Connect with us

Business

Malaysia: Straits Energy Resources profit up 24% on rise in oil cargo activity

Oil Bunkering and Shipping Related Services segment generate 166% rise in revenue to RM 906.3 million due to increased cargo trading operations.

Admin

Published

on

2 12

Malaysia-listed Straits Energy Resources (SER) posted a 24% on year increase in profit for the third quarter (Q3) of 2022 amid increased activity from its Oil Bunkering and Shipping Related Services segment.

The Group recorded profit before tax (PBT) of RM 2.40 million (USD 0.54 million) in Q3 2022, 23.7% up from profit of RM 1.94 million in Q3 2021, according to latest figures.

“The Oil Bunkering and Shipping Related Services segment has contributed a PBT increase of RM 3.2 million as cargo volume sold increased in line with its horizontal expansion as well with increase in global oil prices,” it stated.

“With the increased vessel callings at the port, the Port Operation & Management Segment’s PBT contribution too had increased by RM1.1 million during the current quarter.”

SER Q3 2022

Overall revenue, meanwhile, rose 165.6% to RM 906.3 million from RM 341.2 million during the comparative quarters.

“The significant increase was mainly contributed by the Oil Bunkering and Shipping Related Services segment which increased by RM561.0 million as the cargo volume sold has increased by approximately 80%,” SER noted.

“In addition, there has been aggressive marketing efforts to increase its ports coverage and customers, coupled with the spike in global oil prices.”

SER in Q2 2022 completed a 90% acquisition in Sinar Maju Logistik Sdn Bhd (SML) and obtained a 51%-equity stake in Wire & Wireless Sdn Bhd (W&W) via Straits Technology Solutions Sdn Bhd, a 75% owned subsidiary of the Group.

“SML will be a vertical expansion of the Group's Oil Bunkering and Shipping Related Services segment, which will allow the Group to offer a broader range of related services within the shipping operation, logistics and transportation sector to provide additional value to clients and enhance the revenue and earnings of Straits Group,” says SER.

“The Group is optimistic on the growth prospect for 2022 moving forward.”

Related: Malaysia: Strait’s unit Victoria STS completes first-ever STS LNG transfer in Labuan
Related: Straits Energy Resources Q2 2022 profit increases to MYR 7.11 million on bunkering gains
Related: Malaysia: Straits Energy Resources Berhad Q1 2022 revenue up 117%
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 secures fuel delivery contract for PetroVietnam project
Related: Straits Energy Resources Q3 2021 profit increases to RM 1.94 million on bunkering gains

 

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

Continue Reading

Business

VPS introduces new General Manager for Middle East and Africa

Dirk de Bruyn brings experience from Rio Tinto, Shell and recently TotalEnergies, and a range of local, regional and global oil, gas and energy roles across four continents.

Admin

Published

on

By

Dirk de Bruyn, General Manager for Middle East and Africa, VPS

Maritime decarbonisation advisory services company VPS on Monday (11 November) announced the appointment of Dirk de Bruyn as the company’s new General Manager for Middle East and Africa.

In this role, Dirk will advance VPS’s business within the region with both new and existing key clients. He will be critical to the growth of both the traditional businesses of marine fuels testing and advisory as well as playing a key role of decarbonisation of the maritime industry.

With experience gained at Rio Tinto, Shell and recently TotalEnergies, and a range of local, regional and global roles across four continents in international oil, gas and energy, Dirk brings extensive experience and knowledge in the energy transition space.

Using his extensive knowledge gained in bunker fuel and lubricants, both from a supplier and end-users’ perspective, Dirk previously led a global team focused on energy transition and decarbonisation.

“The maritime industry is changing quickly with ambitious emissions targets and decarbonisation requirements driving the introduction of new technologies and fuels into the market,” said Dr. Malcolm Cooper, CEO of VPS.

“In this dynamic landscape, we are very pleased to have Dirk on board to help VPS customers optimise their operations by understanding which new fuels to use and how to adapt to these sustainable business drivers and meet new regulations.

Dirk noted: “Whilst the industry is rightfully focussed on the path towards Net Zero, we must ensure we do not take our eye off the ball on the operational risks posed by traditional fuels.”

“Energy Transition and the path towards Net Zero is an evolving landscape. With the change in fuel types and the introduction of future fuels, it is important to provide advice and guidance to our customers whilst taking into consideration the differences in legislations.

“VPS leads the way with their technology in biofuels as well as methanol testing which is a key component to reducing our clients emissions and helping them in their journey towards Net Zero. I am excited to be part of this journey with VPS’ with an industry who is focussed on fuel transition.

“With over forty years of knowledge and experience in the marine industry, and a wide range of advanced Digital Decarbonisation platforms such as PortStats, Maress, BOND and Emsys, I have found that our team is filled with experience and determination and I look forward to adding mine into the mix.”

 

Photo credit: VPS
Published: 13 November 2024

Continue Reading

Business

Bunker fuel trading firm Shipergy achieves International Sustainability and Carbon Certification

ISCC certification assures Shipergy’s marine fuel offerings meet sustainability, GHG reduction, and traceability standards – aligning with upcoming FuelEU Maritime.

Admin

Published

on

By

Resized Shipergy logo

London-based provider of marine fuel solutions Shipergy on Monday (11 November) said it has achieved International Sustainability and Carbon Certification (ISCC).

The ISCC certification provides assurance that Shipergy’s fuel offerings meet rigorous sustainability, greenhouse gas (GHG) reduction, and traceability standards – aligning with the EU’s upcoming FuelEU Maritime regulation effective 1 January 2025.

This regulation mandates progressive reductions in GHG intensity across all energy sources used by ships within EU waters. By achieving ISCC certification, Shipergy is now positioned to help its customers meet these regulatory standards while supporting the broader decarbonisation of the maritime sector.

“Achieving ISCC certification is a testament to Shipergy’s dedication to advancing sustainable practices in the maritime industry,” said Daniel Rose, CEO of Shipergy.

“With FuelEU Maritime on the horizon, we are proud to offer our customers a reliable source of certified sustainable fuels, enabling them to navigate the changing regulatory landscape confidently and responsibly.”

Related: Marine fuel trading firm Shipergy secures USD 15 million credit facility with DNB Bank
RelatedShipergy to set up new Singapore regional hub in major recruitment drive
RelatedSignal Group launches tech enabled bunker procurement company Shipergy
RelatedShipergy reports more than 60 bunker procurement transactions since launch
RelatedShipergy to leverage OpenAI’s ChatGPT in AI-powered, bunker fuel market report

 

Photo credit: Shipergy
Published: 13 November 2024

Continue Reading

Battery

Yinson GreenTech and Zeabuz to develop autonomous, remote-controlled electric marine vessels

Collaboration aims to integrate Zeabuz’s hardware and proprietary software algorithms into Yinson GreenTech’s marinEV fleet of electric vessels.

Admin

Published

on

By

Yinson GreenTech and Zeabuz to develop autonomous, remote-controlled electric marine vessels

Yinson GreenTech and autonomous maritime technology company Zeabuz have signed a Letter of Intent to integrate autonomous and remote-control capabilities into Yinson GreenTech's fleet of marine electric vessels.

This collaboration was formalised at the Singapore Norway Innovation Conference on 6 November. It marked a significant step towards decarbonising Singapore's maritime industry by combining the power of electrification and autonomous maritime operations.

The collaboration aims to deliver more efficient marine solutions by integrating Zeabuz's hardware and proprietary software algorithms into Yinson GreenTech's marinEV fleet of electric vessels.

Critically, by combining autonomous driving technology with electric marine vessels, this collaboration will address the maritime industry's long-term manpower challenges. It will reduce the number of crew members required onboard, making maritime operations more efficient.

Additionally, it will enhance the attractiveness of maritime jobs by introducing new, knowledge-based skillsets like artificial intelligence, machine learning, and remote operations. This aligns with the Maritime and Port Authority of Singapore's (MPA) Industry Transformation Map, particularly its focus on digitalisation.

“To fulfil Yinson GreenTech's broader vision of building a net-zero world, marinEV believes in harnessing the power of sustainable innovation through strategic partnerships," said Jan-Viggo Johansen, Managing Director of marinEV.

“Our collaboration with Zeabuz marks a significant step towards accelerating the adoption of autonomous solutions, which will not only enhance the safety and efficiency of maritime operations but also significantly reduce our environmental impact on waterways.”

“By combining the power of electrification, onboard autonomy, and remote supervisory control, we are laying a strong foundation for the future of sustainable maritime operations,” said Øyvind Smogeli, CEO and Co-Founder of Zeabuz.

“We are excited to deepen our collaboration with Yinson GreenTech to build a future of sustainable, technology-driven marine transport.”

 

Photo credit: Yinson GreenTech
Published: 12 November 2024

Continue Reading
Advertisement
  • v4Helmsman Gif Banner 01
  • SBF2
  • Consort advertisement v2
  • RE 05 Lighthouse GIF
  • EMF banner 400x330 slogan
  • Aderco advert 400x330 1

OUR INDUSTRY PARTNERS

  • SEAOIL 3+5 GIF
  • Triton Bunkering advertisement v2
  • Singfar advertisement final
  • 102Meth Logo GIF copy
  • HL 2022 adv v1


  • E Marine logo
  • Synergy Asia Bunkering logo MT
  • Auramarine 01
  • Trillion Energy
  • metcore
  • PSP Marine logo
  • Uni Fuels oct 2024 ad
  • Mokara Final
  • pro liquid
  • 300 300
  • 400x330 v2 copy
  • VPS 2021 advertisement
  • Advert Shipping Manifold resized1
  • Headway Manifold

Trending