Malaysia-listed Straits Inter Logistics Berhad (SIL), principally engaged in oil trading and oil bunkering services and also investment holding activities, concluded its financial year of 2019 (FY 2019) with a “commendable performance”, said its Chairman in the company’s 2019 annual report.
“The commendable performance of the Group is mainly attributable to its right strategy to expand its products line to bunker Marine Fuel Oil in addition to the Marine Gas Oil and the acquisition of two additional vessels named MT Begonia and MT Ixora to cater for the expanded market,” said YAM Dato’ Seri Tengku Baharuddin Ibni Sultan Mahmud.
The bunkering related development has widened the group’s geographical reach and enlarged its vessels capacity to cater for its expanded bunkering and trading market space, said its Chairman.
The expansion of the group’s business into inland transportation and logistics commenced via its 70% owned subsidiary Straits Alliance Transport Sdn Bhd in February 2019.
SIL further secured a notable achievement when it signed an Operation and Facility Management Agreement with Labuan Port Authority in March 2020 to undertake Port Management Services at Labuan Liberty Port.
“This marked the diversification of Straits into the Port Operation and Facility Management business in addition to its current mainstay business of fuel bunkering,” notes Baharuddin.
Moving forward, the Chairman believes SIL and its bunkering arm is well prepared for business ahead amidst the Covid-19 and other disruptions to the oil and shipping sectors.
“The global economy is envisaged to be significantly impacted by the Covid-19 Pandemic disrupting value and supply chain worldwide,” he stated.
“The group is cognisant of the challenges ahead and amidst these headwinds, the group has taken numerous measures to mitigate all possible risks arising from this fallout.
“Despite the expected slowdown in the shipping industry arising from this pandemic, the outlook for bunkering business for Straits remains stable as the group is in the defensive industry of bunkering and logistics and the size of the bunkering industry in this country is still large enough to be tapped by Straits.”
Manifold Times earlier reported SIL posting a 75% jump in net profit for FY 2019.
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Photo credit: Straits Inter Logistics Berhad
Published: 21 May, 2020
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