Straits Marine Fuels & Energy Sdn Bhd (SMF), the subsidiary of Malaysia-listed bunkering firm Straits Inter Logistics (Straits), will be starting operations at the Port of Tanjung Pelepas and Pasir Gudang on Wednesday (6 March, 2019).
“The reason behind the establishment of SMF by Straits is to move into fuel oil bunkering,” a company source told Manifold Times on Monday.
“We will start by supplying heavy fuel oil (HFO) to receiving vessels and move into low sulphur fuel oil (LSFO) deliveries by the third quarter of 2019 to help our customers prepare for IMO 2020.”
SMF will start operations at both ports in Johor by first chartering a 3,800 metric tonne (mt) capacity bunker barge, and plans for asset acquisitions of between two to three bunker tankers by the middle of 2019, he adds.
The vessels will each have approximately 4,000 mt capacity for marine fuel and be based at the Port of Tanjung Pelepas and Pasir Gudang.
He notes SMF will specialise in the sole supply of HFO and LSFO, while sister bunkering company Tumpuan Megah Development (also a subsidiary of Straits) will focus on deliveries of low sulphur marine gas oil (LS MGO).
The company, in a horizontal expansion, lately welcomed an experienced land logistics player to head its newly formed transport subsidiary Straits Alliance Transport Sdn Bhd.
Straits posted a 61% increase in net profit during the financial year (FY) ended 31 December 2018 on the back of several expansion developments.
Related: Straits Inter Logistics forms new bunkering subsidiary
Related: Straits Inter Logistics Q3 profit 61% up after bunker acquisition
Related: Straits Inter Logistics makes land logistics expansion
Related: Straits Inter Logistics ends 2018 with 61% profit increase
Photo credit: Straits Inter Logistics
Published: 4 March, 2019
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