Business

NewOcean Singapore bunker sales jump nine-fold in FY2018

Group posted net profit of HK $759.0 million in FY 2018, lower than net profit of HK $835.6 million in FY 2017.

Published

7 years ago

March 25, 2019

Admin

Hong Kong-listed bunkering and oil trading company NewOcean Energy Holdings Limited ended its financial year (FY) of 2018 with a 9% fall in net profit due to the depreciation of Renminbi in 2018.

It posted net profit of HK $759.0 million (US $96.73 million) in FY 2018, lower than net profit of HK $835.6 million in FY 2017.

The revenue from operations in FY 2018 increased 36.0% to approximately HK $30 billion, from HK $22 billion in FY 2017.

The increase of sales resulted in overall gross profit rising by 21.1% to about HK $1,967 million.

“Although the overall gross profit increased, the depreciation of Renminbi in 2018 recorded a net exchange loss of approximately HK$124 million and due to the sharp fall of oil price at December end, the Group has provided a net realizable value allowance on inventories of HK$120 million,” it explained.

“Thus, profit for the year attributable to owners of the Company from operations decreased by around 9.17% to approximately HK$759 million.”

NewOcean’s subsidiary in Singapore, known as NewOcean Fuel (Singapore) Pte. Limited, achieved FY2018 marine bunker sales volume of approximately 1,213,000 metric tonnes (mt), contributing approximately 27% of the Group’s sales volume of oil products.

The Singapore subsidiary sold 118,700 mt at the republic in FY2017 due to it starting operations during November 2017.

In December 2018, the Group started leasing a floating warehouse with the size of around 300,000 tonnes for warehousing usages in Malaysia in order to get itself well-equipped for expected further growth in sales volume.

A breakdown of NewOcean’s oil product and bunker sales is as follows:

Region of sales	Full year 2018	Full year 2017	Increase (decrease)%
HONG KONG	1,828,000 mt	1,957,300 mt	(7.46%)
Marine bunkering	805,000 mt	783,600 mt	2.73%
Land bunkering	102,500 mt	–	Not applicable
Trading of oil/chemical products	920,500 mt	1,191,700 mt	(22.76%)
SINGAPORE	1,213,000 mt	118,700 mt	921.90%
Marine bunkering	1,213,000 mt	118,700 mt	921.90%
CHINA	1,453,000 mt	2,261,000mt	(35.74%)
Oil products – sales at sea	678,600 mt	858,800 mt	(20.98%)
Oil products – sales on land	182,500 mt	210,100 mt	(13.14%)
Trading of oil/chemical products	591,900 mt	1,192,100 mt	(50.35%)
Total sales volume	4,494,000 mt	4,355,000mt	3.19%

“Our long-term objective is to further increase the market share and explore stable and long-term suppliers and clients,” it states.

“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.

Photo credit: NewOcean Energy Holdings Limited
Published: 25 March, 2018

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

4 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

4 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

4 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026