Business

Malaysia-listed bunkering firm in private fund raising move

Proposed private placement is expected to raise gross proceeds of up to approximately $3.43 million, says UOB Kay Hian Securities.

Published

6 years ago

January 2, 2018

Admin

Malaysia-listed bunkering firm Straits Inter Logistics (Straits), formally known as Raya International, is planning a private fund raising move to raise up to approximately RM 13.80 million ($3.43 million).

Of the total sum, RM 10.62 million will be used for the purchase of raw materials while RM 3.118 million will be catered to working capital (including chartering expenses), according to a note by UOB Kay Hian Securities to Bursa Malaysia.

The bunkering and oil trading segment of Straits posted profit of RM 1.08 million in FY2016; the earnings was offset by losses of RM 0.93 million in other segments resulting in net profit of RM 0.05 million during FY2016.

In FY2017, Straits recorded total revenue of RM 82.86 million for its oil trading and bunkering services segment resulting in overall group net profit of RM 1.80 million.

However, the group has continued to record negative cash flows from operating activities position of approximately RM 5.69 million and RM 15.31 million for FY 2016 and FY2017 respectively mainly due to due to the timing differences between payment collection and securing of new bunkering contracts.

Straits is currently operating two bunkering vessels, namely Straits 1 and Sturgeon, and is currently exploring to charter two additional new vessels; the operation to charter the ships will require additional funding of RM 7.5 million for the purchase of 4 million litres of marine gas oil (MGO) to fully load the ships for a usage period of approximately one month.

“Premised on the above and in view that the group has just turned around to profitability position, the group intends to increase its purchases of raw materials such as marine gas oil, with the anticipation of higher demand of its bunkering services,’ explains UOB Kay Hian Securities.

“Therefore, the gross proceeds from the Proposed Private Placement was raised in the anticipation to meet the funding requirements of the current and potential collaborations so as to ensure that the group has sufficient capital requirement for its business operations to charter for new vessels by reducing the time in exploring funds should the financial needs arise.”

Published: 3 January, 2018

Milestone

Singapore retains titles as Best Global Seaport and Best Seaport in Asia

Port of Singapore has been named the “Best Global Seaport” for the third consecutive year and the “Best Seaport in Asia” for the 35th time at the 2023 AFLAS Awards.

Published

2 days ago

September 29, 2023

Admin

Singapore retains titles as Best Global Seaport and Best Seaport in Asia

The Maritime and Port Authority of Singapore on Friday (29 September) said the Port of Singapore has been named the “Best Global Seaport” for the third consecutive year and the “Best Seaport in Asia” for the 35th time at the 2023 Asian Freight, Logistics and Supply Chain (AFLAS) Awards.

These accolades recognise the contributions by the Port of Singapore serving as a key node in the global supply chain, and Singapore’s leadership in driving maritime decarbonisation and transformation.

The annual AFLAS Awards is organised by freight and logistics publication, Asia Cargo News, to honour leading service providers in the supply chain community for demonstrating leadership as well as consistency in service quality, innovation, customer relationship management and reliability. Winners were determined by votes cast by readers of the publication.

Mr Chee Hong Tat, Acting Minister for Transport and Senior Minister of State for Finance, said: “Singapore is honoured to be named the Best Global Seaport and Best Seaport in Asia. These awards are the result of the shared effort and strong collaboration between the Government, industry, unions and workers. We will continue to grow our port as an efficient, sustainable, and trusted node in global supply chains.”

Mr Teo Eng Dih, Chief Executive of MPA, said: “These awards are testament to the partnership and collaboration between Maritime and Port Authority of Singapore (MPA) with industry and international partners, the research and enterprise community, as well as unions. MPA remains committed to fostering an environment that encourages enterprise, innovation, and talent development.”

“We will continue to work with our partners to enhance Singapore’s connectivity, advance digitalisation efforts, and accelerate the decarbonisation of international shipping in line with the 2023 IMO strategy on reduction of GHG emissions from ships.”

Photo credit: Maritime and Port Authority of Singapore
Published: 29 September, 2023

Employment

Melvin Lum appointed as KPI OceanConnect Global Accounts Commercial Director in Singapore

Lum will take on the position of Commercial Director from Thomas Lee who was recently promoted to Head of APAC in a management restructure within KPI OceanConnect.

Published

2 days ago

September 29, 2023

Admin

Melvin Lum appointed as KPI OceanConnect Global Account Commercial Director in Singapore

Global marine energy solutions provider KPI OceanConnect on Thursday (28 September) announced the appointment of Melvin Lum as Commercial Director for its Global Accounts team in Singapore.

Lum will take on the position of Commercial Director from Thomas Lee who was recently promoted to Head of APAC in a management restructure within KPI OceanConnect.

The Global Accounts team is an expert unit within KPI OceanConnect, specialised in providing long-term, tailored fuel strategy solutions to a portfolio of Key Accounts on a global scale. Dedicated regional teams located in London, Houston and Singapore work seamlessly across the world and around the clock to support their clients.

Lum joined KPI OceanConnect in 2021 as Senior Key Account manager and has made a significant contribution to the development of the team and optimisation of the daily operations of the unit in Singapore. Lum has vast experience across the supply chain and previously worked with TotalEnergies, Glencore and Global Energy Group prior to joining KPI OceanConnect.

Henrik Zederkof, Head of Global Accounts at KPI OceanConnect, said: "It is always a pleasure to witness the growth of our team members, and Melvin's progression is no exception. I have full confidence in Melvin's expertise, ability to lead the unit and dedication to his team. I look forward to seeing the progress of Melvin and his team, which will undoubtedly bring significant value to our numerous partners and the wider organisation.”

"Melvin will assume a pivotal role within the Global Accounts management team, leveraging his extensive experience in supply chain management and profound insight into emerging technologies. In his new role, Melvin will further enhance our team's skill set, aligning them with our ongoing objectives of supporting our partners in their green transition and digitalisation endeavours."

Melvin Lum, Commercial Director of KPI OceanConnect Global Accounts in Singapore, said: "I am very appreciative of the support and confidence from our management team as I take on this exciting new role. I am enthusiastic to work with the team as we continue to deliver an exceptional experience to our partners and stakeholders with dedication, innovation and passion."

Photo credit: KPI OceanConnect
Published: 29 September, 2023

Biofuel

TotalEnergies Marine Fuels renews ISCC EU certification for bio bunker fuel

Firm’s operations teams in Singapore and Geneva successfully renewed its ISCC EU sustainability certification for the supply of biofuel bunkers, says Louise Tricoire, Vice President.

Published

2 days ago

September 29, 2023

Admin

TotalEnergies Marine Fuels renews ISCC EU certification for bio bunker fuel

Louise Tricoire, Vice President of TotalEnergies Marine Fuels recently said the firm’s operations teams in Singapore and Geneva successfully renewed its International Sustainability and Carbon Certification (ISCC) EU sustainability certification for the supply of biofuel bunkers.

“This means that TotalEnergies Marine Fuels can continue sourcing and supplying marine biofuels in accordance with EU renewable energy regulations ensuring the highest sustainability standards,” she said in a social media.

“It's the third year in a row that we have successfully renewed this certification, after a deep and comprehensive audit which showed zero non-conformity.”

She added marine biofuels have grown in demand among shipping companies that want to cut greenhouse gas emissions immediately.

“TotalEnergies Marine Fuels offers marine biofuels commercially in Singapore and we are starting in Europe. This certification enables us to accompany our customers in their decarbonisation journey with the best standard solutions available today.”

Photo credit: TotalEnergies Marine Fuels
Published: 29 September, 2023