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Straits Energy Resources ranks third in Malaysia’s Growth Champions 2023 list

Straits Energy which recorded a growth rate of 72.8% successfully clinches third spot in Statista list which records rankings of Malaysian SMEs that experienced high revenue growth.

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Malaysia-listed Straits Energy Resources Berhad has been listed in the top three of Malaysia's Growth Champions 2023 list, according to The Star on Tuesday (14 February). 

International market research firm Statista published the rankings of Malaysian small and medium enterprises (SMEs) that have experienced a high revenue growth during the 2018 to 2021 period. 

Straits Energy Resources which recorded a growth rate of 72.8% successfully clinched the number three company in the list.

The following is the top 10 winners according to ranking in the list:

  1. Limitless Technology Sdn Bhd (Limitless)
  2. Signature Snack Sdn Bhd 
  3. Straits Energy Resources
  4. Innov8tif Solutions Sdn Bhd (EMAS eKYC)
  5. Influasia
  6. Ominent Sdn Bhd (IGL Coatings)
  7. Web Bytes Sdn Bhd (Xilnex)
  8. iMetal Sdn Bhd
  9. Ang Kim Lim Marketing Sdn Bhd
  10. Stratus Automation Sdn Bhd

According to The Star, the project was advertised in the fourth quarter of 2022, with the application phase running from 21 October to 15 Jan2023.

Statista’s website said a company had to meet certain criteria in order to be included in the ranking:

In order to be included in the ranking your company must meet the following criteria:

  • Revenue of at least 400,000 MYR generated in 2018
  • Revenue of at least 4.0 million MYR generated in 2021
  • Be independent (the applying company is not a subsidiary or branch office of another company)
  • Be headquartered in Malaysia
  • The revenue growth between 2018 and 2021 was primarily organic (i.e. “internally” stimulated)

Straits Energy Resources, amongst businesses activities, is engaged in oil trading and bunkering services through its bunker tanker fleet.

Manifold Times previously reported Straits Energy Resources posting a 24% on year increase in profit for the third quarter (Q3) of 2022 amid increased activity from its Oil Bunkering and Shipping Related Services segment.

The Group recorded profit before tax (PBT) of RM 2.40 million (USD 0.54 million) in Q3 2022, 23.7% up from profit of RM 1.94 million in Q3 2021, according to latest figures.

Related: Malaysia: Straits Energy Resources profit up 24% on rise in oil cargo activity
Related: Malaysia: Strait’s unit Victoria STS completes first-ever STS LNG transfer in Labuan
Related: Straits Energy Resources Q2 2022 profit increases to MYR 7.11 million on bunkering gains
Related: Malaysia: Straits Energy Resources Berhad Q1 2022 revenue up 117%
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 secures fuel delivery contract for PetroVietnam project
Related: Straits Energy Resources Q3 2021 profit increases to RM 1.94 million on bunkering gains

 

Photo credit: Straits Energy Resources
Published: 14 February, 2023

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Biofuel

GCMD concludes its final biofuel blend supply chain trial with Hapag-Lloyd

bp provided the B30 biofuel blend to the “TIHAMA”, a 19,870 TEU container vessel operated by Hapag-Lloyd in final trial; marks the end of a series of trials initiated in July 2022.

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GCMD concludes its final biofuel blend supply chain trial with Hapag-Lloyd

The Global Centre for Maritime Decarbonisation (GCMD) on Thursday (18 July) said it has successfully completed its final supply chain trial for biofuel blended with very low sulphur fuel oil (VLSFO). 

This marks the end of a series of trials initiated in July 2022 as part of a larger pilot to develop a framework to provide quality, quantity and GHG abatement assurances for drop-in fuels.

In this final trial, bp provided the B30 biofuel blend to the TIHAMA, a 19,870 twenty-foot equivalent unit (TEU) container vessel operated by Hapag-Lloyd.

The biofuel component used is certified to the International Sustainability & Carbon Certification (ISCC) standard – a multistakeholder certification scheme for biobased materials. The biofuel component comprised neat Fatty Acid Methyl Ester (FAME) produced from food waste.

Authentix, a tracer solutions provider, supplied and dosed the FAME with an organic-based tracer at the storage terminal outside the Netherlands. The dosed FAME was then transported to the Port of Rotterdam for blending with VLSFO to achieve a B30 blend, before the blend was bunkered onboard the TIHAMA.

Similar to previous trials, GCMD engaged fuel testing company Veritas Petroleum Services (VPS) to witness the operations at all stages – from biofuel cargo transfer to bunkering. VPS also collected and conducted extensive laboratory tests on samples of the biofuel and biofuel blend collected at pre-determined points along the supply chain to assess quality per Standards EN 14214 and ISO 8217.

With well-to-wake emissions of 13.74 gCO2e/MJ, the neat FAME presented a 85.4% emissions reduction compared to the emissions of the fossil marine fuel. The reduced emissions complies with the MEPC 80, which requires a minimum emissions reduction of 65% in order for biofuels to be classified as sustainable.

GCMD and Hapag-Lloyd determined that consumption of the 4,500 MT B30 blend of FAME and VLSFO resulted in 27.9% emissions reduction compared to sailing on VLSFO.

A newly developed tracer deployed with this supply chain

GCMD collaborated with Authentix to develop and deploy a new organic-based tracer to authenticate the origin and verify the amount of FAME present in the blend. The proprietary tracer blended homogeneously with FAME and was detected at expected concentrations at all sampling points along the supply chain.

This trial marks the first deployment of this tracer in a marine fuel supply chain. Previously, similar tracers were used to authenticate and quantify biofuels in road transport and LPG supply chains.

Development of a comprehensive biofuels assurance framework underway

With the completion of this trial, GCMD has deployed a diverse range of tracer technologies, including synthetic DNA and element-based tracers, in addition to the organic-based tracer used in this trial. The trials have also included the development of a chemical fingerprinting methodology and the evaluation of lock-and-seal and automatic identification systems (AIS) as additional solutions to ensure the integrity of the biofuels supply chain.

Learnings on tracer limitations and benefits will be incorporated into a framework that recommends appropriate use to ensure consistent and robust performance. This effort will complement existing ISCC by providing additional supply chain assurance through physical traceability.

The insights from these trials will be shared in a series of reports covering issues, such as traceability, biofuel degradation, supply chain optimisation and abatement costs. These findings will culminate in a comprehensive assurance framework to provide guidance on biofuels use, slated for release in the fourth quarter of 2024.

 

Photo credit: Global Centre for Maritime Decarbonisation
Published: 19 July 2024

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Ammonia

MPA, ITOCHU and partners sign MoU on ammonia-fuelled bulk carriers study

As a government agency, MPA,will review and provide their views to the designs of the ammonia-fuelled ships to ensure their safe operations, says ClassNK.

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RESIZED venti views

Classification society ClassNK on Thursday (18 July) said it signed a Memorandum of Understanding (MoU) with ITOCHU Corporation, Nihon Shipyard Co., Ltd., and Maritime and Port Authority of Singapore (MPA) regarding a joint study for the design and safety specifications of ammonia-fuelled ships which are under development by ITOCHU and partners.

“The discussion for a specification of ammonia-fuelled ships with a governmental body related to their operation is essential for a social implementation of ammonia-fuelled ships,” ClassNK said. 

“As one of parties of the MoU, MPA, a government agency overseeing the world’s busiest bunkering hub, will review and provide their views to the designs of the ammonia-fuelled ships to ensure their safe operations.”

The MoU is based on the premise that 200,000 deadweight ton class bulk carriers will be built by Nihon Shipyard with an ammonia dual-fuelled engine.

“The necessary clarifications of the specification for the ammonia-fueled ship to carry out ammonia bunkering in Singapore will be conducted among parties of this MoU, for the commercialisation of ammonia-fuelled ships,” ClassNK added.

 

Photo credit: Venti Views on Unsplash
Published: 19 July 2024

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Biofuel

“K” Line to use biofuel on three Gram Car Carriers-chartered vessels in Singapore

Biofuel will be supplied to the sister vessels “Viking Ocean”, “Viking Diamond” and “Viking Coral” while bunkering in Singapore, says Gram Car Carriers.

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“K” Line to use biofuel on three Gram Car Carriers-chartered vessels in Singapore

Norwegian transportation firm Gram Car Carriers (GCC) on Thursday (18 July) said Kawasaki Kisen Kaisha (“K” LINE) will use biofuel on three vessels chartered from GCC from July onwards. 

“The biofuel will be supplied to the sister vessels Viking Ocean, Viking Diamond and Viking Coral while bunkering in Singapore, an Asian hub for marine biofuels,” GCC said on its social media. 

“The use of biofuel is a key environmental initiative to reduce emissions across the entire value chain (well-to-exhaust) and an effective way of transitioning to low-carbon marine fuels amid globally tightening environmental regulations.”

“We support the green mobility shift. This means that GCC commit to supporting the transition of both vehicles and their logistic chain towards a zero-emission future in close cooperation with leading customers such as K-Line,” said Georg A. Whist, CEO of GCC.

 

Photo credit: Gram Car Carriers
Published: 19 July 2024

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