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.”
Related: NewOcean Energy net profit up 96%
Photo credit: NewOcean Energy Holdings
Published: 27 April, 2018
‘[Singapore] protested, but we have assured them that it is in Malaysian waters, and not in theirs’, he says.
Investing alongside funds managed by Amber is Access Capital Partners; Amber and Access have together acquired all of the issued share capital of STR, it said.
Port authority recorded total bunker sales of 403,908 mt at both ends of the Panama Canal.
Post IMO 2020, VLSFO bunker supply has exceeded distillate fuel and has raised the stakes regarding associated costs of transaction of these marine fuels, said VPS.
Despite adverse market conditions Gibson foresees other shipowners postponing scrubber installations rather than outright cancellations on possible increase in oil prices.
IMO Secretary General Kitack Lim will officially open the ‘IBIA Annual Convention 2020 – Going Global’ on 3 November 2020 with a keynote speech.
‘We are here to transfer the extremely valuable knowledge gained over the past six years to the maritime sector, such that our customers are comfortable in the use of such biofuels,’ states CEO Olivier Baiwir.
Newly appointed Anthony Mollet speaks to Manifold Times about his role, vision, value proposition and plans for the Marine Fuels Alliance to become a wide-reaching and engaging bunkering industry association.
SFP will be retrofitting VPT’s existing bunker vessel with its Full Electric Ready (FER) system and seeks to commission the vessel in the second quarter of 2022, CEO of SFP George Lee tells Manifold Times.
Equatorial Marine Fuel Management Services, Oldendorff Carriers, Lloyd’s Register and organisers took part in a Bunker Quality Claims Webinar moderated by Manifold Times on 10 November.
‘Though it did introduce temporary commercial and operational disruptions, we took a constructive view of the situation and chose to use this event as a learning opportunity,’ shares a Consort Bunkers spokesperson.
Gealubes Consulting & Trading, the authorised marine business distributor of PANOLIN EALs at Singapore port, shares a two-part education series on Environmentally Acceptable Lubricants on Manifold Times.
30 Nov 2021
