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Malaysia: Straits Energy plans to list subsidiary TMD Energy on NYSE American

Firm announced its proposal to list its oil bunkering segment via the listing and quotation of the ordinary shares in its 76.68%-owned subsidiary, TMD Energy on NYSE American through an IPO.

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Straits Energy Resources Berhad (SER) on Monday (12 August) announced its proposal to list its oil bunkering segment via the listing and quotation of the ordinary shares in its 76.68%-owned subsidiary, TMD Energy Ltd (TMDEL), on the New York Stock Exchange American (NYSE American).

In a filing with Bursa Malaysia, the company said it had initially planned to list its oil bunkering and shipping-related services segment on the National Association of Securities Dealers Automated Quotations (NASDAQ) through a registered public offering. 

SER said that instead of seeking a listing on the NASDAQ stock exchange, it will seek to list its subsidiary on the NYSE American through a initial public offering (IPO). 

Based on the indicative issue price ranging between USD3.25 and USD3.75 per issue share (or equivalent to MYR 15.19 to MYR17.52 per issue share), the proposed IPO is expected to raise gross proceeds ranging between USD5.69 million and USD15.00 million (or equivalent to MYR 26.57 million to MYR 70.09 million).

“TMDEL expects to issue its final prospectus that sets out the detailed information of the Proposed IPO tentatively by the fourth quarter of 2024,” SER said. 

The company said the proposed listing of TMDEL to enable the management of Straits Group to efficiently allocate its resources to accelerate the expansion and growth of the oil bunkering and shipping related services business. 

It added the listing will also enable the company to unlock the value of its investment in its oil bunkering and shipping related services business through the share offering exercise under the proposed IPO, thus enhancing the value for shareholders.

Related: Malaysia: Straits Energy proposes to list oil bunkering and shipping segment on Nasdaq

 

Photo credit: Straits Energy Resources Berhad
Published: 13 August, 2024 

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Digital platform

Ofiniti eBDN solution chosen by FincoEnergies for marine biofuel ops in ARA region

Development takes place on the back of complex logistics and opaque operational processes experienced by the marine (bio)fuel market; which Ofiniti’s FuelBoss eBDN solution seeks to simplify.

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FincoEnergies MT

Rotterdam-based FincoEnergies, an independent, leading supplier of (bio)fuels and decarbonisation services for the transport sector, will be adopting Ofiniti’s FuelBoss eBDN technology, with operational support from VT Group.

The development takes place on the back of complex logistics and opaque operational processes experienced by the marine (bio)fuel market; which Ofiniti’s FuelBoss eBDN solution seeks to simplify.

“Schedules are becoming increasingly tighter as demand for sustainable biofuels grows,” explains Leon Arets, Trading & Operations Director at FincoEnergies.

“We’re adopting a platform that enhances structure and responsiveness. This digital leap allows us to not only scale efficiently but also deliver greater transparency and operational excellence to our clients.”

A spin-off from global assurance and risk management leader DNV, Ofiniti brings together deep industry know-how with cutting-edge technology. Its flagship platform, FuelBoss, is designed to replace cumbersome manual processes with streamlined digital workflows that boost efficiency and data reliability.

“Our work with LNG suppliers laid the groundwork,” notes Oliver Brix Sparsø, Global Director of Sales at Ofiniti. “But this collaboration with FincoEnergies and VT Group marks the first large-scale commitment to digital delivery workflows for biofuels. It’s a turning point for the region.”

FincoEnergies’ mission, Decarbonising the transport industry together, is grounded in collaboration and innovation. The partnership with Ofiniti and VT Group exemplifies this spirit, combining technological leadership with operational expertise.

“As operators, we continuously look for ways to improve life on board and support our partners,” adds Wouter van Reenen, Business Development Manager at VT Group. “FuelBoss is a strong fit for our operations and those of our chartering clients.”

Related: Ofiniti to digitalise Azane ammonia bunkering operations across Scandinavia
Related: Ofiniti to roll out e-BDNs for Golden Island methanol bunkering operations in Singapore
Related: Global Fuel Supply to adopt FuelBoss by Ofiniti for e-BDN in West Africa
Related: Ofiniti appoints Oliver Brix Sparsø as new Global Director of Sales
Related: Ofiniti acquires Singapore-based Angsana Technology to advance digital bunkering solutions
Related: Singapore: FuelBoss by Ofiniti becomes sixth whitelisted e-BDN solution
Related: Digital bunkering platform Ofiniti successfully spun out from DNV
Related: FuelBoss to continue under new DNV company Ofiniti

 

Photo credit: Ofiniti
Published: 17 June 2025

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Business

China: Shanghai Zhongran and PetroChina Shanghai Port to promote bunker fuel blending business

Development will help improve Shanghai Port’s bonded ship fuel supply industry, noted the Shanghai Customs Inspection Office.

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Shanghai Zhongran and PetroChina Shanghai Port meeting

A meeting between representatives of Shanghai Zhongran, Shanghai Port Energy, PetroChina Shanghai Port, and Hongkou Customs took place at the Shanghai Customs Inspection Office on Thursday (12 June).

According to Shanghai Zhongran, the meeting’s objective was to discuss the implementation of a high-sulfur and low-sulfur fuel blending business at Shanghai.

During the meeting, a member of the Shanghai Customs Inspection Office stated it will take the opportunity of PetroChina Shanghai Port to carry out this business to promote the development of enterprises in Hongkou District.

The development will improve the utilisation rate of Shanghai Zhongran bonded storage tanks, improve storage functions, and help improve Shanghai Port’s bonded ship fuel supply industry.

After the meeting, PetroChina Shanghai Port submitted a formal application to Hongkou Customs.

Moving forward, Hongkou Customs will formulate a reconciliation plan, open a special account book, and promote the implementation of this business.

 

Photo credit: Shanghai Zhongran
Published: 17 June 2025

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Newbuilding

NYK Group’s first methanol-fuelled bulk carrier “Green Future” delivered

Vessel is the first bulk carrier in the NYK Group to be equipped with a dual-fuel engine that uses methanol and fuel oil.

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Green Future MT

NYK Group on 13 May received delivery of Green Future, the company’s first methanol dual-fuel bulk carrier, at the TSUNEISHI Factory of TSUNEISHI SHIPBUILDING Co., Ltd. where a naming and delivery ceremony was also held, it said on Thursday (14 June).

The vessel will be chartered by NYK Bulk & Projects Carriers Ltd., an NYK Group company, from KAMBARA KISEN Co., Ltd.

It is the first bulk carrier in the NYK Group to be equipped with a dual-fuel engine that uses methanol and fuel oil.

“Methanol has a lower environmental impact than fuel oil, and by using bio-methanol and e-methanol produced using hydrogen derived from renewable energy sources and recovered carbon dioxide, the vessel achieves significant reductions in greenhouse gas emissions,” it said.

Vessel Particulars
LOA: 199.99 m
Breadth: 32.25 m
Depth: 19.15 m
Deadweight: approx. 65,700 metric tons
Capacity: approx. 81,500 m3
Draft: 13.8 m

Related: Tsuneishi delivers world’s first methanol dual-fuel Ultramax bulker to NYK
Related: Japan: NYK to time-charter its first methanol-fuelled bulk carrier

 

Photo credit: NYK Group
Published: 17 June 2025

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