Prima Marine Public Company Limited (PRM), the largest fully integrated business operator in oil tanker and oil and petroleum storage in Thailand, has bought two floating storage units (FSUs) during the third quarter (Q3) of 2019 in preparation for IMO 2020.
The FSUs will be servicing the storage and blending needs of major oil traders in the Singapore market as the shipping industry transitions to consume marine fuels not exceeding 0.5% sulphur limit, CEO Chanwit Anakakul said in a recent stock filing.
The Q3 development, including an earlier acquisition of a single FSU in Q2, means the company has bought three FSUs in 2019.
Revenue from its FSU business increased by 71.7% from 302.9 million Baht (USD 10.03 million) in Q3 2018 to 519.95 million Baht in Q3 2019.
Gross profit from the similar business was up 170.0% from 82.1 million Baht in Q3 2018 to 221.62 million Baht in Q3 2019.
To date, PRM owns seven FSUs compared to four FSUs in Q3 2018.
Chanwit Anakakul earlier revealed an ambitious plan to add eight FSUs, on top of the seven the shipping company currently owns, to its fleet due to IMO 2020.
Photo credit: Prima Marine
Published: 19 November, 2019
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