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Straits Energy Resources Q2 2022 profit increases to MYR 7.11 million on bunkering gains

Substantial increase attributed to oil bunkering and shipping related services segment as a result of market expansion into Port Klang and spike in global oil prices.

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Malaysia-listed Straits Energy Resources Berhad (SER), formerly known as Straits Inter Logistics, on Monday (29 August) posted a rise in profit for the second quarter (Q2) of 2022 mainly due to increased revenue from its oil bunkering and shipping related services segment.

The company recorded profit before tax of MYR 7.71 million (USD 1.59 million) in Q2 2022, 397% higher than net profit of MYR 1.55 million during Q2 2021. 

Its overall revenue grew 249% on year in Q2 2022. 

“The Group’s revenue in the current quarter increased by RM590.5 million to RM827.6 million, from RM237.1 million recorded in the corresponding quarter of the previous year, representing an increase of 249%. 

“The significant increase was mainly contributed by the Oil Bunkering and Shipping Related Services segment which increased by RM590.1 million as a result of its market expansion into Port Klang and the spike in global oil prices,” it explained. 

Revenue for its oil bunkering and shipping segment in Q2 2022 is MYR 823.28 million compared to MYR 233.13 million in Q2 2021. 

The same segment posted a 388.4% on year increase in profit before tax to RM 9.28 million in Q2 2022 from 1.90 million in Q2 2021. 

For the period up to 30 June 2022, the Group had completed the acquisition of 90% equity interest in Sinar Maju Logistik Sdn Bhd (SML) and 51% equity interest in Wire and Wireless Sdn Bhd (W&W) via Straits Technology Solutions Sdn Bhd, a 75% owned subsidiary of the company.

SML will be a horizontal expansion of the Group’s port operation and facility management services, which will allow the Group to offer a broader range of related services within the port operation, logistics and transportation sector to provide additional value to clients and enhance the revenue and earnings of Straits Group.

The company, via its 70% indirect-owned subsidiary, Straits CommNet Solutions Sdn Bhd (SCS) is mobilising its resources to participate in the vast business opportunities of the 4G and 5G network solution rollout and the digitalisation transformation of the port, oil and gas industry through the Smart Technologies and Internet of Things (IoT) in Malaysia and regionally.

The acquisition of W&W will enable SCS to tap into W&W’s exposure in engineering services implementation and installation. Besides, W&W would be able to provide in-house engineering services to Straits’ Telecommunication and Networking division. 

Related: Victoria STS completes its first-ever STS crude oil transfer off Labuan
Related: Malaysia: Straits Energy Resources net profit up 11.8% on bunkering expansion
Related: Straits Energy Resources and Fendercare Marine to promote Labuan STS services
Related: Straits Energy Resources Q3 2021 profit increases to RM 1.94 million on bunkering gains
Related: Malaysia: Straits Energy Resources adds “Empower” to bunkering fleet
Related: Straits Energy Resources records 21% profit increase; backed by 215% revenue growth
Related: Straits Inter Logistics undergoes name change to Straits Energy Resources
Related: Straits Inter Logistics receives government approval to develop STS hub

 

Photo credit: Straits Energy Resources Berhad
Published: 30 August, 2022

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Legal

Shell Singapore charged over Pulau Bukom oil leaks, reporting delays

Shell faces four charges under Singapore’s Prevention of Pollution of the Sea Act over two 2024 oil discharge incidents at its Pulau Bukom facility.

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2 MPA craft (left) supporting Shell craft in the clean up operations of the oil sheens taken on 28 Dec 9am

Shell Singapore has been charged over two incidents in 2024 involving oily mixtures discharged into Singapore waters from its facilities at Pulau Bukom, according to media reports on Tuesday (22 September). 

The company faces four charges under the Prevention of Pollution of the Sea Act, including allegations that it failed to report the discharges to the port master immediately. 

The first incident occurred on 20 October 2024, when approximately 40 metric tonnes (mt) of oily mixture was discharged through a hole in a pipeline at the Shell Singapore Energy and Chemicals Park at about 8am.

Shell is accused of reporting the incident to the port master at about 12.55pm, several hours after the discharge occurred. 

The second incident took place between 26 and 28 December 2024. An estimated 485kg to 956kg of oil mixture was discharged into Singapore waters from the same facility.

Shell is accused of failing to report the incident immediately, with notification to the port master made at about 11.50am on 26 December 2024, according to the charges.

Singapore’s pollution-prevention regulations require occupiers of such facilities to report oil or oily-mixture discharges into Singapore waters “without delay and to the fullest extent possible”.

Shell’s representative requested an eight-week adjournment at the 22 September hearing, citing the need to obtain internal instructions, appoint counsel and locate historical records. The company said the business associated with the incidents had been divested in 2025.

The case was adjourned to October. Shell is also facing prosecution by Singapore’s National Environment Agency over the same incidents.

Related: Shell reports up to 40 mt of slop leaked from pipeline into Singapore waters
Related: Singapore: No new oil sightings after recent pipeline leak and bunkering incidents
Related: Singapore: Clean-up of oil from Shell pipeline leak to be completed in days
Related: Singapore: Oil leak at Pulau Bukom stopped; cleanup of oil sheens completed

 

Photo credit: Maritime and Port Authority of Singapore
Published: 25 September, 2026

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Incident

MPA probes Singapore Strait collision involving fishing vessel, bulk carrier

MPA says there were no reported injuries among the crew of either vessel in the incident involving China-registered fishing vessel “Lu Qing Yuan Yu” and Panama-registered bulk carrier “First Margaux” .

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Panama-registered bulk carrier “First Margaux”

The Maritime and Port Authority of Singapore (MPA) on Tuesday (22 September) said it is investigating the incident involving the China-registered fishing vessel Lu Qing Yuan Yu and the Panama-registered bulk carrier First Margaux in the Singapore Strait on 17 September.

MPA said there were no reported injuries among the crew of either vessel or pollution arising from the incident and navigational traffic was not affected.

Videos circulating on social media showed the bulk carrier colliding with the fishing vessel.  

“The fishing vessel took on water during the incident but remained afloat and stable, with the crew taking measures to manage the situation onboard,” MPA said. 

The vessel was subsequently towed to Raffles Reserved Anchorage for assessment. 

Essential crew remained onboard to support the tow, while the Singapore Civil Defence Force supported the transfer of other crew to shore. 

MPA added it also issued navigational safety broadcasts to keep other vessels clear of the tow and escorted the vessel into port with a MPA craft.

 

Photo credit: MarineTraffic / Arnold Pohen
Published: 25 September, 2026

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Mass Flowmeter

TFG Marine deploys first MFM-equipped bunker barge in Jamaica

Bunker barge “Kingston Trader” is currently on its way to Jamaica following the successful installation of a Coriolis mass flow meter (MFM) system, certified to ISO 22192.

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TFG Marine deploys first MFM-equipped bunker barge in Jamaica

Global marine fuel supply and procurement firm TFG Marine on Thursday (24 September) said its bunker barge Kingston Trader is currently on its way to Jamaica following the successful installation of a Coriolis mass flow meter (MFM) system, certified to ISO 22192.

The company said the latest installation brings the proportion of TFG Marine’s fleet equipped with MFMs to approximately 88%, marking another step in the continued rollout of this technology across its global bunkering operations.

“The barge will operate in Jamaica through our local partnership with Scott Petroleum, becoming the first bunkering vessel in the region equipped with this technology and bringing greater accuracy, transparency and assurance to fuel measurement for customers across the Caribbean,” TFG Marine said in a social media post. 

“Together with Scott Petroleum, we look forward to working collaboratively with the Maritime Authority of Jamaica, the The Port Authority of Jamaica, Petrojam Limited and other stakeholders to share our experience of MFM technology, explore its wider benefits and support the continued development of bunkering standards across the region.” 

Manifold Times previously reported TFG Marine continuing to expand MFM technology across its US Gulf Coast bunker fleet with Buffalo B414 and Buffalo B304 being fitted with the equipment. 

Last year, TFG Marine announced it reached a key milestone in its global digitalisation programme with the installation of an ISO 22192-compliant MFM on the Buffalo 404, a barge on time charter from American bunker barge company Buffalo Marine Service Inc.

The installation was part of TFG Marine’s wider strategy to equip close to 90% of its global bunkering fleet with MFMs by 2026 as a commitment towards improving data integrity, streamlining operations and strengthening trust in marine fuel transactions.

Related: TFG Marine advances global MFM rollout with two US Gulf bunker barges
Related: TFG Marine installs first ISO-certified mass flow meter on US Gulf bunkering barge

 

Photo credit: TFG Marine
Published: 25 September, 2026

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