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Straits Inter Logistics concludes FY 2019 with 75% jump in net profit

Records ‘substantial increase’ in revenue during Q4 2019 due to strong demand for HSFO and VLSFO bunker grades.

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Malaysia-listed oil trading and bunkering firm Straits Inter Logistics Berhad (SIL) on Thursday (27 February) posted a 75% jump in net profit for its financial year (FY) of 2019, propelled by strong demand for bunker fuel in the fourth quarter (Q4) of 2019.

SIL recorded net profit of RM 7.10 million (USD 1.68 million) in FY 2019, compared to RM 4.05 million in FY 2018, the company stated in its latest filing.

Revenue for FY 2019 totalled RM 663.23 million, a 159% jump from revenue of RM 225.79 million in the financial year before.

During Q4 2019, SIL posted net profit of RM 2.06 million, a 20% increase from net profit of 1.72 million for the similar period in the previous year.

The company recorded RM 203.56 million in Q4 2019, a 92% rise from revenue of RM 1.72 million in Q4 2018.

“The substantial increase in revenue [during Q4 2019] is attributable to the increase in demand for high sulphur fuel oil (HSFO) and the commencement of bunkering into Very Low Sulphur Fuel Oil (VLSFO) in conjunction with the implementation by International Maritime Organisation (IMO) on consumption of VLSFO by all vessels,” it explained.

“Diversification into inland transportation & logistics services in February 2019 through Straits Alliance Transport Sdn Bhd had further contributed to the increase of the revenue of the Group.”

The Group in Q4 2019 registered a profit before tax of RM3.31 million, a 100% growth compared to RM1.65 million in the corresponding quarter of 2018.

“The 100.0% jump in profit before tax in the fourth quarter of 2019 as compared to the fourth quarter of 2018 was due to a 91.4% increase in oil bunkering revenue arising from the Group’s expansion of its product line to include the bunkering of Marine Fuel Oil (MFO) and share of profits from its associate, Banle Energy International Limited,” it said.

“The Group strategy to expand its product line beyond its bunkering of Marine Gas Oil (MGO) into MFO has opened up tremendous business opportunity and widening of the market base.

“The Group will continue to expand its oil trading and bunkering business by increasing its deliverable tonnage capacities through increasing its vessels base by way of acquisitions of new vessels or chartering third parties' vessels as well as broadening its geographical coverage.”

SIL, meanwhile, said it acquired the M.T. Ixora in Q4 2019; the bunker tanker is now the largest vessel in Group’s fleet and had commenced its bunkering services in Q1 2020 after obtaining its operation license from the Labuan Financial Services Authority on 29 January 2020.

The Group is also seeking to diversify its business into port management services; it has earlier received a letter of award from the Labuan Port Authority for the operation and facility management of Labuan Liberty Terminal in the Federal Territory of Labuan for a period of six years.

“With the commencement of M.T. Ixora’s operation and new business activities, the Group’s outlook for 2020 continue to look positive,” it concludes.

Related: Malaysia: Straits Inter Logistics makes land logistics expansion
Related: Straits Inter Logistics acquires 51% of Megah Port Management for RM 1.53 million
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
Related: Malaysia-listed Straits Inter Logistics post 83% on year jump in Q3 net profit
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
Related: Straits Inter Logistics Q2 2019 net profit up on bunkering developments
Related: Straits Inter Logistics post 114% jump in Q1 2019 net profit
 

Photo credit: Straits Inter Logistics
Published: 28 February, 2020

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Ammonia

Singapore: EMA, MPA shortlist two consortia for ammonia power generation and bunkering

Chosen consortia are Keppel’s Infrastructure Division and Sembcorp-SLNG, and the bunkering players in these consortia are Itochu Corporation, NYK Line and Sumitomo Corporation.

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The Energy Market Authority (EMA) and the Maritime and Port Authority of Singapore (MPA) on Thursday (25 July) said they have shortlisted two consortia that will proceed to the next round of evaluations of proposals to provide a low- or zero-carbon ammonia solution on Jurong Island for power generation and bunkering. 

The two consortia were selected from a total of six that were earlier shortlisted in 2023 to participate in a restricted Request for Proposal (RFP), following an Expression of Interest (EOI) called in 2022. The bids were assessed based on the technical, safety and commercial aspects of their proposals. 

The two consortium leads are Keppel’s Infrastructure Division and Sembcorp-SLNG, and the bunkering players in these consortia are Itochu Corporation, Nippon Yusen Kabushiki Kaisha (NYK Line) and Sumitomo Corporation. The two consortia will proceed to conduct engineering, safety and emergency response studies for the proposed Project.

At the next phase, we will select one of the two bidders as the lead developer of the project. The lead developer will develop the end-to-end ammonia solution comprising (i) generating 55 to 65 MW of electricity from imported low- or zero-carbon ammonia via direct combustion in a Combined Cycle Gas Turbine; and (ii) facilitating ammonia bunkering at a capacity of at least 0.1 million tons per annum (MTPA), starting with shore-to-ship bunkering followed by ship-to-ship bunkering. 

Given the nascency of the technology and global supply chains, the Government will work closely with the appointed lead developer to implement the Project. We aim to announce the lead developer by Q1 2025.

The project is part of Singapore’s National Hydrogen Strategy launched in 2022, which outlines Singapore’s approach to develop low-carbon hydrogen as a major decarbonisation pathway as part of the nation’s commitment to achieve net zero emissions by 2050.

A key thrust of this strategy is to experiment with the use of advanced hydrogen technologies that are on the cusp of commercial readiness. Ammonia is currently one of the most technologically-ready hydrogen carriers with an established international supply chain for industrial use.

“If successful, the project will position Singapore as one of the first countries in the world to deploy a direct ammonia combustion power plant and support the development of ammonia bunkering for international shipping, EMA and MPA said.

“This will help to unlock the potential of low-carbon ammonia as a low-carbon fuel.”

 

Photo credit: Manifold Times
Published: 25 July 2024

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LNG Bunkering

China: River-sea LNG bunkering vessel named and delivered in Shanghai

The 14,000 cubic metre ship, “Huaihe Nengyuan Qihang”, was independently developed, designed and built by Hudong-Zhonghua Shipbuilding (Group) for Huaihe Energy Holding Group.

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China: River-sea LNG bunkering vessel named and delivered in Shanghai

China’s river-to-sea LNG bunkering vessel, which was built locally, was named and delivered in Shanghai on Monday (19 July), according to the Shanghai Association of Shipbuilding Industry (SASIC). 

The 14,000 cubic metre (cbm) ship, Huaihe Nengyuan Qihang, was independently developed, designed and built by Hudong-Zhonghua Shipbuilding (Group) Co., Ltd for Huaihe Energy Holding Group as part of China’s "Gasification of the Yangtze River” project.

The ship is capable of travelling through the Nanjing Yangtze River Bridge all year round and has been dubbed a “Customised Yangtze River” LNG refuelling and transportation ship.

The ship is equipped with the B-type LNG containment system independently developed by Hudong-Zhonghua and authorised by a national patent.

According to SASIC, this was the first time such a system has been applied to a domestic LNG  refuelling and transportation ship, marking a major breakthrough in the B-type LNG containment system developed by China with independent intellectual property rights.

Related: China’s first river-sea LNG bunkering ship completes inaugural bunkering operation

Disclaimer: The above article published by Manifold Times was sourced from China’s domestic market through a local correspondent. While considerable efforts have been taken to verify its accuracy through a professional translator and processed from sources believed to be reliable, no warranty is made regarding the accuracy, completeness and reliability of any information.

 

Photo credit: Shanghai Shipbuilding Industry Association
Published: 25 July 2024

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Environment

Singapore-flagged tanker “Hafnia Nile” to be moved to safe location for cargo transfer

“Hafnia Nile” and the Sao Tome and Principe-flagged “Ceres I” collided and caught fire about 55km northeast of Pedra Branca on 19 July.

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Singapore-flagged tanker “Hafnia Nile” to be moved to safe location for cargo transfer

Shipowner Hafnia, the operator of Singapore-flagged tanker Hafnia Nile, is in discussion with The Maritime and Port Authority of Singapore (MPA) on a safe location to transfer the ship’s cargo, MPA said on Wednesday (24 July). 

They are also discussing towage plans for repairs to be approved by MPA.

Hafnia Nile and the Sao Tome and Principe-flagged Ceres I collided and caught fire about 55km northeast of Pedra Branca on 19 July.

“An additional tug with deep-sea towing capacity has arrived on site on 23 July 2024, joining four other tugs equipped with oil response and firefighting capabilities,” MPA said. 

In a meeting with MPA on 23 July, Hafnia informed MPA of light oil sheens near Hafnia Nile

“As part of the towage plan, Hafnia will arrange for repairs, containment and clean-up of the assessed localised seepage,” it added.

Reuters reported Hafnia stating that an initial assessment by a team of specialists conducting inspections of damaged areas of the tanker, showed Hafnia Nile's engine room had suffered damage from the fire.

Hafnia also reportedly said a salvage team has boarded the vessel and transferred equipment from one of the attending tugs on site to contain and stop any localised seepage.

Manifold Times previously reported Ceres 1 allegedly leaving the site of the collision as of 20 July and turned off its Automatic Identification System (AIS) but was believed to be in Malaysian waters.

The Malaysian Maritime Enforcement Agency (MMEA) was able to locate Ceres 1 some 28 nautical miles northeast of Pulau Tioman.

Related: “Ceres 1” goes dark after collision with Singapore-flagged tanker, located by MMEA
Related: MPA: Fire breaks out on two ships near Pedra Branca, search and rescue underway

 

Photo credit: Malaysian Maritime Enforcement Agency
Published: 25 July 2024

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