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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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Straits Energy Resources Berhad

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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Milestone

Singapore retains titles as Best Global Seaport and Best Seaport in Asia

Port of Singapore has been named the “Best Global Seaport” for the third consecutive year and the “Best Seaport in Asia” for the 35th time at the 2023 AFLAS Awards.

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Singapore retains titles as Best Global Seaport and Best Seaport in Asia

The Maritime and Port Authority of Singapore on Friday (29 September) said the Port of Singapore has been named the “Best Global Seaport” for the third consecutive year and the “Best Seaport in Asia” for the 35th time at the 2023 Asian Freight, Logistics and Supply Chain (AFLAS) Awards.

These accolades recognise the contributions by the Port of Singapore serving as a key node in the global supply chain, and Singapore’s leadership in driving maritime decarbonisation and transformation.

The annual AFLAS Awards is organised by freight and logistics publication, Asia Cargo News, to honour leading service providers in the supply chain community for demonstrating leadership as well as consistency in service quality, innovation, customer relationship management and reliability. Winners were determined by votes cast by readers of the publication.

singapore best seaport 2

Mr Chee Hong Tat, Acting Minister for Transport and Senior Minister of State for Finance, said: “Singapore is honoured to be named the Best Global Seaport and Best Seaport in Asia. These awards are the result of the shared effort and strong collaboration between the Government, industry, unions and workers. We will continue to grow our port as an efficient, sustainable, and trusted node in global supply chains.”

Mr Teo Eng Dih, Chief Executive of MPA, said: “These awards are testament to the partnership and collaboration between Maritime and Port Authority of Singapore (MPA) with industry and international partners, the research and enterprise community, as well as unions. MPA remains committed to fostering an environment that encourages enterprise, innovation, and talent development.”

“We will continue to work with our partners to enhance Singapore’s connectivity, advance digitalisation efforts, and accelerate the decarbonisation of international shipping in line with the 2023 IMO strategy on reduction of GHG emissions from ships.”

Photo credit: Maritime and Port Authority of Singapore 
Published: 29 September, 2023

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Employment

Melvin Lum appointed as KPI OceanConnect Global Accounts Commercial Director in Singapore 

Lum will take on the position of Commercial Director from Thomas Lee who was recently promoted to Head of APAC in a management restructure within KPI OceanConnect.

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Melvin Lum appointed as KPI OceanConnect Global Account Commercial Director in Singapore

Global marine energy solutions provider KPI OceanConnect on Thursday (28 September) announced the appointment of Melvin Lum as Commercial Director for its Global Accounts team in Singapore.

Lum will take on the position of Commercial Director from Thomas Lee who was recently promoted to Head of APAC in a management restructure within KPI OceanConnect. 

The Global Accounts team is an expert unit within KPI OceanConnect, specialised in providing long-term, tailored fuel strategy solutions to a portfolio of Key Accounts on a global scale. Dedicated regional teams located in London, Houston and Singapore work seamlessly across the world and around the clock to support their clients.

Lum joined KPI OceanConnect in 2021 as Senior Key Account manager and has made a significant contribution to the development of the team and optimisation of the daily operations of the unit in Singapore. Lum has vast experience across the supply chain and previously worked with TotalEnergies, Glencore and Global Energy Group prior to joining KPI OceanConnect.

Henrik Zederkof, Head of Global Accounts at KPI OceanConnect, said: "It is always a pleasure to witness the growth of our team members, and Melvin's progression is no exception. I have full confidence in Melvin's expertise, ability to lead the unit and dedication to his team. I look forward to seeing the progress of Melvin and his team, which will undoubtedly bring significant value to our numerous partners and the wider organisation.”

"Melvin will assume a pivotal role within the Global Accounts management team, leveraging his extensive experience in supply chain management and profound insight into emerging technologies. In his new role, Melvin will further enhance our team's skill set, aligning them with our ongoing objectives of supporting our partners in their green transition and digitalisation endeavours."

Melvin Lum, Commercial Director of KPI OceanConnect Global Accounts in Singapore, said: "I am very appreciative of the support and confidence from our management team as I take on this exciting new role. I am enthusiastic to work with the team as we continue to deliver an exceptional experience to our partners and stakeholders with dedication, innovation and passion."

Photo credit: KPI OceanConnect 
Published: 29 September, 2023

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Biofuel

TotalEnergies Marine Fuels renews ISCC EU certification for bio bunker fuel  

Firm’s operations teams in Singapore and Geneva successfully renewed its ISCC EU sustainability certification for the supply of biofuel bunkers, says Louise Tricoire, Vice President.

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TotalEnergies Marine Fuels renews ISCC EU certification for bio bunker fuel

Louise Tricoire, Vice President of TotalEnergies Marine Fuels recently said the firm’s operations teams in Singapore and Geneva successfully renewed its International Sustainability and Carbon Certification (ISCC) EU sustainability certification for the supply of biofuel bunkers.

“This means that TotalEnergies Marine Fuels can continue sourcing and supplying marine biofuels in accordance with EU renewable energy regulations ensuring the highest sustainability standards,” she said in a social media. 

“It's the third year in a row that we have successfully renewed this certification, after a deep and comprehensive audit which showed zero non-conformity.”

She added marine biofuels have grown in demand among shipping companies that want to cut greenhouse gas emissions immediately. 

“TotalEnergies Marine Fuels offers marine biofuels commercially in Singapore and we are starting in Europe. This certification enables us to accompany our customers in their decarbonisation journey with the best standard solutions available today.”

Photo credit: TotalEnergies Marine Fuels
Published: 29 September, 2023

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