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Malaysia: Straits Inter Logistics posts 26% rise on year in profit for Q1 2021

Group’s revenue in Q1 2021 increased by 12.5% to RM295.2 million due to the recovery of oil price compared to corresponding quarter of the previous year.

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Malaysia-listed Straits Inter Logistics Berhad (SIL), the parent of bunkering firm Tumpuan Megah Development Sdn Bhd (TMD), on Monday (31 May) posted a 26% rise on year in profit, it said.

It recorded profit of MYR 1.929 million (USD 470,000) for the quarter ended 31 March 2021 (Q1 2021), up from profit of MYR 1.525 million during Q2 2020.

The company’s revenue for Q1 2021 rose 12.5% to MYR 295.2 million.

Straits Inter Logistics Q1 2021

“The Group’s revenue in the current quarter increased by RM32.8 million to RM295.2 million from RM262.4 million recorded in the corresponding quarter of the previous year,” it said.

“The increase was substantially attributed to oil trading & bunkering services segment due to the recovery of oil price compared to the corresponding quarter of the previous year.

“As a result, the revenue from this segment increased by RM29.1 million. The port management operation which commenced its operation in April 2020 had generated a revenue of RM3.7 million in the current quarter.”

On 15 January 2021, Straits Marine Fuels & Energy Sdn Bhd (SMF), a 67% owned subsidiary of the Company, incorporated Sierra Pioneer Marine Ltd (Sierra) in Labuan; Sierra on 16 February 2021 entered into a Memorandum of Agreement with Ocean World Inc to acquire a vessel, named M.T. Guo Kang No.1 for a purchase consideration of USD1,600,000.

The acquisition of M.T. Guo Kang No.1 is to expand the business of the Group especially in the supply of High Sulphur Fuel Oil (HSFO) to cater for the increasing demand of HSFO in Malaysia.

On 7 April 2021, Straits Marine Services Pte Ltd (SMS), a 51% owned subsidiary of the Company, incorporated a wholly owned subsidiary, namely Straits Maritime Services Pte Ltd (SMT) in Singapore; the intended activity of SMT is in provision of general cleaning services (excluding household cleaning).

On 14 April 2021, TMD received a sealed Order dated 22 March 2021 and undated Notice of Registration of Foreign Judgement representing an attempt by the Claimants to enforce an English Judgement for USD937,353 with interest and cost of which TMD has disputed jurisdiction.

Accordingly, TMD is taking steps to strenuously resist this attempt to enforce an invalid arbitration award issued without jurisdiction and TMD’s solicitors had on 27 April 2021 filed an application to the High Court of Malaya, Kuala Lumpur to set aside the earlier mentioned sealed Order and undated Notice of Registration of Foreign Judgement.

Notwithstanding the ongoing arbitration which commenced on 2 May 2017, the Vendor (Raja Ismail Bin Raja Mohamed) via an irrevocable Personal Guarantee dated 30 April 2020 had undertaken to indemnify the Company against the liabilities of TMD arising from the arbitration and shall promptly pay such liabilities upon receipt of a payment demand from the Company and accordingly, no provisions have been made in the financial statements.

Related: Straits Inter Logistics files application to set aside ING Bank & O.W. Bunker Far East claim
Related: Straits Inter Logistics to contest USD 937,000 claim from ING Bank and O.W. Bunker Far East
Related: Straits Inter Logistics associate Bangle Energy seeks HKSE GEM IPO listing
Related: Straits Inter Logistics welcomes Singapore-listed Avarga as new substantial shareholder
Related: Straits Inter Logistics subsidiary acquires oil tanker ‘MT Guo Kang No 1’ for USD 1.6 million
Related: Straits Inter Logistics plans private placement to increase stake in Tumpuan Megah
Related: Straits Inter Logistics sees 66% decline in net profit; slight recovery in bunker business
Related: Straits Inter Logistics subsidiary SMF Eden acquires “M.T. MO Satu” bunker tanker for USD 4.5 million
Related: Straits Inter Logistics subsidiary SMF Eden acquires “M.T. MO Satu” bunker tanker for USD 4.5 million
Related: Straits Inter Logistics sees 67.8% fall in Q2 2020 profit due to Covid-19 related impact
Related: Straits Inter Logistics subsidiary Beluga Asia acquires bunker tanker to increase service availability
Related: Straits Inter Logistics IMO 2020 strategies contribute 141.2% jump in revenue for Q1
Related: Straits Inter Logistics concludes FY 2019 with ‘commendable performance’, says Chairman
Related: Straits Inter Logistics concludes FY 2019 with 75% jump in net profit
Related: Bursa Malaysia approves Straits Inter Logistics acquisition of Tumpuan Megah
Related: Straits Inter Logistics meeting approves Banle Energy acquisition
Related: Malaysia: Straits Inter Logistics makes land logistics expansion
Related: Straits Inter Logistics takes over operation and management of Labuan Liberty Terminal

 

Photo credit: Straits Inter Logistics Berhad
Published: 2 June, 2021

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Business

MAN Energy Solutions opens largest service hub in Singapore

New facility able to meet demand for repairs, maintenance and training services for MAN Energy Solutions’ alternative-fuel engines, such as two-stroke methanol dual-fuel engines.

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MAN ES MPA

Singapore on Friday (1 March) welcomed the opening of MAN Energy Solutions’ new mixed purpose facility today that will expand their local business activities.

MAN Energy Solutions is one of the global engine makers of alternative-fuel engines, and is driving the maritime energy transition by enabling the use of cleaner fuels in ships around the world.

Located in Tuas, MAN Energy Solutions' EUR 20 mil (SGD30 mil) investment will include a new MAN PrimeServ training academy for customers and employees, a logistics centre to serve as the warehouse for Asia, and a PrimeServ workshop to provide maintenance and repair services, including for MAN Energy Solutions’ alternative-fuel engines.

The new facility will serve as the largest service hub for MAN Energy Solutions’ activities and engagements outside of Europe, and will allow shipowners and ship managers to gain round-the-clock access to technical services for MAN Energy Solutions products such as repairs and maintenance of their alternative-fuel two-stroke engines, reduce turnaround times for ships due to quicker access to spare parts, and providing training for seafarers on the safe operation, maintenance, and troubleshooting of all MAN Energy Solutions equipment.

The new facility would also be timely to cater to the demand for repairs, maintenance and training services for MAN Energy Solutions’ alternative-fuel engines, such as the two-stroke methanol dual-fuel engines that are already available and for the two-stroke ammonia dual-fuel engines that are currently in development.

The mixed-purpose facility was launched by Dr Amy Khor, Senior Minister of State, Ministry of Transport and Ministry of Sustainability and the Environment.

SMS Khor said: “MAN Energy Solutions has been a long-time partner for Maritime Singapore since its establishment here in 1977. I am heartened that MAN Energy Solutions has placed a strong vote of confidence in Singapore by setting up its second hub outside of Europe here, setting the stage for collaboration in maritime decarbonisation, digitalisation, and talent development.”

“The expansion of MAN Energy Solutions’ workshop and warehouse activities will provide much needed capacity to support the maintenance of ocean-going vessels that adopt engines fuelled by new marine fuels.”

“MAN Energy Solutions' expanded training academy will also support Singapore's drive to upskill and reskill of our workforce, to build confidence for maritime workers to safely handle new marine fuels. I look forward to many more years of meaningful collaboration, especially in these emerging areas.”

Dr Uwe Lauber, CEO MAN Energy Solutions, said, “With over 9,000 square metres of floor space, Singapore is our largest hub outside of Europe in what is one of the most important maritime centres globally. We intend for this mixed-purpose facility to advance the maritime energy transition locally through education, logistics, and a comprehensive after-sales portfolio. Ultimately, we are ‘moving big things to zero’ and leading our customers towards a multi-fuel, decarbonised future.”

Mr Teo Eng Dih, Chief Executive Officer of the Maritime and Port Authority of Singapore, said, “As the world’s largest bunkering port and major transhipment hub, Singapore is committed to the maritime digitalisation and the green transition. We have been long-time partners with MAN Energy Solutions and have been working closely together in various methanol and ammonia shipping consortiums and also in skills development.”

“MAN Energy Solutions’ new maintenance and training facility here will add deep expertise and experience to the growing and vibrant new fuels ecosystem here and also upskilling of our maritime workforce, especially in the area of new methanol and ammonia engines.”

Nicolas Brabeck, Managing Director, MAN Energy Solutions, Singapore, said: “This new facility represents one of the biggest investments that we have made outside of our product centres within recent years. It forms a key part of our company’s Triple 10+ business strategy that aims for growth through green technologies. In this context, we intend to equip our personnel with the right skillsets to handle the new technologies coming online and drive our business forward. We therefore expect to significantly increase staff numbers on-site to some 400 people by 2027, and look forward to cultivating great relationships with our customers and the various, Singaporean authorities.”

MAN Energy Solutions’ Singapore office is its largest service hub outside Europe, and currently employs 250 staff.

 

Photo credit: Maritime and Port Authority of Singapore
Published: 4 March 2024

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Business

Singapore Maritime Officers’ Union launches upgraded Wavelink Maritime Simulation Centre

Centre includes new dual-fuel engine simulators, offering realistic training scenarios to prepare seafarers for the evolving maritime landscape and the shift to cleaner bunker fuels.

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Wavelink MPA

Singapore Maritime Officers'​ Union launched the newly upgraded Wavelink Maritime Simulation Centre (WMSC), according to Maritime and Port Authority of Singapore (MPA) on Thursday (29 February).

The SGD 2.75 million facility includes new dual-fuel engine simulators, offering realistic training scenarios to prepare seafarers for the evolving maritime landscape and the shift to cleaner fuels, in line with industry sustainability goals.

The WMSC was unveiled by Minister Grace Fu, Minister for Sustainability and the Environment at SMOU’s seminar titled Advancing Maritime Resilience: No One is Left Behind.

The seminar, focusing on transition and training, aimed to reinforce shared responsibility, empower the maritime workforce through training, and champion sustainability without disadvantaging stakeholders in achieving #netzero emissions by 2050.

MPA's Assistant Chief Executive (Corporate & Strategy) Hoe Soon Tan participated in a panel discussion on "Prioritising a 'Just Transition", addressing strategies to bridge skill gaps and ensure a smooth and equitable transition for all seafarers.

 

Photo credit: Maritime and Port Authority of Singapore
Published: 4 March 2024

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Newbuilding

Singapore: EPS orders ammonia, LNG dual-fuel vessels from China

EPS signed one contract for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International.

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Singapore-based Eastern Pacific Shipping (EPS) on Wednesday (28 February) said it signed two new contract orders in a signing ceremony in Shanghai, one for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International. 

The contracts signed cover four 210,000 dwt ammonia dual-fuel bulk carriers and two 111,000 dwt LNG dual-fuel LR2 oil tankers, expanding our fleet of green vessels on water. 

“These are pivotal for EPS, testament to our continued commitment towards the decarbonisation of shipping,” EPS said in a social media post.

Manifold Times recently reported EPS signing a contract for its first ever wind-assisted propulsion system, partnering with bound4blue to install three 22-metre eSAILs® onboard the Pacific Sentinel

The turnkey ‘suction sail’ technology, which drags air across an aerodynamic surface to generate exceptional propulsive efficiency, will be fitted later this year, helping the 183-metre, 50,000 DWT oil and chemical tanker reduce overall energy consumption by approximately 10%, depending on vessel routing.

Related: Singapore: EPS orders its first wind-assisted propulsion system for tanker

 

Photo credit: Eastern Pacific Shipping
Published: 1 March 2024

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