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Malaysia: Techfast starts oil trading unit, unveils bunker supplier ambition with proposed CCK Petroleum acquisition

Fast Energy Sdn Bhd is currently exploring collaboration with a major Malaysian bunker supply firm operating at Port Klang; the operation will be supported by CCK Petroleum upon finalisation.

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Malaysia-listed investment holding company Techfast Holdings Bhd is planning to enter the local bunkering sector with its newly established petroleum trading subsidiary Fast Energy Sdn Bhd (FESB), learns Singapore bunkering publication Manifold Times.

FESB, first starting out as a trading unit, is currently exploring collaboration opportunities with a major Malaysian bunker supply firm operating at Port Klang, states Techfast Executive Director Vincent Tan.

“Despite the pandemic, marine traffic remains high at Port Klang. We will be positioning FESB to capture a sizeable market share upon completion of the collaboration agreement with the local supplier,” he says.

Tan, meanwhile, notes Techfast’s foray into the bunkering sector will be boosted by a proposed 35% acquisition of local bunker trading firm CCK Petroleum Sdn Bhd – which is currently pending shareholders’ approval.

He is certain Techfast’s strong cash flow position will be able to support CCK Petroleum in capturing a bigger market share within the Malaysian bunkering sector.

“CCK Petroleum has been in the bunker industry for the past 10 years,” explains Tan.

“With its experience and network at all 13 major ports in Malaysia, the acquisition of CCK could elevate Techfast’s aim to be a prominent bunker supplier in Malaysia.”

As a starting point, Tan points out Techfast will be expanding CCK Petroleum’s current trading network to include other international ports after the proposed acquisition to the board has been approved.

“Lately, there has been a squeeze in the supply of bunkers at Malaysian ports due to the implementation of new bunker tanker requirements [double hull, double bottom],” he shares.

“This means existing bunker suppliers and bunker tanker operators will now have to invest in new vessels in order to meet the requirement to legitimately perform marine refuelling operations within Malaysian waters.

“For Techfast, we are happy to consider investments into new bunker tankers to capture market share.”

According to Tan, Techfast has been principally engaged in the production of self-clinching fasteners, electronic hardware and precision turned parts; it also produces mould cleaning rubber sheets and LED epoxy encapsulant materials.

The latest venture into the Malaysian bunkering and petroleum trading business now allows the company to diversify its earnings base and reduce exposure from the manufacturing business segment.

“Disruption caused by the current coronavirus pandemic has resulted in Techfast looking at new revenue streams for a diversified business portfolio,” says Tan.

“This is where the marine fuels sector comes in. The shipping industry is now in the midst of exciting times where it is entering an energy transition from traditional oil-based fuels to cleaner alternative energy sources due to the upcoming IMO 2030/2050 regulation.

“To explain, the International Maritime Organisation (IMO)’s initial GHG strategy aims to achieve a reduction of at least 40% by 2030 and 70% by 2050 [compared to 2008] for CO2 emissions per transport work in international shipping.

“As such, newbuilds, especially the larger vessels, are now opting for dual fuelled engines which can be powered by liquefied natural gas.

“This once in a lifetime change also provides an opportunity for Techfast to consider the possibility of venturing into the LNG bunkering sphere; after first establishing the bunkering business for traditional oil-based fuels.

“Moving forward, we are cautiously optimistic of the future prospects of CCK and the enlarged Techfast Group.”

Related: Malaysia: Techfast Holdings acquires 35% stake in bunker trading firm CCK Petroleum

 

Photo credit: Techfast Holdings
Published: 26 February, 2021

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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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LNG Bunkering

Malaysia: Port of Tanjung Pelepas completes first LNG bunkering operation

Landmark event involved the CMA CGM Monaco, a 14,024 TEUs containership operated by French shipping giant CMA CGM.

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Port of Tanjung Pelepas Sdn Bhd (PTP), a joint venture between MMC Group and APM Terminals, on Wednesday (28 February) announced a significant milestone with the successful completion of its first Liquefied Natural Gas (LNG) bunkering operation. 

The landmark event involved the CMA CGM Monaco, a 14,024 TEUs (Twenty-foot Equivalent Units) capacity containership operated by French shipping giant, CMA CGM.

Tan Sri Che Khalib Mohamad Noh, Chairman of PTP in a statement remarked this latest milestone demonstrates PTP’s commitment to continuously enhance its competitive advantages in an increasingly competitive global market.

“The successful completion of our first LNG bunkering operation also underscores our unwavering commitment to sustainability and environmental leadership. We are proud to partner with Petronas Trading Corporation Sendirian Berhad (PETCO) and CMA CGM on this initiative and showcase PTP’s capabilities as a leading facilitator of clean and efficient maritime operations.”

“This milestone paves the way for further growth in LNG bunkering at PTP, contributing significantly to the decarbonisation of the maritime industry.”

Commenting on this achievement, Mark Hardiman, Chief Executive Officer of PTP stated this latest milestone further highlights PTP’s position as the largest transshipment hub terminal in Malaysia.

“In preparation for the LNG bunkering operation, PTP worked closely since March 2022 with PETCO and CMA CGM, as well as with various other related government agencies to organise table-top exercises (TTX) and workshops, before carrying out the deployment exercise.”

“The success of the bunkering operation is a result of the seamless collaboration and preparations involving rigorous safety procedures through in-depth operational and risk assessments, modelling, and validation. We thank PETCO, CMA CGM all other involved parties for their joint efforts in operationalising the bunkering capability and we welcome partners to work with us to accelerate maritime decarbonisation,” said Hardiman.

Port of Tanjung Pelepas (PTP) is Malaysia’s largest transshipment hub with the capacity to handle 13 million TEUs annually. The port delivers reliable, efficient, and advanced services to major shipping lines and box operators, providing shippers in Malaysia and abroad with extensive connectivity to the global market. PTP is currently ranked 15th among the world top container ports.

 

Photo credit: Port of Tanjung Pelepas
Published: 1 March 2024

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Alternative Fuels

Wallenius Wilhelmsen to order four additional methanol DF PCTCs

Newbuilds will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.

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Wallenius Wilhelmsen PCTC order

Roll-on/roll-off (Ro-Ro) shipping company Wallenius Wilhelmsen on Tuesday (27 February) declared options to build four additional next-generation Shaper Class pure car and truck carrier (PCTC) vessels.

The 9,300 CEU methanol dual fuel vessels can utilise alternative fuel sources, such as methanol, upon delivery. They will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.

“Together with our customers we are committed to further shaping our industry and accelerating towards net zero. These new vessels are a vital part of that journey,” says Xavier Leroi, EVP & COO Shipping Services.

This latest commitment brings the total number of Shaper Class vessels currently on order with Jinling Shipyard (Jiangsu) to eight. Wallenius Wilhelmsen also retains further options.

The first of the Shaper Class vessels already ordered are expected to be delivered in the second half of 2026. The four additional vessels under the declared options will be delivered between May and November 2027.

 

Photo credit: Wallenius Wilhelmsen
Published: 1 March 2024

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