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Malaysia: Straits Energy Resources Berhad Q1 2022 revenue up 117%

Firm experienced revenue increase in Q1 2022 due to expansion of its oil trading and bunkering services segment to Port Klang, says filing in Bursa Malaysia.

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Malaysia-listed Straits Energy Resources Berhad (SER), formerly known as Straits Inter Logistics, on Monday (28 February) posted a 117.4% on year increase in revenue for the first quarter (Q1) of 2022 spurred by expansion of its oil trading and bunkering services segment to Port Klang.  

The group’s revenue in the current quarter increased by MYR 346.5 million (USD 78.8 million) to MYR  641.7 million, from MYR 295.2 million recorded in the corresponding quarter of the previous year. 

“The increase was mainly contributed by the oil trading & bunkering services segment of RM 347.5 million as a result of its market expansion into Port Klang, besides riding on the recovery in the maritime industry and rising global oil prices.

“However lower revenue was generated by our port operation & management segment, which decreased by RM 0.9 million, due to lesser vessels calling during the quarter,” explained SER. 

The company recorded net profit of MYR 1.06 million in Q1 2022, 50.1% higher than net profit of MYR 706,000 during Q1 2021. 

Profit before tax (PBT) in the first quarter was MYR 1.6 million, down 44.8% against MYR 2.9 million in Q1 2021.

“This was mainly due the port operation & management segment churning in RM0.9 million lesser in revenue, and the STS segment incurring a RM1.6 million loss in initial setup cost, despite its associate contributing a profit of RM1.3 million,” said SER. 

As an update, the company said its ship to-ship (STS) ​segment had successfully completed its maiden STS transfer on 10 May 2022, in a strategic collaboration with Fendercare Marine (Asia Pacific) Pte Ltd. 

On the company’s prospects, the group had on 1 April 2022 announced the completion of acquisition of 90% equity interest in Sinar Maju Logistik Sdn Bhd. 

“This acquisition will be a horizontal expansion of the Group's port operation and facility management services, which will allow the Group to offer a broader range of related services within the port operation, logistics and transportation sector to provide additional value to clients and enhance the revenue and earnings of Straits Group,” it said. 

Related: Victoria STS completes its first-ever STS crude oil transfer off Labuan
Related: Malaysia: Straits Energy Resources net profit up 11.8% on bunkering expansion
Related: Straits Energy Resources and Fendercare Marine to promote Labuan STS services
Related: Straits Energy Resources Q3 2021 profit increases to RM 1.94 million on bunkering gains
Related: Malaysia: Straits Energy Resources adds “Empower” to bunkering fleet
Related: Straits Energy Resources records 21% profit increase; backed by 215% revenue growth
Related: Straits Inter Logistics undergoes name change to Straits Energy Resources
Related: Straits Inter Logistics receives government approval to develop STS hub

 

Photo credit: Straits Energy Resources Berhad
Published: 27 May, 2022

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Winding up

Singapore: Liquidators arrange creditors meeting for Otto Marine Limited

Meeting will be held from 3pm on 24 July at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095, according to Government Gazette notice.

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A meeting for creditors of Otto Marine Limited, which is in liquidation, has been scheduled to take place on 24 July, according to a Government Gazette notice on Thursday (11 July). 

The meeting will be held from 3pm at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095

The agenda of the meeting will be as follows:

  • To update on the liquidation administration;
  • To approve the Liquidators’ fees and disbursements;
  • To approve the declaration of preferential dividend(s) pursuant to Section
  • 328(1)(b) to 328(1)(f) of the Companies Act, Cap. 50;
  • To consider and if thought fit, to appoint a committee of inspection; and
  • Any other business.

The details of the liquidators are as follows: 

Chee Yoh Chuang
Lin Yueh Hung
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

 

Photo credit: steve pb from Pixabay
Published: 12 July, 2024

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LNG Bunkering

Titan completes first STS LNG bunkering operation in Cuxhaven

Port of Cuxhaven in Germany had previously only seen LNG operations conducted via truck and currently only permits LNG bunkering at one berth, says Titan.

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Titan completes first STS LNG bunkering operation in Cuxhaven

LNG bunker fuel supplier Titan on Thursday (11 July) said it completed the first-ever LNG bunkering operation by ship in the port of Cuxhaven.

Titan’s bunker vessel Optimus successfully delivered LNG to dredger Vox Ariane operated by its long-term client Van Oord. 

“Our ship-to-ship bunkering in Cuxhaven represents a pioneering step in the region's LNG infrastructure development, as the port had previously only seen LNG operations conducted via truck and currently only permits LNG bunkering at one berth,” it said in a social media post. 

“LNG infrastructure development is part of a broader trend, with more ports across Germany adopting LNG operations to support shipping’s clean fuels transition.”

Titan added the improved LNG bunkering capabilities in Cuxhaven, a Niedersachsen Ports GmbH & Co. KG port, also opened up the pathway to maritime decarbonisation via liquified biomethane (LBM) and then renewable e-methane going forward.

 

Photo credit: Titan
Published: 12 July, 2024

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LNG Bunkering

UECC “Auto Achieve” receives first LNG bunker fuel delivery by barge in home country

Firm said it received the first ever supply of LNG by barge to their multi-fuel LNG battery hybrid car carrier in the Port of Drammen, Norway.

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UECC “Auto Achieve” receives first LNG bunker fuel delivery by barge in home country

Norwegian roll-on/roll-off shipping line United European Car Carriers (UECC) on Wednesday (10 July) said it received the first ever supply of LNG by barge to their multi-fuel LNG battery hybrid car carrier Auto Achieve in the Port of Drammen on 4 July.

The firm said this was the first time UECC received LNG by barge to any of their vessels in their home country Norway. 

“We also believe that it was the first time LNG was delivered by barge to any vessel in Drammen, and most likely the entire Oslofjord,” UECC said in a social media post.

The LNG was supplied by the Molgas Energy Holding vessel Pioneer Knutsen, owned by Knutsen Group OAS.

“UECC is very pleased to see the expansion of the LNG barge network in Norway,” it said. 

 

Photo credit: UECC
Published: 12 July, 2024

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