Selatan Bunker (M) Sdn Bhd, a subsidiary of Malaysia-listed bunkering firm Straits Inter Logistics (SIL), on 30 April 2019 ended a ship management agreement (SMA) with Singapore maritime firm Skips Marine Services Pte Ltd, it said.
The termination of the contract was due to SIL’s incorporation of subsidiary Straits Marine Services Pte Ltd which provides its own internal ship management services.
“The Board of Directors of Straits, having considered all aspects of the termination of the said SMA, is of the opinion that the termination is made in the best interest of the Company and its Subsidiaries,” said a SIL statement.
SIL currently owns and operates nine Malaysia-flagged bunkering vessels ranging from 530 to 4,700 dwt and delivers low sulphur marine gas oil (LSMGO) to nine locations in Malaysia.
The company also started Straits Marine Fuels & Energy Sdn Bhd (SMF) in early March as an effort to move into fuel oil bunkering at Johor in Malaysia; it allegedly acquired two additional bunker tankers for the operation.
SIL ended financial year 2018 with a 61% increase in net profit.
Related: Straits Inter Logistics incorporates new Singapore-based subsidiary
Related: Maybank IB Research: ‘Buy’ for bunker firm Straits Inter Logistics
Related: Straits Marine Fuels & Energy to welcome ‘identified parties’ as partner
Related: Straits Inter Logistics makes land logistics expansion
Related: Straits Inter Logistics meeting approves Banle Energy acquisition
Related: Straits Marine Fuels & Energy acquires two bunker tankers
Related: Straits Inter Logistics ends 2018 with 61% profit increase
Photo credit: Straits Inter Logistics
Published: 2 May, 2019
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