Malaysia-listed Straits Energy Resources on Monday (18 October) said its Labuan incorporated investment holding subsidiary SMF Beluga Ltd on Friday (15 October) entered into a Bareboat Charter Hire Agreement with Adamas Marine Sdn Bhd to acquire bunker tanker M.T. Empower (IMO 9290220) from Adamas.
The 2002-built 7,829 dwt will be purchased for USD 3.5 million (RM 14.5 million) entirely via cash over a period of three years.
Straits Energy Resources notes the purchase consideration of USD 3.5 million represents an approximate 12.5% discount over the vessel’s USD 4 million market value (as valued by BMI Appraisals Limited).
“The Proposed Acquisition enables Beluga to own a vessel, named Empower to expand the business of SMF especially in the supply of Low Sulphur Fuel Oil (“LSFO”) Market to cater the increasing demand of LSFO in Malaysia,” it states.
“The addition of Empower will enlarge the asset base of Straits and its subsidiary companies (“Group”) and would provide the Group with added flexibility in respect of its allocation and utilization of vessels in undertaking its business activities.
“Based on the foregoing, the Board deems the Proposed Acquisition is in favour to the future performance of the Group.”
Note: Straits Energy Resources was formerly known as Straits Inter Logistics.
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Photo credit: Straits Energy Resources
Published: 19 October, 2021
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