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Satria Logistics: Lower bunker sales in FY 2017

Firm saw 29% lower revenue due to reduced demand from vessels, worsened by safety issues at east Sabah.

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Malaysia-listed port operator, logistics and bunkering services provider Suria Capital Holdings (Suria Group) posted a decrease in profits in the year ended 31 December 2017 (FY 2017).

The company recorded net profit of MYR 48.0 million ($12.2 million) in FY 2017, 27% lower than net profit of MYR 66.7 million in FY 2016.

Its total revenue in FY 2017 was MYR 332.7 million, a 29% increase from revenue of MYR 258.5 million a year earlier.

S.P. Satria Logistics, the Sabah-based logistics and bunkering services subsidiary of Suria Group, registered revenue of MYR 3.7 million in FY 2017, 23% lower than revenue of MYR 4.8 million in FY 2016.

“There was lesser volume achieved for the year (2.5 million litres) as compared to the previous year (3.2 million litres) due to challenges faced in the local market which was competitive, reduced demand from vessels and worsen by safety issues mainly in coastal areas of east Sabah which affected business activities with a neighbouring country,” it says.

“Nevertheless, going forward, the company is going to expand revenue base through supplying to international passing vessels, setting up fuel supply facility for tourists boats, logistics handling, heavy lifting and transportation of project cargoes as well as involving in the oil storage depot management and operation in collaboration with other players.”

Manifold Times in March reported Suria Group entering into a bunkering services agreement with Kota Kinabalu-based bunker supplier Minyak V.W. Enterprise.

Related: Sabah Ports enter bunkering agreement with local supplier
 

Photo credit:
Published: 4 May, 2018

 

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Business

Singapore: Convicted Hin Leong founder O.K. Lim to sell another bungalow for SGD 43 million

Third good class bungalow (GCB) in Tanglin Hill is owned by the former tycoon, who is waiting to be sentenced on 3 October, and his daughter Lim Huey Ching.

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CHUTTERSNAP on Unsplash

The Founder of Hin Leong Trading, Lim Oon Kuin, also known as O.K. Lim, is looking to sell another one of his bungalows after he was convicted on two charges of cheating and one charge of instigating forgery for the purpose of cheating in May, according to news reports on Friday (21 June).

The third good class bungalow (GCB) in Tanglin Hill is owned by the former tycoon, who is waiting to be sentenced on 3 October, and his daughter Lim Huey Ching. 

The SGD 43 million property at 1K Tanglin Hill is being put up for tender and will close on 19 July. 

Lim reportedly sold his other GCB at 5 Second Avenue for SGD 33.39 million in October 2021 to the family of Mr Tan Yeow Khoon, former executive chairman of delisted logistics company Cogent Holdings.

In November 2023, his bungalow at 20 Third Avenue sold in November 2023 to a Singapore family for SGD 26.5 million. 

Manifold Times recently reported OK Lim, being convicted on the three charges after a trial of over 60 days.

The 82-year-old 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, and Lim claimed trial to these charges.

The trial proceeded on three charges:

  • Two charges of cheating under Section 420 of the Penal Code, and,
  • One charge of instigating forgery for the purpose of cheating under Section 468 read with Section 109 of the Penal Code.

Lim faces imprisonment of up to 10 years and shall also be liable to a fine for each charge under Section 420 of the Penal Code and Section 468 read with Section 109 of the Penal Code.

An extensive coverage by Singapore bunkering publication Manifold Times regarding the fall of Hin Leong can be found below:

Related: Singapore: Hin Leong Trading Founder found guilty of cheating and instigating forgery charges
Related: Singapore: Lawyers of OK Lim and daughter accuse former PA of lying in her testimony
Related: Former PA to Hin Leong Trading Founder refutes OK Lim’s claim on his role in firm
Related: Founder OK Lim grilled by prosecutors on his involvement at Hin Leong Trading
Related: Singapore: Hin Leong Trading Founder testifies for the first time in his own defence
Related: Singapore: Hin Leong Trading Founder to testify in USD 111.7 mil cheating, forgery case
Related: Singapore: O.K. Lim, children faces liquidators and HSBC in USD 3.5 bil civil lawsuit
Related: Former PA to Hin Leong Trading Founder found lying in CAD investigations
Related: Singapore: Hin Leong Trading Founder goes to trial for cheating, forgery charges
Related: Hin Leong Trading Founder faces additional 105 cheating, forgery charges in court
Related: Ocean Tankers judicial managers progressing to liquidate firm after expiry of court order
Related: Singapore: Hin Leong Trading Director charged with obstructing course of justice
Related: Court of Appeal: Hin Leong, Lim family claim ‘without any factual or legal basis’
Related: Singapore: High Court dismisses UniCredit Bank USD 37 million claim against Glencore over Hin Leong transaction
Related: Singapore: Hin Leong takes Deloitte to court over alleged auditing failures
Related: Hin Leong Trading Founder OK Lim facing 23 new forgery-related charges at State Courts
Related: Application to wind up Hin Leong Trading subsidiary, Hin Leong Marine approved
Related: Singapore High Court approves Hin Leong Trading wind up order application
Related: Hin Leong Trading liquidates a third of its fleet to recover USD 3.5 billion debt
Related: Lim family aims to wind up Hin Leong Trading subsidiary, Hin Leong Marine
Related: Judicial Managers of Hin Leong Trading Pte Ltd file for winding up order
Related: Hin Leong judicial managers to hold meeting of creditors to discuss fees incurred
Related: Lim family files application to wind up Hin Leong Trading subsidiary, Hin Leong Marine
Related: First creditors meeting of Ocean Tankers to be held in early January 2021
Related: Bank of China takes legal action against BP Plc and Lim family to recover $312.9 million
Related: OBS to wind up operations; creditor list alleges estimated USD 42 million debt
Related: Ocean Tankers publishes notice for creditors to prove any debts or claims for publication
Related: Hin Leong Trading founder denies allegations of forgery put forward by HSBC
Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management
Related: HSBC takes Lim family and Hin Leong employee to court to recover USD 85.3 million
Related: Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditors
Related: Xihe Capital and subsidiaries, Nan Guang Maritime to undergo voluntary liquidation
Related: MPA: Ocean Bunkering Services licenses suspended ‘until further notice’ and not revoked
Related: Ocean Bunkering Services bunker claims against ASL Marine & Offshore heads to arbitration
Related: Ocean Tankers to return most ships to owners to reduce $540,000 a day cash burn
Related: Singapore: Ocean Bunkering Services license suspended until further notice
Related: PwC publishes ‘investment opportunity’ for Singapore independent bunker fuel supplier
Related: Hin Leong founder O.K. Lim hit with second charge of abatement in forgery
Related: Hin Leong judicial managers and legal firms could rack up SGD 17.3 million in fees
Related: Winson Group wins ICC backing in dispute against banks over credit for Hin Leong Trading
Related: O.K. Lim and two children sued for USD 3.5billion; receiver appointed for 3 Xihe ships
Related: Managers of Ocean Tankers looking to recover USD 19 million from Lim family
Related: Argus Media: Singapore’s Hin Leong founder charged with forgery
Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’
Related: Xihe replaces Directors, forms new management team to chart fresh course for Group
Related: Hin Leong Trading lawyers publish application to fulfill requirements for hearing to proceed
Related: Ocean Tankers legal team publishes application to be placed under judicial management
Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed
Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL
Related: OCBC files for Xihe Holdings to be placed under judicial management
Related: Judicial managers of Ocean Tankers discover discrepancies and fraud in exposure claims
Related: Judicial managers of Ocean Tankers to present restructuring proposals to owners
Related: PwC probes uncover mass grave of financial skeletons and alleged fraud within HLT
Related: Winson Group seeks SGD 30.4 million from Standard Chartered over HLT related trade
Related: Winson Group seeks SGD 30.4 million from OCBC over credit pull in Hin Leong trade
Related: Ocean Tankers: Notice to prove debt or claim published by interim judicial managers
Related: ‘Reasonable prospects’ to keep Ocean Tankers as a going concern, states Director
Related: Singapore: Ocean Tankers, a separate entity of Hin Leong, seeking judicial management
Related: Singapore High Court concedes interim judicial management to Hin Leong Trading
Related: Sembcorp commences legal proceedings against Hin Leong Trading over gasoil cargo
Related: Sembcorp Cogen aborts gasoil supply and storage contract with Hin Leong Trading
Related: Report: Sinopec expresses interest in Hin Leong Trading stake of Universal Terminal
Related: Report: Hin Leong Trading appoints PwC as interim judicial manager
Related: Singapore’s Police Force commence investigations into Hin Leong Trading
Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries
Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks

 

Photo credit: CHUTTERSNAP on Unsplash
Published: 21 June, 2024

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Environment

Malaysia to look into demands of Johor fisherman affected by oil spill from Singapore

Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad said the government will study their demand based on legal provisions available and look into solutions.

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Malaysia: Government to look into demands of Johor fisherman affected by oil spill from Singapore

A Malaysian minister said the government will look into the demands of fishermen in Johor affected by the recent oil spill that spread from Singapore waters, according to several media reports. 

Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad said the government will study their demand based on legal provisions available and look into solutions. 

His comments came following the recent oil spill after an allision between a dredger and a stationary bunker tanker in Singapore, which affected several beaches in the southern part of Johor. 

On 21 June, it was reported that the Johor Department of Environment stated it expected minimal pollution impact to the Johor’s coast and waters from the oil spill and that it was not as serious as initially predicted.

In a Facebook post, state health and environment committee chairman Ling Tian Soon said clean-ups began on 21 June at Sungai Rengit and Teluk Rumunia. 

Netherlands-registered dredger Vox Maxima crashed into the bunker vessel causing fuel from the bunker vessel’s cargo tank to spill into Singapore waters. 

Last week, MPA said the shipowner of Marine Honour, the stationary Singapore-flagged bunker tanker that was hit by a dredger recently, is liable for costs incurred from the 14 June oil spill.

MPA said tanker Marine Honour has “strict liability”, which means it is liable even in the absence of fault, for pollution damage caused by oil spill from its tanker in Singapore waters.

Related: MPA: Owner of bunker tanker involved in Singapore oil spill is liable for pollution damage
Related: Singapore: Allision between dredger and bunker tanker was not caused by port congestion, says Transport Minister
Related: Singapore: Oil spill cleanup after allision between dredger “Vox Maxima” and bunker tanker “Marine Honour”
Related: Singapore sees large increases in container volumes, bunkering activities remain unaffected
Related: MPA reports ‘significant increase’ in vessel arrivals in Singapore

 

Photo credit: Ling Tian Soon 
Published: 21 June, 202

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Alternative Fuels

WEF: South Africa has great potential as a production and bunkering hub for zero-emission bunker fuels

Report highlighted a clear demand signal for bunkering ZEF in selected South African ports will be needed to realise the country’s opportunity to become a global hotspot for zero-emission shipping.

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WEF: South Africa has great potential as a production and bunkering hub for zero-emission bunker fuels

South Africa has great potential as a production and bunkering hub for zero-emission shipping fuels – but it needs global demand to get the ball rolling, according to a report by the World Economic Forum recently.

The white paper, titled Decarbonising South Africa’s Shipping and Trucking Sectors, presented the findings and recommendations from a First Movers Coalition workshop held in South Africa in March 2024, which focused on decarbonising the country’s shipping and trucking sectors and developing its potential to produce green hydrogen.

The report said more than 200 dual-fuel methanol vessels have been ordered globally, requiring over 20 Mt of e-methanol fuel per annum to achieve 100% zero-emission operability.

However, fuel availability at that scale is expected to be challenged until at least 2030-35. This demand creates an opportunity for South African producers to secure early customers and sign advance offtake agreements, providing certainty for new projects and improving investment prospects.

The study noted that ammonia also brings advantages as a zero-emission fuel (ZEF), such as high carbon-emission savings, unlimited feedstock (nitrogen) availability and existing logistical infrastructure around the globe. 

While ammonia engines will reach the market from 2025 at the earliest, major carriers like Trafigura and BHP are already placing orders for dual-fuel ammonia vessels.

The World Bank has conducted a pre-feasibility study on establishing green shipping fuel value chains at the ports of Boegoebaai and Saldanha Bay. The study identifies ammonia as the preferred ZEF production choice for South Africa, due to the scarcity of biogenic carbon dioxide to produce methanol. 

“Most of the fuel’s cost comes from hydrogen feedstock – but by leveraging abundant wind and solar supply, the two ports will be able to generate renewable electricity at scale to produce competitive green hydrogen for local industry use (e.g. green steel) and to produce green ammonia for export to the global shipping industry,” the report said.

On bunkering, the report stated political disturbance and security risks in the Red Sea during 2023 to 24 forced many shipping operators to abandon the Suez Canal and re-route their cargo around the Cape of Good Hope. 

Even without those risks, operators shipping lower value or less time-critical cargo may use the Cape route rather than the more expensive Suez Canal, adding two weeks to a ship’s voyage time from Asia to Europe.

“This extra travel time – plus the lower density of zero-emission fuels – could compel vessels running on ZEF to bunker in South Africa before reaching Europe,” it said. 

“Access to zero-emission fuels therefore opens up the possibility of South African ports positioning themselves as bunkering hubs to supply passing shipping traffic.”

“Furthermore, the potential for South Africa to produce e-methanol and e-ammonia has triggered plans to develop ‘green corridors’ – effectively routes connecting ports for vessels to sail on ZEF.

However, the report highlighted a clear demand signal for bunkering ZEF in selected South African ports will be needed to realise the country’s opportunity to become a global hotspot for zero-emission shipping.

“As local demand may take some years to build up, certainty from global demand will play a key role. It is also important to assess different uses for hydrogen beyond maritime fuel, to determine how multi-sectoral offtake can improve the business case for potential project developers,” it said.

Note: The full white paper, titled ‘Decarbonising South Africa’s Shipping and Trucking Sectors’, can be viewed here.

 

Photo credit: World Economic Forum
Published: 21 June, 2024

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