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Malaysia: Straits Energy Resources concludes FY 2022 with 43.1% jump in net profit

SER recorded net profit of MYR 6.16 million in FY 2022 compared to MYR 4.3 million in FY 2021, which was mainly contributed by its oil bunkering and shipping related services segment.

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Malaysia-listed Straits Energy Resources Berhad (SER), formerly known as Straits Inter Logistics, on Tuesday (9 May) posted a 43.1% jump in net profit for its financial year (FY) of 2022, which was mainly contributed by its oil bunkering and shipping related services segment.

SER recorded net profit of MYR 6.16 million (USD 1.38 million) in FY 2022 compared to MYR 4.3 million in FY 2021, the company stated in its latest filing.

Revenue for FY 2022 totalled MYR 3.11 billion, an increase of 135.8% from revenue of MYR 1.32 billion in the financial year before.

“The Group achieved another record-breaking year with a revenue of RM3.1 billion, an increase of 135.8% as compared to the previous financial year and this was mainly contributed by the Oil Bunkering and Shipping Related Services segment. All other business segments of the Group also had shown an increase in revenue compared to the previous year,” it said.

“The significant revenue increase in the Oil Bunkering and Shipping Related Services segment was driven by a higher demand in both the marine gas oil (MGO) and very low sulphur fuel oil (VLSFO) from international shipping liners and new market expansion, backed by an overall increase in the global oil prices.”

In May 2022, the Group had successfully completed its maiden STS crude oil transfer operation at Victoria Bay, Labuan. This new business segment contributed RM4.2 million to the Group’s revenue.

SER through its 70% owned subsidiary, Tumpuan Megah Development Sdn Bhd (TMD), own and operate a fleet of 15 vessels that comply with health, safety and environmental standards, ranging from 500 to 7,820 deadweight tonnage (DWT). These vessels operate in inner and outer port limits of various seaports in Malaysia.

Products offered by the Group includes:

  • Marine Gas Oil (MGO);
  • High Sulphur Fuel Oil (HSFO);
  • Very Low Sulphur Fuel Oil (VLSFO);
  • Marine Fuel Oil (MFO); and
  • Low Sulphur Heavy Fuel Oil (LSHFO).

Over the years, the Group’s has expanded its assets base, strengthen its operational capabilities and broadened its geographical coverage to capture the larger growth opportunities in the oil trading and bunkering sector in both Malaysia and the Asia region.

At present, TMD operates in 19 ports in Malaysia, which include Lumut Port, Pasir Gudang Port, Tanjung Pelepas Port, Johor Bahru Port, Kuantan Port, Kemaman Port, Kuala Terengganu Port, Bintulu Port, Labuan Port and Sapangar Bay Oil Terminal and all of which are licensed under Petroleum Development Act 1974 (PDA Licenses) for its bunkering services.

SER said the growth in revenue for FY2022 was mainly attributed to the numerous strategies undertaken by the management to gain a bigger market share. As a result of a slowing economy activity, there was margin compression during that period as a result of competitive pricing and increased costs from suppliers. The oil trading and bunkering business is characterised by high sales volumes and low margins.

In the fourth quarter of 2022, the Group expanded its oil trading and fuel bunkering services to seagoing liquified natural gas (LNG) vessels within the Labuan waters whereby TMD would provide bunkering and related services to international and domestic vessels passing through the Labuan waters. Its maiden operation involves supplying 4,000 metric tonnes of LSHFO to an LNG tanker. The bunkering service entails the supplying of LSHFO which is not available in Labuan or neighbouring states. This had boosted Labuan’s reputation and image as the new bunkering hub in the region.

SER also stated TMD is aware of the profound changes driven by technological disruption and the emergence of new technologies in the global supply chain.

“As such, TMD has started its programme towards automation and digitalisation. A shift to digitalisation is a tool for optimised bunker business models, greater transparency, cross industry cooperation and the decarbonisation of the O&G industry,” it said.

RelatedVictoria STS completes its first-ever STS crude oil transfer off Labuan
RelatedStraits Energy Resources and Fendercare Marine to promote Labuan STS services
Related: Straits Inter Logistics undergoes name change to Straits Energy Resources
RelatedTumpuan Megah Development to collaborate with Petronas for bunker deliveries
RelatedStraits Inter Logistics receives government approval to develop STS hub
RelatedStraits Inter Logistics subsidiary to become STS operator at Victoria Bay, Labuan
RelatedMalaysia: Straits Inter Logistics gears up for USD 3.6 million STS hub project
Related: Malaysia: Straits Inter Logistics posts 26% rise on year in profit for Q1 2021
Related: Malaysia: Strait’s unit Victoria STS completes first-ever STS LNG transfer in Labuan

 

Photo credit: Straits Energy Resources Berhad
Published: 10 May, 2023

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Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

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Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

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Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

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