Business

Parent of Malaysia bunkering firm Inter-Century posts profit

Ahmad Zaki Resources reports increased bunkering activity at Kemaman Supply Base during 2017.

Published

8 years ago

March 1, 2018

Admin

Malaysia-listed Ahmad Zaki Resources Berhad (AZR), the parent company of Kemaman-based bunkering firm Inter-Century SDN BHD, recorded a 4.8% increase in net profit for its financial year ended 2017.

It posted net profit of RM 25.8 million ($6.57 million) in 2017 compared to RM 24.6 million in 2016, according to latest financial statements.

Overall revenue in 2017 was RM 960.7 million, down 25% from RM 1.2 billion in the previous year.

AZR has various operations in the engineering & construction, oil & gas, plantation, property and other sectors.

The oil & gas division operates in the East Coast of Peninsular Malaysia, running the Tok Bali Supply Base (TBSB) that services offshore supply vessels and oil rigs in the North Malay Basin, Malaysia-Thailand Joint Development Area, and Malaysia-Vietnam Commercial Arrangement Area.

It also provides bunkering services out of Kemaman Supply Base through Inter-Century SDN BHD.

Revenue for the oil and gas division increased 55.5% to RM 54.3 million in 2017, versus RM 34.9 million in the previous year, due to increased bunkering activity at Kemaman Supply Base, as well as revenue generated from Tok Bali Supply Base during the year.

“The oil and gas sector, while still challenging, has shown signs of improvement as the price of crude oil has seen a steady increase during the recent months and currently sustained above USD60 per barrel,” it says.

“From being only a pure bunkering operator out of Kemaman Supply Base, the division’s prospects are positive with the inclusion of TBSB as a full-fledged supply base in East Coast of Peninsular Malaysia during the year.

“Going forward, the group intends to continue to invest and install more facilities to better accommodate current customers as well as to attract more customers to set up their base of operations at TBSB.”

Dato’ Sri Wan Zakariah bin Haji Wan Muda, Group Managing Director of AZR, is pleased with the company performance.

“The group has performed well operationally, particularly the plantation division which achieved EBITDA positive in the fourth quarter. We are focused on the performance for the upcoming year,” he says.

“With improvements in the efficiency of the engineering & construction division, the plantation division turning around, and oncoming ramp up in activity and clientele in Tok Bali Supply Base expected during the year, we are optimistic that the group will achieve creditable financial performance in 2018.”

Photo credit: Ahmad Zaki Resources
Published: 1 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

17 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

17 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

17 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