Straits Port Management Sdn Bhd (SPMSB), a subsidiary of Malaysia-listed oil trading and bunkering firm Straits Inter Logistics Berhad (SIL), on Tuesday (25 February) acquired a 51% share of Megah Port Management Sdn Bhd (MPMSB) for RM 1.53 million (USD 360,000) via a Shareholders Agreement.
The remaining half of MPMSB shares has been acquired by LPM Holdings Sdn. Bhd. (LHSB) for approximately RM 1.47 million, it said.
Both SPMSB, LHSB and MPMSB will jointly undertake Port Management Services at Labuan Port from 1 April 2020 onwards.
SIL in late January accepted Labuan Port Authority’s Letter of Award for the operation and facility management of Labuan Liberty Terminal in the Federal Territory of Labuan.
“The execution of the Shareholders Agreement represents mutual agreement between SPMSB, LHSB and MPMSB to work together and to collaborate for the purposes of undertaking the Port Management Services, whereby MPMSB will function as the operating company to carry out Port Management Services at Labuan Port,” said SIL.
“As such, the Shareholders Agreement is intended to facilitate MPMSB to undertake Port Management Services at Labuan Port by outlining and coordinating the responsibilities and roles of MPMSB and its shareholders.
“The Board believes that, barring any unforeseen circumstances, the successful operations of MPMSB will potentially contribute positively to the future earnings of Straits and its subsidiaries (“Straits Group” or the “Group”) and improve the Group’s financial position moving forward.”
The decision to diversify into port operations was due the Group’s financial performance mainly relying on a single business segment, i.e. oil trading and bunkering services over the past years.
Related: Straits Inter Logistics proposes MPMSB acquisition for MYR 5.1 million
Related: Straits Inter Logistics confirms takeover of Labuan Liberty Terminal
Related: Malaysia bunker supplier Straits Inter Logistics to take over Labuan Liberty Wharf
Photo credit: Straits Inter Logistics Berhad
Published: 26 February, 2020
‘This indexing mechanism will help improve transparency and fairness in how fuel costs are calculated which will benefit all stakeholders in the supply chain,’ it said.
The closure of the operations in Singapore and Antwerp are scheduled to take place this year.
‘We still believe in an oil price recovery, possibly as early as June, and see a risk for a tight market in 2022 with prices much higher than pre-crisis levels,’ says Rystad Energy.
Sinopec’s bunker vessel Anshen 5 arrived at Anchorage Area No. 3 to supply 1,600 metric tonnes of low sulphur marine fuel for large tanker New Vista.
Four bunkering vessels will deliver fuel oil while remaining ship will handle MGO operations, says Hin Leong bunkering arm.
Existing customers in the region will be served through Bomin’s global network, it says.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.
