Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean), the parent company of bunkering firm NewOcean Fuel, on Wednesday (25 March) posted a jump in bunker sales for the financial year ended 31 December 2019 (FY 2019).
The group recorded net profit of HKD 642.2 million (USD 82.8 million) during FY 2019, a 15% decrease when compared to net profit of HKD 759.0 million during FY 2018, according to its unaudited statement.
Its total revenue, spread across the liquefied petroleum gas (LPG), oil/chemicals products, and electronic products businesses, was HKD 27.8 billion in FY 2019. This was down 7% from total revenue of HKD 30.0 billion in FY 2018.
The company’s bunkering business, meanwhile, generated total sales volume of 4.464 million metric tonnes (mt) in FY 2019, representing a 66% increase from sales of 2.696 million mt in FY 2018.
The increase was largely due to “booming” bunker sales in the Hong Kong and Singapore markets where 3.826 million mt of marine fuel was sold in FY 2019, 90% up from 2.018 million mt in FY 2018.
“In the third quarter of 2019, the Group kick-started its marine bunkering business in Malaysia, which had already generated a remarkable sales volume of approximately 80,000 tonnes within a few months,” added NewOcean.
“Additionally, the floating warehouse with the size of 300,000 tonnes that the Group has started leasing in Malaysia since late 2018 had already been well-equipped and discharged its functions effectively, in return further positioned us well for any growth in our sales volume.
“Therefore, the Group foresees the share that our oil bunkering businesses contributing to our sales volumes will continue to climb.”
Moving forward, NewOcean says it will continue to invest in its bunkering business for FY 2020.
“Holding the trophies of success in expanding our business in the marine bunkering market of Singapore in 2018 then Malaysia in 2019, we will continue to adopt the same operating strategies, that are designed to push our developments forward with our end-user markets to facilitate the rapid growth in our business volume.”
A list of bunkering related developments regarding NewOcean Energy has been compiled below:
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
Related: NewOcean Singapore bunker sales jump nine-fold in FY 2018
Related: Hong Kong: NewOcean Energy 1H 2018 net profit down 16% on year
Related: NewOcean Energy secures $169 million loan facility
Related: NewOcean Energy signals intent to enter Malaysia bunkering market
Related: NewOcean Energy net profit up 96% in FY 2017
Related: Hong Kong MFM bunker operations need this factor to flourish
Photo credit: NewOcean Energy Holdings Limited
Published: 26 March, 2020
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