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NewOcean Energy issues USD 304.8 million net loss warning ahead of FY 2020 results

COVID-19 pandemic and slump in global oil prices have seriously affected the oil bunkering business in Hong Kong and Singapore, and the electronic business in China.

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New Ocean Energy

Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean) on Tuesday (30 March) published a profit warning regarding its results from the financial year ended 31 December 2020 (FY 2020).

According to the notice, NewOcean’s board of directors wish to inform shareholders and potential investors that, based on the preliminary assessment of the latest unaudited financial information, the group is expected to record a consolidated net loss of approximately HKD 2.37 billion (USD 304.8 million) for FY 2020 compared to a consolidated net profit of HKD 607 million FY 2019.

Due to the global pandemic of COVID-19, the slump in global oil prices NewOcean said its business operations have been seriously affected especially the oil bunkering business in Hong Kong and Singapore and the electronic business in the People’s Republic of China.

As a consequence, the gross profit margin derived from its oil bunkering business and electronic business has been substantially reduced or turned into gross loss margin as compared to Year 2019.

Additionally, the continued weak energy demand throughout 2020 due to pandemic-related lockdowns, the NewOcean said it also experienced undue delay in trade receivables collection, inventory being sold under purchase costs and contracting of sales volume in different business units.

“In certain cases, the buyers used various pretext (and in a particular case, also as a result of wrongful interference) to avoid their payment obligations and the group had to resort to litigation to recover the amounts due and incurred substantial legal and other costs and expenses,” explained NewOcean.

“The group has been vigorously pursuing the trade debtors and expects to fully recover all overdue payments together with compensation for our losses and damages.”

The group adds that additional impairment losses on trade receivables, other receivables, inventories, goodwill, intangible assets and property, plant and equipment, etc. amounted to approximately HKD 2 billion.

In January, Manifold Times reported NewOcean had planned to restructure its debt through a series of schemes to be approved by creditors; but the meeting was adjourned.

The proposed resolution to adjourn was approved by a unanimous vote from scheme creditors and NewOcean said it would further apply to the Hong Kong Court and the Bermuda Court for direction.

Related: NewOcean proposal to adjourn court scheme meeting approved by creditors
Related: NewOcean creditors meeting application granted by Supreme Court of Bermuda
Related: NewOcean planning creditors meeting, foundation of debt restructuring plan laid out
Related: NewOcean records USD 174 million 1H 2020 loss; Singapore bunkering business remains
Related: NewOcean Energy publishes profit warning to shareholders ahead of 1H 2020 results

 

Photo credit: NewOcean Energy
Published: 31 March, 2021

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Bunker Fuel

TMD Energy becomes first Malaysian bunker supplier to list on NYSE American

Straits Energy Resources’ subsidiary announces that its shares have been listed on 21 April, becoming the first Malaysian marine bunker supplier to achieve a listing on a major US exchange.

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TMD Energy logo

TMD Energy Limited (TMD Energy), a Malaysia and Singapore-based provider of integrated marine bunkering services and a Straits Energy Resources Berhad (SER) subsidiary, on Tuesday (22 April) announced that its shares have been listed on 21 April and began trading on the NYSE American under the ticker symbol “TMDE”.

Dato’ Sri Ron Ho Kam Choy, Chairman, Executive Director, and Chief Executive Officer of TMD Energy, said: “We are proud to become the first Malaysian marine bunker supplier to achieve a listing on a major US exchange, reinforcing our position as one of the industry’s leading players.

“Leveraging Malaysia’s strategic location along major shipping routes including the Straits of Malacca and the South China Sea, as well as resilient demand for bunker fuel in the region and globally, we are well positioned for further expansion. On top of that, TMD Energy is also the first Malaysian company to list on the NYSE American.

“Our listing in NYSE American will help us to enhance our international profile, expand our reach, capture new markets, and deliver sustainable, higher returns to our shareholders.”

TMD Energy’s share price opened at USD 3.26 on Monday, rising to an all-time high of USD 4.12 on its market debut before closing at USD 3.63, which was 11.69% higher than its initial public offering (IPO) price of USD 3.25 per share. This gave the company a market capitalisation of USD 83.85 million (equivalent to approximately MYR 367.2 million) on its first day as a publicly listed company.

TMD Energy’s IPO was priced at USD 3.25 per share, and total gross proceeds (excluding the over-allotments) before deducting underwriting discounts and other related expenses were approximately USD 10.08 million (equivalent to approximately MYR 44.13 million). 

Proceeds from the IPO will be used for the purchase of cargo oil; defraying listing expenses; and working capital and other general corporate purposes.

The company has granted the underwriter a 45-day option to purchase up to an aggregate of 465,000 additional shares to cover over-allotments at the IPO price, If the underwriter exercises their option to purchase the additional shares in full, the total gross proceeds before deducting underwriting discounts and other related expenses from the offering are expected to be approximately USD 11.59 million.

Dato’ David Yoong Leong Yan, Executive Director of TMD Energy, said: “Our debut on the NYSE American is a key milestone in our journey of growth. While continuing to drive strong organic growth, as part of our strategic growth initiatives, we remain focused on identifying and pursuing strategic mergers and acquisition opportunities that align with our long- term vision and strengthen our regional presence.”

Manifold Times previously reported SER announcing its proposal to list its oil bunkering segment via the listing and quotation of the ordinary shares in its 76.68%-owned subsidiary, TMD Energy, on the New York Stock Exchange American (NYSE American).

TMD Energy and its subsidiaries (TMD Energy Group) are mainly involved in marine fuel bunkering services specialising in the supply and marketing of marine gas oil and marine fuel oil to various types of ships and vessels at sea. In addition, the company provides vessel chartering services and vessel management services.

TMD Energy Group operates in 19 ports across Malaysia, with a fleet of 15 well-maintained bunkering vessels with capacities ranging from 540 dwt to 7,820 dwt, of which nine are double-bottom and double-hull vessels with an average cargo-carrying capacity of 4,200 dwt each. Its customers include ship owners and operators, shipping lines, logistics and freight companies, as well as oil and gas traders or brokers. 

TMD Energy’s growth strategy includes expanding its market presence across Southeast Asia, growing its bunkering fleet, providing ship management services to external customers and diversifying its fuel offering to include eco-friendly alternative fuels such as biodiesel.

TMD Energy is part of SER, a Fortune Southeast Asia 500 company listed on the ACE Market of Bursa Malaysia Securities. 

Related: Malaysia: Straits Energy plans to list subsidiary TMD Energy on NYSE American

 

Photo credit: TMD Energy
Published: 22 April, 2025

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LNG Bunkering

New MOL vessel to be supplied LNG bunker fuel in Japan before voyage to Australia

After departing from Saijo Shipyard, LNG fuel will be supplied directly to “Verde Heraldo” through shore-to-ship bunkering at Senboku Terminal of Osaka Gas, and is then scheduled to sail for Australia.

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New MOL vessel to be supplied LNG bunker fuel in Japan before voyage to Australia

Mitsui OSK Lines (MOL) on Friday (18 April) said the naming and delivery ceremony for the LNG-fuelled Capesize bulker, which MOL ordered for JFE Steel Corporation, was held at the Saijo Shipyard of Imabari Shipbuilding. 

The vessel was named the Verde Heraldo, which means “Green Pioneer” in Spanish, by JFE Steel President and CEO Masayuki Hirose. MOL executives including President & CEO Hashimoto were also on hand for the ceremony.

After departing from Saijo Shipyard, LNG fuel will be supplied directly to the vessel through shore-to-ship bunkering at the Senboku Terminal of Osaka Gas, and is then scheduled to sail for Australia.

The Verde Heraldo will sail under long-term transport contracts to supply raw materials for JFE Steel's mills, providing both reduced environmental impact and safe and reliable marine transport services.

About Verde Heraldo

LOA: 299.99 m
Breadth: 50.00 m
Draft: 18.436 m
Deadweight tonnage: 210,321 tonnes
Shipyards: Imabari Shipbuilding and Nihon Shipyard 

 

Photo credit: Mitsui OSK Lines
Published: 22 April, 2025

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Business

ENGINE: Adverse weather keeps bunker operations suspended in Zhoushan’s OPL area

Bunker deliveries at Zhoushan’s Tiaozhoumen and Xiazhimen outer anchorages have been suspended due to rough weather; some suppliers expect to fully resume operations in OPL area by 22 April.

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Zhoushan Port Anchorage

Bunker deliveries at Zhoushan’s Tiaozhoumen and Xiazhimen outer anchorages have been suspended since Saturday due to rough weather, according to a source on Monday (21 April). 

However, bunker operations have resumed this morning at Zhoushan’s more sheltered Xiushandong anchorage and the inner anchorage of Mazhi.

The port is currently experiencing strong wind gusts of 24–27 knots and swells approaching one meter.

Several suppliers expect to fully resume bunkering operations in the OPL area by tomorrow (22 April), the source said.

By Tuhin Roy

 

Photo credit: Manifold Times
Published: 22 April, 2025

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