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NewOcean Energy records 66% bunker sales jump to 4.5 million mt in FY 2019

Company will continue to adopt the same operating strategies while ‘holding the trophies of success’ of its Singapore and Malaysia bunkering businesses.

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New Ocean Energy

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
RelatedNewOcean Fuel charters two more bunker tankers for Singapore Straits ops
RelatedNewOcean Energy net profit increases to USD 47.24 million in 1H 2019
RelatedNewOcean charters VLCC to support Singapore bunker ops
Related: NewOcean Singapore bunker sales jump nine-fold in FY 2018
RelatedHong Kong: NewOcean Energy 1H 2018 net profit down 16% on year
RelatedNewOcean Energy secures $169 million loan facility
RelatedNewOcean Energy signals intent to enter Malaysia bunkering market
RelatedNewOcean Energy net profit up 96% in FY 2017
RelatedHong Kong MFM bunker operations need this factor to flourish

 

Photo credit: NewOcean Energy Holdings Limited
Published: 26 March, 2020

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Ammonia

Singapore: EMA, MPA shortlist two consortia for ammonia power generation and bunkering

Chosen consortia are Keppel’s Infrastructure Division and Sembcorp-SLNG, and the bunkering players in these consortia are Itochu Corporation, NYK Line and Sumitomo Corporation.

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RESIZED bunker tanker singapore

The Energy Market Authority (EMA) and the Maritime and Port Authority of Singapore (MPA) on Thursday (25 July) said they have shortlisted two consortia that will proceed to the next round of evaluations of proposals to provide a low- or zero-carbon ammonia solution on Jurong Island for power generation and bunkering. 

The two consortia were selected from a total of six that were earlier shortlisted in 2023 to participate in a restricted Request for Proposal (RFP), following an Expression of Interest (EOI) called in 2022. The bids were assessed based on the technical, safety and commercial aspects of their proposals. 

The two consortium leads are Keppel’s Infrastructure Division and Sembcorp-SLNG, and the bunkering players in these consortia are Itochu Corporation, Nippon Yusen Kabushiki Kaisha (NYK Line) and Sumitomo Corporation. The two consortia will proceed to conduct engineering, safety and emergency response studies for the proposed Project.

At the next phase, we will select one of the two bidders as the lead developer of the project. The lead developer will develop the end-to-end ammonia solution comprising (i) generating 55 to 65 MW of electricity from imported low- or zero-carbon ammonia via direct combustion in a Combined Cycle Gas Turbine; and (ii) facilitating ammonia bunkering at a capacity of at least 0.1 million tons per annum (MTPA), starting with shore-to-ship bunkering followed by ship-to-ship bunkering. 

Given the nascency of the technology and global supply chains, the Government will work closely with the appointed lead developer to implement the Project. We aim to announce the lead developer by Q1 2025.

The project is part of Singapore’s National Hydrogen Strategy launched in 2022, which outlines Singapore’s approach to develop low-carbon hydrogen as a major decarbonisation pathway as part of the nation’s commitment to achieve net zero emissions by 2050.

A key thrust of this strategy is to experiment with the use of advanced hydrogen technologies that are on the cusp of commercial readiness. Ammonia is currently one of the most technologically-ready hydrogen carriers with an established international supply chain for industrial use.

“If successful, the project will position Singapore as one of the first countries in the world to deploy a direct ammonia combustion power plant and support the development of ammonia bunkering for international shipping, EMA and MPA said.

“This will help to unlock the potential of low-carbon ammonia as a low-carbon fuel.”

 

Photo credit: Manifold Times
Published: 25 July 2024

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LNG Bunkering

China: River-sea LNG bunkering vessel named and delivered in Shanghai

The 14,000 cubic metre ship, “Huaihe Nengyuan Qihang”, was independently developed, designed and built by Hudong-Zhonghua Shipbuilding (Group) for Huaihe Energy Holding Group.

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China: River-sea LNG bunkering vessel named and delivered in Shanghai

China’s river-to-sea LNG bunkering vessel, which was built locally, was named and delivered in Shanghai on Monday (19 July), according to the Shanghai Association of Shipbuilding Industry (SASIC). 

The 14,000 cubic metre (cbm) ship, Huaihe Nengyuan Qihang, was independently developed, designed and built by Hudong-Zhonghua Shipbuilding (Group) Co., Ltd for Huaihe Energy Holding Group as part of China’s "Gasification of the Yangtze River” project.

The ship is capable of travelling through the Nanjing Yangtze River Bridge all year round and has been dubbed a “Customised Yangtze River” LNG refuelling and transportation ship.

The ship is equipped with the B-type LNG containment system independently developed by Hudong-Zhonghua and authorised by a national patent.

According to SASIC, this was the first time such a system has been applied to a domestic LNG  refuelling and transportation ship, marking a major breakthrough in the B-type LNG containment system developed by China with independent intellectual property rights.

Related: China’s first river-sea LNG bunkering ship completes inaugural bunkering operation

Disclaimer: The above article published by Manifold Times was sourced from China’s domestic market through a local correspondent. While considerable efforts have been taken to verify its accuracy through a professional translator and processed from sources believed to be reliable, no warranty is made regarding the accuracy, completeness and reliability of any information.

 

Photo credit: Shanghai Shipbuilding Industry Association
Published: 25 July 2024

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Environment

Singapore-flagged tanker “Hafnia Nile” to be moved to safe location for cargo transfer

“Hafnia Nile” and the Sao Tome and Principe-flagged “Ceres I” collided and caught fire about 55km northeast of Pedra Branca on 19 July.

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Singapore-flagged tanker “Hafnia Nile” to be moved to safe location for cargo transfer

Shipowner Hafnia, the operator of Singapore-flagged tanker Hafnia Nile, is in discussion with The Maritime and Port Authority of Singapore (MPA) on a safe location to transfer the ship’s cargo, MPA said on Wednesday (24 July). 

They are also discussing towage plans for repairs to be approved by MPA.

Hafnia Nile and the Sao Tome and Principe-flagged Ceres I collided and caught fire about 55km northeast of Pedra Branca on 19 July.

“An additional tug with deep-sea towing capacity has arrived on site on 23 July 2024, joining four other tugs equipped with oil response and firefighting capabilities,” MPA said. 

In a meeting with MPA on 23 July, Hafnia informed MPA of light oil sheens near Hafnia Nile

“As part of the towage plan, Hafnia will arrange for repairs, containment and clean-up of the assessed localised seepage,” it added.

Reuters reported Hafnia stating that an initial assessment by a team of specialists conducting inspections of damaged areas of the tanker, showed Hafnia Nile's engine room had suffered damage from the fire.

Hafnia also reportedly said a salvage team has boarded the vessel and transferred equipment from one of the attending tugs on site to contain and stop any localised seepage.

Manifold Times previously reported Ceres 1 allegedly leaving the site of the collision as of 20 July and turned off its Automatic Identification System (AIS) but was believed to be in Malaysian waters.

The Malaysian Maritime Enforcement Agency (MMEA) was able to locate Ceres 1 some 28 nautical miles northeast of Pulau Tioman.

Related: “Ceres 1” goes dark after collision with Singapore-flagged tanker, located by MMEA
Related: MPA: Fire breaks out on two ships near Pedra Branca, search and rescue underway

 

Photo credit: Malaysian Maritime Enforcement Agency
Published: 25 July 2024

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