCKSB into Fast Energy, and the acquisition of additional equity interest in CCKSB is expected to allow the Group to recognise a higher percentage of PAT (profits after taxation) from CCKSB, explains Fast Energy.

The Proposed Acquisition would also increase the earnings of Fast Energy Group moving forward, premised on the Profit Guarantee provided by the vendor, Mohd Faizul bin Nasir, to Fast Energy for a period of one financial year up to the FYE 31 December 2023, of which the total profit attributable to Fast Energy is MYR 1,750,000 pursuant to the Proposed Acquisition as well as the future prospects of CCKSB. 

CCKSB’s revenue is primarily contributed from the trading of marine fuel and adopts an asset-light business model whereby CCKSB does not own any vessels and instead relies on its suppliers' vessels to deliver petroleum products directly to its customers.

Its business network enables the company to supply marine fuels to customers with marine operations in or that are transiting major ports in Malaysia in particular the Johor Port, Penang Port and Port Klang areas.

Manifold Times on 13 May reported Fast Energy proposing the disposal of subsidiary Cape Technology Sdn Bhd to finance the operational expenses of its oil bunkering, marine oil trading and renewable energy business.

Related: Malaysia: Fast Energy proposes disposal of Cape Technology over bunkering ambition
Related: Malaysia: Fast Energy records net loss for FY 2021, despite 773.7% increase in revenue
Related: Malaysia: Fast Energy bunkering operations record RM 213,000 net profit in Q2 2021
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

 

Photo credit: Esmonde Yong on Unsplash
Published: 24 May, 2022

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Bunker Fuel

Singapore: Bunker fuel sales down by 9.1% on year in January 2025

4.46 million mt of various marine fuel grades were delivered at the world’s largest bunkering port in January, a drop from 4.91 million mt recorded during the similar month in 2024, according to MPA data.

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Singapore: Bunker fuel sales down by 9.1% on year in January 2025

Sales of marine fuel at Singapore port decreased by 9.1% on year in January 2025, according to Maritime and Port Authority of Singapore (MPA) data.

In total, 4.46 million metric tonnes (mt) (exact 4,461,710 mt) of various marine fuel grades were delivered at the world’s largest bunkering port in January, a drop from 4.91 million mt (4,906,100 mt) recorded during the similar month in 2024.

Deliveries of marine fuel oil, low sulphur fuel oil, ultra low sulphur fuel oil, marine gas oil and marine diesel oil in January (against on year) recorded respectively 1.66 million mt (zero from 1.66 million mt), 2.43 million mt (-15% from 2.86 million mt), 900 (+100% from zero), 3,100 mt (-77% from 13,500 mt) and zero (from zero).

Singapore: Bunker fuel sales down by 9.1% on year in January 2025

Bio-blended variants of marine fuel oil, low sulphur fuel oil, ultra low sulphur fuel oil, marine gas oil and marine diesel oil in January (against on year) recorded respectively 16,000 (+100% from zero), 92,000 mt (+103% from 45,300 mt), zero (from zero), zero (from zero) and zero (from zero).

LNG and methanol sales were posted respectively at 6,600 mt (-36.5% from 10,400) and zero (from zero).

A complete series of articles on Singapore bunker volumes by Manifold Times in 2024 can be found below:

Related: Singapore: Bunker fuel sales down by 5.2% on year in December 2024
Related: Singapore: Bunker fuel sales gain by 4.6% on year in November 2024
Related: Singapore: Bunker fuel sales gain by 10.8% on year in October 2024
Related: Singapore: Bunker fuel sales continue to increase by 2.8% on year in September 2024
Related: Singapore: Bunker fuel sales increase by 7.2% on year in August 2024
Related: Singapore: Bunker fuel sales up by 3.3% on year in July 2024
Related: Singapore: Bunker fuel sales gain 8.7% in June 2024
Related: Singapore: Bunker fuel sales increase by 6.7% in May 2024
Related: Singapore: Bunker fuel sales down by 0.6% on year in April 2024
Related: Singapore: Bunker fuel sales increase by 6.4% on year in March 2024
Related: Singapore: Bunker fuel sales up by 18.8% on year in February 2024
Related: Singapore: Bunker fuel sales up by 12.1% on year in January 2024

 

Photo credit: Maritime and Port Authority of Singapore
Published: 14 February, 2025

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Bunker Fuel

Singapore-based Straits Bio-LNG aims to deliver 250,000 mt of bio-LNG bunker fuel per year

Firm is currently in advanced stage of testing breaking down Empty Fruit Bunch through an established biological process with high enzyme concentration in its R&D facility in Malaysia to produce bio-LNG.

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Singapore-based Straits Bio-LNG aims to deliver 250,000 mt of bio-LNG bunker fuel per year

Straits Bio-LNG, a privately owned supplier of bio-LNG, is aiming to deliver 250,000 metric tonnes (mt) of bio-LNG per year in Singapore, according to SEA-LNG on Thursday (13 February).

The Singapore-based company, led by SK Tan as CEO, is doing so in response to the growing demand for LNG. LNG bunkering volumes have grown significantly in key bunkering hubs as more LNG-fuelled vessels have entered into operation. 

The Maritime and Port Authority of Singapore (MPA) saw a dramatic four-fold increase in 2024 to almost 340,000 mt, SEA-LNG said in a statement announcing Straits Bio-LNG joining the coalition. 

Headquartered in Singapore, the company boasts a growing team led by SK Tan as CEO.  

Yiyong He, Director at Straits Bio-LNG, said: “We’re firmly convinced in the viability of the LNG pathway to decarbonise the shipping industry. With its very low carbon intensity and improving commerciality, liquified biomethane will be a critical piece of the puzzle for decarbonising the sector.”

“By joining SEA-LNG, we’re proud to be part of a collection of first movers making real strides to make the LNG pathway a tangible reality today.”

Straits Bio-LNG aims to reach its bio-LNG supply goal by using pioneering methods. It is currently in the advanced stage of testing breaking down Empty Fruit Bunch (EFB) through an established biological process with high enzyme concentration in its R&D facility in Malaysia. 

Both Palm Oil Mill Effluent (POME) and EFB are sustainable biomass resources listed in the “List of Materials Eligible for ISCC EU Certification” and are therefore compliant with the European Union’s Renewable Energy Directive (RED).

Peter Keller, chairman of SEA-LNG, added: “The Port of Singapore is the largest global bunkering hub. As seen in our View from the Bridge report, 2024 saw record growth in LNG and liquified biomethane bunkering, but we need more fuel to meet upcoming demand.”

“The use of liquefied biomethane as a marine fuel can reduce GHG emissions by up to 80% compared to marine diesel on a full well-to-wake basis. When produced from the anaerobic digestion of waste materials, such as manure, POME or EFB, methane that would otherwise be released into the atmosphere is captured, resulting in negative emissions of up to -190% compared with diesel."

An independent study by the Maritime Energy and Sustainable Development Centre of Excellence at Nanyang Technical University in Singapore found that pure bio-LNG could cover up to 13% of the total energy demand for shipping fuels in 2050, rising to 63% for a 20% blending ratio. 

SEA-LNG added MPA has firmly established itself as a leader in the LNG pathway, with suppliers such as Straits Bio-LNG reinforcing this position. 

Recently, the port launched an Expression of Interest (EOI) to explore scalable solutions for sea-based LNG reloading to complement the existing onshore LNG bunkering storage and jetty capacities and the supply of e/bio-methane as marine fuel in the Port of Singapore.

“Straits Bio-LNG will play a critical role in furthering the expansion of liquified biomethane at scale to meet the demand and continuing to showcase the LNG pathway as a practical and realistic solution for shipowners to decarbonise their operations, starting today,” it said. 

Related: Singapore: MPA launches EOI to expand LNG bunkering services amid growing demand

 

Photo credit: Straits Bio-LNG
Published: 14 February, 2025

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Winding up

Singapore: Final meetings scheduled for Gagarmayang Maritime and related companies

Other companies involved are Pramoni Maritime Pte Ltd, Wulansari Maritime Pte Ltd, Anjasmoro Maritime Pte Ltd and Indradi Maritime Pte Ltd.

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The final meetings of members of Gagarmayang Maritime Pte Ltd and related companies, has been scheduled to take place on 12 March, according to the company’s liquidators on a notice posted on Wednesday (12 February) on the Government Gazette.

The other companies involved in the matter are Pramoni Maritime Pte Ltd, Wulansari Maritime Pte Ltd, Anjasmoro Maritime Pte Ltd and Indradi Maritime Pte Ltd.

The meetings will be held by way of electronic means at 11am for the purpose of having an account laid before the members showing the manner in which the winding up has been conducted and the property of the company disposed of and of hearing any explanation that may be given by the liquidators.

The details of the liquidators are as follows:

Hamish Alexander Christie
c/o H.A. Christie & Co
20 Collyer Quay, #11-05
Singapore 049319

Related: Singapore: Wulansari Maritime Pte Ltd and related companies to be wound up voluntarily
Related: Creditors meeting for Anjasmoro Maritime and affiliated sister firms to be held in Oct

 

Photo credit: Benjamin-child
Published: 14 February, 2025

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