Business

NewOcean Energy signals intent to enter Malaysia bunkering market

The group is building a refinery in Malaysia which is anticipated to be its overseas ‘driving force’.

Published

8 years ago

April 27, 2018

Admin

Hong Kong-listed NewOcean Energy Holdings Limited intents to expand bunkering operations to all Malaysia ports, it says in a recently published annual report.

“We are currently planning to expand our marine bunkering business to all of the ports in Malaysia; meanwhile, our company in Singapore will provide supply services of oil and technical support for these new markets,” said Shum Siu Hung, Chairman of the group.

NewOcean established its first overseas base in Singapore in November 2017. The office functions as a procurement centre and as the company’s foothold within the Singapore bunkering sector.

“As to the marine bunkering business, since Hong Kong or ports along the coastal lines of China are not considered as embodying with any geographical advantage, our foothold established in Singapore indeed plays a very crucial role to improve our marine bunkering business,” says Shum.

“Acting as a procurement centre, our company in Singapore had already helped lowering the procurement costs of fuel oil for marine uses, and helped the group to tap into the marine bunkering market in Singapore.”

The company, meanwhile, has entered into a memorandum with a local state-owned enterprise to build an oil refinery in Malaysia, says Shum.

“This oil refinery is anticipated to be the driving force for the group’s overseas developments in the long run.

“It will enable a large part of the group’s oil business to be operated under self-sustained model by efficiently providing quality products to our end-users sales network, reducing their operating costs and enhancing their competitiveness in the market.”

At present, NewOcean is applying for project-related governmental approvals, and is conducting an in-depth study in relation to the architecture and production allocation of the refinery. It is also seeking a suitable refinery to supply crude oil for the use of production.

“The group is now pressing ahead with the establishment of its refinery project in Malaysia,”

“We believe that a significant part of the group’s annual sales volume of oil and gas will be from the products manufactured by the refineries after the completion of the refineries.

“Thus, the oil and gas business of the group will be able to be self-sufficient in general, instead of relying on the supply from other sources.”

Photo credit: NewOcean Energy Holdings
Published: 27 April, 2018

Business

Singapore: Notice of intended dividend issued for Parakou Shipping Pte Ltd

Creditors of the company will have to submit proof of debt to the liquidators of Parakou Shipping by 17 June, according to Government Gazette notice.

Published

2 hours ago

June 5, 2026

Admin

A notice to declare the intended dividend of Parakou Shipping Pte Ltd to its creditors has been posted on the Government Gazette on Wednesday (3 June).

The following are the details of the notice of intended dividend:

Name of Company : Parakou Shipping Pte Ltd (In Creditors’ Voluntary Liquidation)
Address of Registered Office : c/o KordaMentha, 50 Raffles Place, 25-01 Singapore Land Tower, Singapore 048623
Last Day of Receiving Proofs (if not already lodged): 17 June 2026
Name of Liquidator : Cameron Duncan
Address : c/o KordaMentha Pte Ltd, 50 Raffles Place, #25-01 Singapore Land Tower, Singapore 048623

Photo credit: steve pb from Pixabay
Published: 25 May, 2026

LNG Bunkering

Chinese firms form pact for 20,000 cbm LNG bunkering vessel project

CM Energy Tech, Seacon Shipping Group and China Merchants Heavy Industry (Jiangsu) signed a joint venture agreement for 1+1 20,000 cubic meter LNG bunkering vessels.

Published

2 hours ago

June 5, 2026

Admin

CM Energy Tech Co Ltd, Seacon Shipping Group Holdings Limited and China Merchants Heavy Industry (Jiangsu) Co Ltd on Tuesday (26 May) signed a joint venture agreement for the construction of 1+1 20,000 cubic meter liquefied natural gas (LNG) bunkering vessels.

The parties also signed a shipbuilding contract for the first vessel, which will be constructed by China Merchants Heavy Industry.

The project combines CM Energy Tech’s access to the China Merchants Group ecosystem, Seacon Shipping Group’s expertise in ship management and operations, and China Merchants Heavy Industry’s shipbuilding capabilities. The partners said the initiative is intended to address the shortage of large-capacity LNG bunkering vessels in the Chinese market.

The newbuild LNG bunkering vessel will feature dual C-type independent cargo tanks and is designed with a boil-off rate of just 0.16% per day. It will also be capable of delivering LNG at a bunkering rate of up to 2,000 cbm per hour, enabling efficient refuelling of large LNG-fuelled vessels.

The vessel will be powered by Wärtsilä dual-fuel engines and will comply with IMO Tier III emissions requirements. The first vessel is scheduled for delivery in 2028.

The three companies said they plan to further expand cooperation across the LNG value chain, strengthen their presence in the marine energy sector and provide customers with integrated LNG bunkering services focused on safety, operational efficiency and lower carbon emissions.

Photo credit: David Yu from Pixabay
Published: 5 June, 2026

Methanol

India’s Agastya inks green methanol offtake agreement with SAR Group

Agastya Green Fuels and SAR Group will work together to enable green methanol storage, bunkering, and marine fuel infrastructure across Sri Lanka.

Published

2 hours ago

June 5, 2026

Admin

India’s clean energy conglomerate Agastya Group on Wednesday (3 June) said Agastya Green Fuels signed a long-term green methanol offtake agreement with Sri Lankan bunker supplier SAR Maritime Agencies, a SAR Group company, for the supply of 250,000 metric tonnes (mt) per annum of EU RFNBO RED III Compliant green methanol.

Agastya said the agreement establishes one of the largest green methanol supply partnerships in the Indian Ocean Region and marked a major step toward creating a new green maritime energy corridor connecting India and Sri Lanka.

The green methanol will be supplied from the Agastya Green Fuels Hub at Mulapeta Port, Andhra Pradesh, India, where Agastya is developing a green methanol export-oriented facility with a planned investment of USD 6 billion over the next six years. The facility is expected to produce 1 million mt per annum.

“Through this partnership, Agastya Green Fuels and SAR Group will work together to enable green methanol storage, bunkering, and marine fuel infrastructure across Sri Lanka, positioning Colombo, Hambantota, and Trincomalee as future clean-fuel hubs for global shipping,” the company said in a social media post.

“The Indian Ocean is emerging as the world’s next green fuel corridor. Agastya Green Fuels intends to be at its center,” said Shashi K Reddy Arjula, Founder and Group CEO of Agastya.

Photo credit: CHUTTERSNAP on Unsplash
Published: 25 May, 2026