Business

Malaysia: Straits Energy Resources net profit up 11.8% on bunkering expansion

Revenue of Malaysia-listed Straits Energy Resources crossed the RM 1 billion mark for the first time in the company’s history, learned Manifold Times.

Published

3 years ago

March 1, 2022

Admin

Malaysia-listed Straits Energy Resources (SER), formerly known as Straits Inter Logistics, on Monday (28 February) posted a 11.8% on year increase in net profit during its financial year of 2021 (FY 2021) spurred by its oil trading & bunkering services segment expanding its footprint into Port Klang, amidst increasing global oil prices and the continuous recovery in the maritime industry.

The company recorded net profit of RM 4.44 million (USD 1.06 million) in FY 2021, more than net profit of RM 3.98 million during FY 2020; its revenue in FY 2021 was RM 1.32 billion, a 95% increase from RM 675.32 million in FY 2020.

The Group’s revenue in the fourth quarter of 2021 (Q4 2021), meanwhile, surged by RM 269.1 million to RM 445.6 million, from RM 176.5 million recorded in the corresponding quarter of the previous year.

“The increase was substantially contributed by the oil trading & bunkering services segment which had expanded its market coverage into Port Klang, apart from benefiting continuously from the recovery of the maritime industry and rising global oil prices,” it explained.

“Revenue generated from inland transportation had almost doubled to RM 1.6 million in the current quarter as the construction industry picked up on the back of the Malaysian economy recovering from the COVID-19 Pandemic.

“However lower revenue was generated by our port management segment due to quarantine implementation by Kementerian Kesihatan between October and November 2021 on Labuan Port. The revenue from the vessel management segment also dropped due to less vessels calling into Singapore Port.”

Oil Trading & Bunkering Services

SER’s oil trading and bunkering services segment saw profit before tax of RM 11.12 million in FY 2021, 52% up from profit before tax of RM 7.29 million in FY 2020; revenue for the similar segment was RM 1.30 billion in FY 2021, a 97% increase from revenue of RM 662.24 million in FY 2020.

In line with the Group’s business strategy to further expand its bunkering services and supply of marine fuel oil (MFO), SER had on 15 October 2021, through its 51% indirect-owned subsidiary, SMF Beluga Ltd, entered into a Bareboat Charter Hire Agreement to acquire a vessel, namely M.T. Empower for a purchase consideration of USD3.5 million. This vessel has since been renamed as M.T. SMF Beluga.

The Group via its indirect subsidiary, Victoria STS (Labuan) Sdn Bhd (Victoria) had on 12 July 2021 received a letter of approval (LOA) from Marine Department Malaysia for the development of Ship to Ship (“STS”) Energy Transhipment Hub to provide and carry out liquid cargo transfer activities.

The Group is looking to widen its business coverage into the STS operations and Victoria is scheduled to commence operation in second quarter of 2022. The Group aims to be a major player in the Sustainable and Alternative Energy industry in addition to its current fuel bunkering, vessel management, inland transportation and port operation business.

Photo credit: Straits Energy Resources
Published: 1 March, 2022

FuelEU

FincoEnergies launches pooling service for FuelEU Maritime compliance

FuelEU Pooling service enables undercompliant vessels to meet their compliance targets by pooling with vessels running on GoodFuels sustainable bio bunker fuels.

Published

8 hours ago

April 21, 2025

Admin

GoodFuels biofuel supplier FincoEnergies on Wednesday (16 April) announced the launch of its FuelEU Pooling service, created to enable shipowners to meet FuelEU Maritime compliance in a cost-effective way.

FuelEU Maritime, effective from 1 January 2025, mandates the reduction of greenhouse gas intensity of energy used on board ships trading in the EU. For many operators, particularly those with limited access to low-carbon fuels, compliance can be both complex and costly.

Designed for shipowners, operators, charterers, and technical managers, FincoEnergies’ FuelEU Pooling service enables undercompliant vessels to meet their compliance targets by pooling with vessels running on GoodFuels sustainable biofuels, when these vessels are overcompliant and have ‘Surplus’ emission reduction available for allocation.

FincoEnergies also partnered with Lloyd’s Register (LR), who supported the development of the service. Their technical expertise has enabled shaping a solution that aligns with both regulatory requirements and FincoEnergies' established position as a biofuel supplier in the fuel supply chain.

“FuelEU Maritime represents one of the most important regulatory shifts for the shipping industry in decades,” said Alberto Perez, Global Head, Maritime Commercial Markets at LR. “By integrating technical expertise with strategic guidance, we ensure shipowners, operators, and suppliers not only comply with evolving emissions standards, but also proactively transform their operations, embracing new technologies and alternative fuels to ensure a sustainable and profitable future.”

“With a decade of experience in biofuel bunkers and carbon certificate trading in the voluntary market, we are excited to expand our creative and solution-oriented product portfolio with FuelEU Pooling,” said Johannes Schurmann, Commercial Director International Marine at FincoEnergies.

“Thanks to our physical presence in the supply chain, shipping companies looking for FuelEU surplus can confidently rely on us as a trusted partner in their decarbonisation journey.”

Through its role as Pool Organiser, FincoEnergies streamlines the entire pooling process – from performing biofuel bunkers and prefinancing Surplus, to Surplus allocation and pool verification. With cost-effective pricing, FuelEU Pooling provides shipping companies with a competitive alternative for changing their fuel mix themselves.

Photo credit: FincoEnergies
Published: 21 April, 2025

ECA

PO/Marine launches supply of MED ECA-compliant ULSFO bunker fuel

In preparation of the upcoming Mediterranean Emission Control Area regulation, PO/Marine successfully delivered its first supply of ULSFO with 0.10% sulphur content on 15 April.

Published

8 hours ago

April 21, 2025

Admin

Aydın Yıldız, Head of Marine Sales at Petrol Ofisi Group

Petrol Ofisi’s bunkering arm PO/Marine on Thursday (17 April) said it has completed the bunkering operation of ULSFO—a marine fuel with 0.10% sulphur content—in alignment with the upcoming Mediterranean Emission Control Area (MED ECA) regulation.

Under the new regulation, all vessels operating within the Mediterranean must use low-sulphur marine fuels.

Effective 1 May 2025, the Mediterranean will officially be designated as an Emission Control Area (MED ECA), prohibiting the use of marine fuels with sulphur content exceeding 0.10%.

In preparation for this regulatory transition, PO/Marine successfully delivered its first supply of ULSFO (Ultra Low Sulphur Fuel Oil) with 0.10% sulphur content on 15 April.

PO/Marine launches supply of MED ECA-compliant ULSFO bunker fuel

Aydın Yıldız, Senior Maritime Manager at Petrol Ofisi Group, said: “Our leadership in the maritime fuel sector is defined not only by our market share but also by the innovative steps we take to shape the industry.

“Successfully completing the supply of marine fuel with 0.10% sulphur content in alignment with the MED ECA transition in Türkiye is a concrete reflection of this. We previously led the way with the country’s first VLSFO bunkering operation, setting a precedent in our sector.

“With our ULSFO bunkering, we have once again demonstrated that we are setting the standard in Türkiye’s marine fuel landscape. The designation of the Mediterranean as an Emission Control Area is not only a regional development but a historic turning point for global maritime operations.”

Photo credit: PO/Marine
Published: 21 April, 2025

Bunker Fuel

Oilmar completes first ULSFO bunker fuel delivery in Türkiye

Company announced the successful completion of its first ULSFO 0.1% Sulphur delivery in Istanbul and is now offering the marine fuel in several key locations including Istanbul Anchorage and Marmara Sea.

Published

8 hours ago

April 21, 2025

Admin

UAE-based marine fuel and petroleum products trader Oilmar DMCC on Friday (18 April) announced the successful completion of its first ULSFO 0.1% Sulphur delivery in Istanbul, marking one of the very first trades of its kind in the country.

“With this milestone, Oilmar proudly steps forward as one of Türkiye’s pioneering trading companies in ULSFO 0.1% Sulphur fuel,” it said in a social media post.

Oilmar is now offering ULSFO 0.1% across key locations:

Istanbul Anchorage
Marmara Sea
Gulf of Derince
Bozcaada Anchorage
Southern Türkiye Ports

In addition, High Sulphur Fuel Oil (HSFO), Very Low Sulphur Fuel Oil (VLSFO), Ultra-Low Sulphur Fuel Oil (ULSFO), and Low Sulphur Marine Gasoil (LSMGO) are available at all ports across Türkiye.

Photo credit: Dima Rogachevskiy on Unsplash
Published: 21 April, 2025