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Straits Inter Logistics concludes FY 2020 with 56% fall in net profit

Profits were impacted by the continuous slowdown in the shipping industry following the global lockdown in the early part of FY 2020, it said.

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Malaysia-listed Straits Inter Logistics Berhad (Straits), the parent of Tumpuan Megah Development Sdn Bhd (Tumpuan Megah), on Friday (12 March) posted a 56% fall in net profit for its financial year (FY) of 2020 “due to the continuous slowdown in the shipping industry following the global lockdown in the early part of the current financial year caused by the COVID- 19 Pandemic”, it said.

SIL recorded net profit of MYR 3.12 million (USD 0.76 million) in FY 2020, compared to MYR 7.1 million in FY 2019, the company stated in its latest filing.

Revenue for FY 2020 totalled MYR 675.31 million, a 1.8% dip from revenue of RM 663.19 million in the financial year before.

During Q4 2020, SIL posted net profit of MYR 0.73 million, a 65% decrease from net profit of 2.05 million for the similar period in the previous year.

The company recorded RM 176.5 million in Q4 2019, a 13.3% fall from revenue of RM 203.56 million in Q4 2019.

“This drop was substantially attributed to the oil trading & bunkering services segment revenue that dropped by MYR 30.5 million but mitigated by MYR 3.2 million generated by the new port management operation in Labuan Liberty Port,” said SIL.

“The increase in revenue in the current quarter by MYR 15.3 million to MYR 176.5 million from MYR 161.2 million achieved in the preceding quarter was mainly attributable to the increase in the revenue of oil trading & bunkering services and vessel management segments by MYR14.5 million and MYR 0.5 million respectively as a result of continuing recovery of the economy from the Covid-19 pandemic.

“The increase in PBT in the current quarter by MYR 1.1 million to MYR 2.4 million compared to the preceding quarter was mainly contributed by improved performance of the oil trading & bunkering services and port management segments by MYR 2.6 million and MYR 0.9 million respectively, sustained by the economic recovery from the COVID- 19 Pandemic.

“However, these improvements were reduced by lower profit contribution of MYR 0.8 million from its associate company, continuing losses of MYR 1.3 million by the inland transportation & logistics segment and year end provision for MYR 0.2 million in its annual corporate expenditure.”

In 2020, SIL acquired tankers MT Veronica, MT MO Satu, to enlarge its asset base and provide it with some flexibility in respect of its allocation and utilisation of vessels in undertaking its business activities.

SIL also recently reported Banle International Holdings Limited (BIH), the holding company of Banle Energy International Limited (BEI), a 38%-associate company of Straits, is seeking to be listed on the GEM market on the Hong Kong Stock Exchange.

Related: Straits Inter Logistics associate Bangle Energy seeks HKSE GEM IPO listing
Related: Straits Inter Logistics welcomes Singapore-listed Avarga as new substantial shareholder
Related: Straits Inter Logistics subsidiary acquires oil tanker ‘MT Guo Kang No 1’ for USD 1.6 million
Related: Straits Inter Logistics plans private placement to increase stake in Tumpuan Megah
Related: Straits Inter Logistics sees 66% decline in net profit; slight recovery in bunker business
Related: Straits Inter Logistics subsidiary SMF Eden acquires “M.T. MO Satu” bunker tanker for USD 4.5 million


Photo credit: Straits Inter Logistics Berhad
Published: 15 March, 2021

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Environment

Indonesia to expedite removal of sunken Malaysia-flagged tanker “Silver Sincere”

Vessel sank while carrying about 1,000 mt of waste oil on 12 January 2025; the wreck was discovered in March 2025 and was found to have drifted about 13 nautical miles from its original sinking site.

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Indonesia to expedite removal of sunken Malaysia-flagged tanker “Silver Sincere”

Indonesia’s Coordinating Ministry for Political and Security Affairs on Tuesday (14 July) held a cross-agency coordination meeting to expedite efforts in handling the Malaysian-flagged tanker Silver Sincere that sank off Bintan Regency, Riau Islands.

The vessel sank while carrying about 1,000 metric tonnes (mt) of waste oil on 12 January 2025. 

According to authorities, the ship sank within Indonesian waters. After several surveys, the wreck was finally discovered in March 2025 and it was found to have shifted approximately 13 nautical miles from the initial sinking location.

The meeting was aimed to align cross-ministerial and institutional measures to expedite the handling of the Silver Sincere wreck while minimising risks to shipping safety, the marine environment, and national interests.

Deputy for Coordination of State Defense and National Unity Purwito Hadi Wardhono emphasised that the handling of the impact of the Silver Sincere sinking was the first case to be comprehensively coordinated, serving as a model for handling foreign vessels sinking within Indonesian jurisdiction.

Through this cross-sectoral coordination, the government will establish a clear and measurable framework that can serve as a reference for resolving similar cases in the future, while minimising state losses due to environmental pollution, damage to underwater ecosystems and infrastructure, and disruption to shipping lanes.

“The most important thing is to immediately stop and prevent the negative impacts of this ship sinking,” Purwito said.

“Therefore, a coordinating role is crucial, as maritime security governance involves various ministries and institutions with varying authorities, allowing for faster, more integrated, and more effective response,” he said. 

He added that the Silver Sincere was a Malaysian-flagged vessel that sank within Indonesian jurisdiction, and therefore, all handling processes must comply with the provisions of Indonesian laws and regulations.

In the meeting, Prof. Eko Ganis Sukoharsono, representing the SAE Energy Consulting Team, presented the results of an analysis based on 14 observation periods using Sentinel-1 Synthetic Aperture Radar (SAR) satellite imagery. 

The analysis results showed strong indications of a waste oil spill that has resulted in marine pollution, damage to the seabed due to shifting shipwrecks, disruption of coastal ecosystems and fishing grounds, and potentially threatening the livelihoods of fishing communities around the Riau Islands. 

Purwito added these findings further emphasise the importance of accelerating the removal of the shipwrecks to prevent widespread environmental impacts, maintain shipping safety, and avoid the potential for greater state losses.

The meeting brought together representatives of related ministries and institutions including the Ministry of Foreign Affairs, Ministry of Defense, Ministry of Transportation, Ministry of Maritime Affairs and Fisheries, Ministry of Environment, Attorney General’s Office.  

Related: MPA: Malaysia-registered tanker “Silver Sincere” sinks off Pedra Branca

 

Photo credit: MarineTraffic / Julian T
Published: 20 July, 2026

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LNG Bunkering

Singapore: FueLNG achieves 800th LNG bunkering operation milestone

Bunker tanker “FUELNG Venosa” delivered LNG marine fuel to bulk carrier “MV Ubuntu Humanity” at Eastern Bunkering A Anchorage (AEBA) on 11 July.

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Singapore: FueLNG completes 800th LNG bunkering operation

Singapore’s licensed LNG bunker supplier FueLNG on Friday (17 July) announced the successful completion of its 800th LNG bunkering operation in the republic.

The company said bunker tanker FUELNG Venosa delivered LNG marine fuel to bulk carrier MV Ubuntu Humanity at Eastern Bunkering A Anchorage (AEBA) on 11 July. 

“This achievement is more than just a number,” FueLNG said.

“It reflects the trust our customers place in us, the dedication of our operations team, the professionalism of our marine partners, and our unwavering commitment to safe, efficient, and reliable bunker deliveries.” 

Manifold Times previously reported FueLNG completing its 500th LNG ship-to-ship (STS) bunkering operation.

Related: Singapore: FueLNG achieves milestone of 500th STS LNG bunkering operation

 

Photo credit: FueLNG
Published: 20 July, 2026

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Methanol

Western Baltic Engineering unveils green methanol bunkering vessel design for Klaipėda

Designed for flexible operations in shallow waters and local bunkering routes, the concept features an 800-metric-tonne green methanol capacity and the potential to supply up to 250,000 mt annually.

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Western Baltic Engineering unveils green methanol bunkering vessel design for Klaipėda

Ship design and engineering service provider Western Baltic Engineering on Thursday (16 July) showcased its latest concept design for a green methanol bunkering vessel, developed for the operational needs of the Port of Klaipėda.

Designed for flexible operations in shallow waters and local bunkering routes, the concept features an 800-metric-tonne green methanol capacity and the potential to supply up to 250,000 metric tonnes (mt) annually. 

“It is Western Baltic Engineering’s first concept dedicated exclusively to green methanol bunkering, expanding our portfolio of alternative-fuel vessel solutions,” the company said in a social media post.

“Building on our experience in methanol-ready vessel design, it reflects our continued focus on enabling the industry’s transition to cleaner fuels.”

“As the maritime sector evolves, engineering companies have a responsibility not only to respond to market needs but also to anticipate future challenges,” said Marius Arkusauskas, Director at Western Baltic Engineering.

“By exploring emerging technologies and alternative fuel applications, we help our partners prepare for the next generation of maritime operations while contributing to a more sustainable future.”

 

Photo credit: Western Baltic Engineering
Published: 20 July, 2026

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