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
In total, 4.25 million metric tonnes (mt) (exact 4,254,700 mt) of various marine fuels were sold at the world’s largest bunkering port in October.
‘The vessel [MT Strovolos] has been wrongly charged with stealing the cargo. It is not and has never at any time been our intention to misappropriate the cargo.’
Profit of the bunkering business declined, resulting in lower profit on increased revenue year on year.
‘Metcore’s MFM+ Program exemplifies serious oil suppliers and buyers who advocate fair trading using a recognised and widely-accepted technology,’ highlights Darrick Pang, Managing Director of Metcore.
The new branch will offer bunker fuel supplies and other services for vessels calling at Port Elizabeth and Ngura (Coega).
Exchange has gained approval from China Securities Regulatory Commission to start operations; the transaction fee for LSFO futures contracts is 2 RMB yuan per lot.
Firm hopes to leverage partnership in Greece as a springboard to expand into neighbouring and overseas markets including Europe and China, says Robin Van Elderen, Regional Head Bunkers, Europe, Sing Fuels.
Singapore can help less developed countries in SouthEast Asia through ‘piloting and scaling fuels and technology as well as a leading hub for green finance’, said DNV Group President and CEO Remi Eriksen.
Octamar™ Ultra HF, Octamar™ Complete, and Octamar™ F35C were found to have improved the fuel economy while reducing exhaust gas and other emissions of marine engines in a series of trials, states report.
Disposal of evidence has resulted in Singapore not being able to provide full details to the United Nationals Panel of Experts which sought information regarding the case, says Ministry of Foreign Affairs.
‘We are proud to be amongst the first to show the successful steps taken by Singapore’s bunkering ecosystem to remain forward thinking and relevant,’ Choong Sheen Mao, Director of EMF, tells Manifold Times.
‘With the launch of a common data infrastructure, Kenoil aims to continue achieving an end to end visibility and transparency on the bunker data supply chain,’ states Kenoil Managing Director.
