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.”
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.”
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Photo credit: Straits Energy Resources
Published: 1 December, 2022
Both launched a feasibility study to develop a commercial framework for orders of green-fuelled newbuilds to decarbonize sea transport supply chain in Baltic and North Sea areas and beyond.
‘We will continue to innovate and uphold our reputation as one of the best bunker craft operators here in Singapore, the world’s largest maritime refueling hub,’ says Head of Vitol Asia.
System is designed to offer a space saving solution for smaller LNG-fuelled vessels that have limited room onboard; supports decarbonisation goals of maritime industry.
The team in Singapore is now supplying more than 200,000 metric tonnes of bunker per month.
With 18 industry partners including BHP Singapore, this pilot will help to shape national and international standards of biofuels bunkering, amongst others.
At the time of delivery, the newbuilding will still be subject to a full review of documentation requirements pertaining to the applied rules.
KPI OC seeking to recover debt of USD 805,602.15 over five bunker deliveries, not including accrued interest of about USD 363,000 since 15 September, showed court documents obtained by Manifold Times.
Discussions around the need to develop methanol bunkering operations are taking place at numerous ports ahead of estimated demand of above 7M mtpa by 2030, says Chris Chatterton of Methanol Institute.
‘Economics of the shipping market will be the key driver enabling methanol to be adopted at a higher pace going forth over next couple years as market begins to return to more normal rates,’ states COO.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
