Malaysia-listed Straits Inter Logistics Berhad (SIL), principally engaged in oil trading, bunkering and investment holding activities, on Friday (26 June) provided financial assistance to its bunkering subsidiary Tumpuan Megah Development (TMD) Sdn Bhd amounting to RM 85 million (USD 19.8 million) in the form of a Corporate Guarantee.
SIL undertook the guarantee to fulfil requirements by MBSB Bank Berhad to secure facilities for TMD to run its ordinary course of business.
In providing the guarantee, SIL would be required to assume TMD’s debt obligations up to the guaranteed amount in the event TMD does not meet its debt obligations to MBSB during the Corporate Guarantee period, noted the company.
SIL added it will continuously monitor the financial obligations of TMD, especially its cash flow position to ensure TMD’s ability to meet its debt obligations will not be compromised throughout the tenure of the facility.
At present, SIL’s 55%-owned subsidiary, Tumpuan Megah Development Sdn Bhd operates in eight ports in Malaysia, which include Lumut Port, Pasir Gudang Port, Tanjung Pelepas Port, Johor Bahru Port, Kuantan Port, Kemaman Port, Kuala Terengganu Port and Labuan Port, all of which are licensed under Petroleum Development Act 1974 for its bunkering services. It has an enlarged fleet size of 11 vessels with a total carrying capacity of 22 million litres.
Related: Straits Inter Logistics IMO 2020 strategies contribute 141.2% jump in revenue for Q1
Related: Singapore: Straits Marine Services starts vessel sanitisation operations on bunker tanker
Related: Tumpuan Megah Development conducts first Lumut bunkering operations
Related: Tumpuan Megah Development deploys “Escolar” to support Lumut bunkering operations
Related: Tumpuan Megah Development secures exclusive bunkering arrangement with Lumut port
Photo credit: Manifold Times
Published: 29 June, 2020
Seeking bunker claim from 13 unpaid invoices; seven under Term Sales Contracts entered on 30 April 2020 and six under Spot Contracts, according to court documents obtained by Manifold Times.
The representative was providing clarification to a query from Manifold Times when asked if the bunkering licenses of the Hin Leong Trading affiliated company have been permanently revoked.
Patrizia Cosulich becomes first bunker tanker in Singapore to undertake its Mass Flow Meter extension test using the Master Mass Flow Meter, learns bunkering publication Manifold Times.
Bunker claims totalling SGD 628,000 for 88 deliveries of marine gas oil between the period of 7 February 2020 until 15 April 2020, according to documents obtained by Manifold Times.
Event welcomed over 1,100 attendees from 42 countries; delegates visited virtual booths about 4,800 times; while around 5,800 connections were made, according to data from organiser Informa.
Bunker suppliers and bunker craft operators may choose to carry out meter verification using either existing MIMO method OR with the use of a Master Meter.