Business

Straits Inter Logistics IMO 2020 strategies contribute 141.2% jump in revenue for Q1

‘The expansion in revenue was attributable to more bunkering jobs being secured to provide LSFO as a result of the IMO 2020 sulphur cap effective 1 January,’ it said.

Published

5 years ago

June 26, 2020

Admin

Malaysia-listed Straits Inter Logistics Berhad (SIL), principally engaged in oil trading, bunkering and investment holding activities, on Thursday (25 June) posted its revenue for current quarter (Q1 2020) increased by 141.2% compared to a similar quarter in 2019.

The total revenue for Q1 2020 was RM 262.4 million (USD 61.3 million), marking a RM 153.63 million (USD 35.9 million) jump from RM108.8 million (USD 25.4 million) in Q1 2019.

The company recorded net profit of RM 1.02 million in Q1 2020, a decrease of 24.5% as compared to RM 1.36 million of Q1 2019.

Profit before tax (PBT) in the first quarter was RM 1.8 million, down 31.2% against RM 2.6 million in Q1 2019.

“The expansion in revenue was attributable to more bunkering jobs being secured to provide Low Sulphur Fuel Oil (LSFO) as a result of the IMO 2020 sulphur cap effective 1 January, 2020,” explained SIL.

“The decrease in PBT was due to loss of RM0.7 million incurred in the Inland Transportation & Logistics segment and an initial start up cost of RM0.5 million in the Port Management segment.

“However, a 26% improvement in its share of profits from its associate company had contributed a profit of RM0.4 million to partially offset these losses.”

Apart from the sulphur cap, the group also attributed the increase in revenue to the commencement of bunkering services by the newly acquired vessel, M.T. SMF Ixora.

The group’s strategy from the previous quarter to increase revenue and diversify revenue streams has proved effective but narrowing bunker price spreads in Q1 2020 has affected profit margins.

“Although the majority portion of the Group’s activities are considered as essential operations, the COVID-19 pandemic may possibly have financial implications to the Group,” it added.

“Nonetheless, the Board of Directors of the Company are closely monitoring the impact of this pandemic on the Group's result and to ensure appropriate risk mitigating measures are undertaken to preserve value and protect shareholders' interests.”

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

Safety

Singapore: MPA urges port users to stay vigilant during monsoon surge

Moderate to heavy showers and strong winds are expected from 19 to 21 March due to a north-east monsoon surge and as such, vessels must be properly secured for sea at all times, says MPA.

Published

21 hours ago

March 20, 2025

Admin

The Maritime and Port Authority of Singapore (MPA) on Wednesday (19 March) has reminded owners, agents and masters of vessels to stay vigilant from 19 to 21 March due to a north-east monsoon surge.

“Moderate to heavy showers, and strong winds are expected during this period. Vessels must be properly secured for sea at all times,” MPA said in a port marine notice.

“The life-saving and firefighting equipment onboard must also be in good working condition and in accordance with the International Code for the Safety of Life at Sea (SOLAS) regulations,” it said.

“Crew members shall be familiar with all emergency procedures, especially when embarking and disembarking passengers during adverse weather conditions. Vessels should maintain safe speeds, observe International Regulations for Preventing Collisions at Sea (COLREGs).”

Masters of vessels are reminded to keep a safe anchor watch.

Photo credit: Manifold Times
Published: 20 March, 2025

Alternative Fuels

Hong Kong-based Sun Ferry takes delivery of diesel-electric ferry “Xin Ming Zhu 30”

New vessel, designed by Incat Crowther and constructed by Guangzhou-based shipbuilder AFAI Southern Shipyard, will serve inter-island commuter and tourism operations across Hong Kong.

Published

22 hours ago

March 20, 2025

Admin

Hong Kong-based Sun Ferry takes delivery of diesel-electric ferry “Xin Ming Zhu 30”

Global digital shipbuilder Incat Crowther on Wednesday (19 March) said Hong Kong-based ferry operator Sun Ferry has taken delivery of Xin Ming Zhu 30, a new, 35-metre diesel-electric ferry.

The new vessel, designed by Incat Crowther and constructed by Guangzhou-based shipbuilder AFAI Southern Shipyard, is the third vessel to join a fleet of seven new vessels designed by Incat Crowther for the mass transit operator.

The vessel will serve inter-island commuter and tourism operations across Hong Kong, connecting Peng Chau, Mui Wo, Chi Ma Wan and Cheung Chau.

The 300-seat passenger ferry boasts Veth azimuth thrusters that provide high manoeuvrability at operating speeds of 14 knots. The adoption of this technology makes the vessel suitable for berthing at piers on inter island routes.

The vessel is also fitted with 72 solar panels providing 7.5 kilowatts of on-board power.

Sam Mackay, Technical Manager at Incat Crowther, said: "This vessel reflects Sun Ferry’s commitment to future focused design solutions that not only meet operational needs, but that exceed customer expectations.”

“With diesel-electric propulsion, solar technology, and passenger-centric design, it sets a new benchmark for sustainable and efficient ferry services in Hong Kong.”

The delivery of the 35-metre hybrid vessel follows the delivery of two 45-metre conventional diesel-powered vessels to Sun Ferry. The final three vessels, all 45-metre vessels, will be delivered by the end of 2025. All vessels in the fleet have been designed by Incat Crowther and built by AFAI Southern Shipyard.

Photo credit: Incat Crowther
Published: 20 March, 2025

Biofuel

PRIO delivers Eco Bunkers B30 to two cargo ships at ports in Portugal

Company supplied the bio bunker fuel, a product containing 30% renewable raw materials, to “BBC Lisbon” at Port of Aveiro on 3 March and to “ANNA” at Port of Leixões on 18 March.

Published

22 hours ago

March 20, 2025

Admin

PRIO delivers Eco Bunkers B30 to two cargo ships at ports in Portugal

Biofuels producer PRIO on Wednesday (19 March) said it carried out Eco Bunkers B30 fuel deliveries to shipping company Briese Chartering in collaboration with its partner UFS Unites Fuel Services this month.

On 3 March, PRIO supplied the biofuel to cargo vessel BBC Lisbon at the Port of Aveiro and to another cargo vessel, ANNA, at the Port of Leixões on 18 March.

“With these two Eco Bunkers B30 deliveries, a product containing 30% renewable raw materials, PRIO enabled Briese Chartering to reduce around 60 tons of CO2 in just two port calls in Portugal,” it said in a social media post.

“Produced at PRIO’s Aveiro plant, biodiesel has the potential to reduce GHG emissions by approximately 88% compared to fossil fuels.”

“PRIO has been demonstrating its commitment to decarbonising the maritime sector by supplying more sustainable products, ranging from 1% to 100% renewable content.”

Manifold Times previously reported PRIO launching its ECO Bunkers B30 biofuel in partnership with Norwegian Cruise Line Holdings and World Fuel Services.

PRIO previously launched ECO Bunkers B15, a green fuel for ships with 15% biodiesel and the company then launched a 20% biofuel blend, ECO Bunkers E20.

Photo credit: PRIO
Published: 20 March, 2025