Malaysia-listed Straits Inter Logistics Berhad (SIL), principally engaged in oil trading, fuel bunkering services and investment holding activities, on 10 March 2020 entered into a land lease agreement with Labuan Port Authority (LPA) for the operation and management of the Labuan Liberty Terminal.
The development saw LPA sub-lease approximately 20.04 hectares (or approximately 49.52 acres) of land to SIL at a monthly rent of MYR 100,000 (USD 23,500).
Following, a novation agreement between Megah Port Management Sdn Bhd (MPMSB), of which SIL holds a stake of 51% through a recently proposed shares subscription, and LPA was entered.
SIL on 3 March entered into an agreement with LPA for the operation and management of the Labuan Liberty Terminal for a period of six years effective 1 April, 2020.
The Port Management Services will involve the provision of services, which include, but are not limited to, container operations, breakbulk (warehouse/container freight station/open yard), berthing and mooring, harbor tug services, stevedoring, bunkering, ship chandler to container and conventional vessels such as bulk carrier, general cargo ship, tanker, car carrier, and fishing vessel operators.
At present, SIL’s 55%-owned subsidiary, Tumpuan Megah Development Sdn Bhd operates at 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.
Related: Straits Inter Logistics takes over operation and management of Labuan Liberty Terminal
Related: Straits Inter Logistics acquires 51% of Megah Port Management for RM 1.53 million
Related: Straits Inter Logistics concludes FY 2019 with 75% jump in net profit
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
Published: 12 March, 2020
The bunker player at Hong Kong and Chinese ports shares with Manifold Times what local shipping sectors went through during the early days of COVID-19 and how business is resuming.
April bunker sales results released on Wednesday caught several players, who expected volume to fall due to lower international trade and COVID-19, by surprise.
‘OTPL has a strong group of employees who have the requisite expertise and experience in ship chartering and management, which has commercial value and should be kept intact.’
Company believes market and business partners ‘likely to have greater confidence and comfort in continuing business dealings’ if placed under judicial management, says Director.
Panellists covered several marine fuel related topics including bunker fuel quality testing, COVID-2019, and long term storage of VLSFOs experienced during the first 100-day period.
Latest development alleges Chua Chin Lan facing total debt of approximately USD 5 million due to personal guarantees undertaken with Innovek and Global Energy Trading.