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NewOcean Energy publishes profit warning to shareholders ahead of 1H 2020 results

The group expects to record a consolidated loss of approximately USD 174.2 million and impairment provisions of approximately USD 139 million.

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Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean), the parent company of bunkering firm NewOcean Fuel, on Thursday (27 March) posted a profit warning supplemental announcement.

Based on its assessment of the unaudited consolidated management accounts of the group for the six

months ending 30 June 2020 (1H 2020), NewOcean said it is expected to record a consolidated loss of

approximately HKD 1,350 million (USD 174.2 million) for 1H 2020 as opposed to a consolidated profit approximately HKD 301 million (USD 38.8 million) for the corresponding period last year. 

“Due to the global pandemic of COVID-19 and the slump in global oil prices during 1H2020, the group’s business operation has been seriously affected especially the oil bunkering business in Hong Kong and Singapore and the electronic business in the People’s Republic of China,” it explained.

“On top of the foregoing, the group has also experienced undue delay in trade receivables collection and inventory being sold under purchase costs in recent months, therefore additional potential impairment losses on trade receivables and allowance for inventories are expected to be provided in 1H2020.” 

On top of the reasons outlined above, the company’s board made impairment provisions on trade receivables, inventories and property, plant and equipment amounted to approximately HKD 1.08 billion (USD 139 million) based its assessment with reference to subsequent sales and trade receivable collection after 30 June 2020.

NewOcean added that it is in the process of finalising the interim results for 1H 2020 and information contained in the current announcement is only based on the preliminary assessment by the board with reference to the unaudited consolidated management accounts.

The interim results announcement of the company for 1H 2020 is expected to be released on Monday 31 August, 2020 pursuant to the requirements of the HKSE’s listing rules. 

A list of bunkering related developments regarding NewOcean Energy has been compiled below:

Related: NewOcean Energy records 66% bunker sales jump to 4.5 million mt in FY 2019
Related: NewOcean Energy strengthens operations with $23 million loan facility
Related: NewOcean Fuel charters two more bunker tankers for Singapore Straits ops
Related: NewOcean Energy net profit increases to USD 47.24 million in 1H 2019
Related: NewOcean charters VLCC to support Singapore bunker ops


Photo credit: chris-liverani
Published: 28 August, 2020

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FuelEU

FincoEnergies launches pooling service for FuelEU Maritime compliance

FuelEU Pooling service enables undercompliant vessels to meet their compliance targets by pooling with vessels running on GoodFuels sustainable bio bunker fuels.

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GoodFuels biofuel supplier FincoEnergies on Wednesday (16 April) announced the launch of its FuelEU Pooling service, created to enable shipowners to meet FuelEU Maritime compliance in a cost-effective way.

FuelEU Maritime, effective from 1 January 2025, mandates the reduction of greenhouse gas intensity of energy used on board ships trading in the EU. For many operators, particularly those with limited access to low-carbon fuels, compliance can be both complex and costly.

Designed for shipowners, operators, charterers, and technical managers, FincoEnergies’ FuelEU Pooling service enables undercompliant vessels to meet their compliance targets by pooling with vessels running on GoodFuels sustainable biofuels, when these vessels are overcompliant and have ‘Surplus’ emission reduction available for allocation.

FincoEnergies also partnered with Lloyd’s Register (LR), who supported the development of the service. Their technical expertise has enabled shaping a solution that aligns with both regulatory requirements and FincoEnergies' established position as a biofuel supplier in the fuel supply chain.

“FuelEU Maritime represents one of the most important regulatory shifts for the shipping industry in decades,” said Alberto Perez, Global Head, Maritime Commercial Markets at LR. “By integrating technical expertise with strategic guidance, we ensure shipowners, operators, and suppliers not only comply with evolving emissions standards, but also proactively transform their operations, embracing new technologies and alternative fuels to ensure a sustainable and profitable future.”

“With a decade of experience in biofuel bunkers and carbon certificate trading in the voluntary market, we are excited to expand our creative and solution-oriented product portfolio with FuelEU Pooling,” said Johannes Schurmann, Commercial Director International Marine at FincoEnergies. 

“Thanks to our physical presence in the supply chain, shipping companies looking for FuelEU surplus can confidently rely on us as a trusted partner in their decarbonisation journey.”

Through its role as Pool Organiser, FincoEnergies streamlines the entire pooling process – from performing biofuel bunkers and prefinancing Surplus, to Surplus allocation and pool verification. With cost-effective pricing, FuelEU Pooling provides shipping companies with a competitive alternative for changing their fuel mix themselves.

 

Photo credit: FincoEnergies
Published: 21 April, 2025

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ECA

PO/Marine launches supply of MED ECA-compliant ULSFO bunker fuel

In preparation of the upcoming Mediterranean Emission Control Area regulation, PO/Marine successfully delivered its first supply of ULSFO with 0.10% sulphur content on 15 April.

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Aydın Yıldız, Head of Marine Sales at Petrol Ofisi Group

Petrol Ofisi’s bunkering arm PO/Marine on Thursday (17 April) said it has completed the bunkering operation of ULSFO—a marine fuel with 0.10% sulphur content—in alignment with the upcoming Mediterranean Emission Control Area (MED ECA) regulation. 

Under the new regulation, all vessels operating within the Mediterranean must use low-sulphur marine fuels.

Effective 1 May 2025, the Mediterranean will officially be designated as an Emission Control Area (MED ECA), prohibiting the use of marine fuels with sulphur content exceeding 0.10%. 

In preparation for this regulatory transition, PO/Marine successfully delivered its first supply of ULSFO (Ultra Low Sulphur Fuel Oil) with 0.10% sulphur content on 15 April.

PO/Marine launches supply of MED ECA-compliant ULSFO bunker fuel

Aydın Yıldız, Senior Maritime Manager at Petrol Ofisi Group, said: “Our leadership in the maritime fuel sector is defined not only by our market share but also by the innovative steps we take to shape the industry. 

“Successfully completing the supply of marine fuel with 0.10% sulphur content in alignment with the MED ECA transition in Türkiye is a concrete reflection of this. We previously led the way with the country’s first VLSFO bunkering operation, setting a precedent in our sector. 

“With our ULSFO bunkering, we have once again demonstrated that we are setting the standard in Türkiye’s marine fuel landscape. The designation of the Mediterranean as an Emission Control Area is not only a regional development but a historic turning point for global maritime operations.”

 

Photo credit: PO/Marine
Published: 21 April, 2025

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Bunker Fuel

Oilmar completes first ULSFO bunker fuel delivery in Türkiye

Company announced the successful completion of its first ULSFO 0.1% Sulphur delivery in Istanbul and is now offering the marine fuel in several key locations including Istanbul Anchorage and Marmara Sea.

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UAE-based marine fuel and petroleum products trader Oilmar DMCC on Friday (18 April) announced the successful completion of its first ULSFO 0.1% Sulphur delivery in Istanbul, marking one of the very first trades of its kind in the country.

“With this milestone, Oilmar proudly steps forward as one of Türkiye’s pioneering trading companies in ULSFO 0.1% Sulphur fuel,” it said in a social media post. 

Oilmar is now offering ULSFO 0.1% across key locations:

  • Istanbul Anchorage
  • Marmara Sea
  • Gulf of Derince
  • Bozcaada Anchorage
  • Southern Türkiye Ports

In addition, High Sulphur Fuel Oil (HSFO), Very Low Sulphur Fuel Oil (VLSFO), Ultra-Low Sulphur Fuel Oil (ULSFO), and Low Sulphur Marine Gasoil (LSMGO) are available at all ports across Türkiye.

 

Photo credit: Dima Rogachevskiy on Unsplash
Published: 21 April, 2025

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