Malaysia-listed bunkering firm Straits Inter Logistics (SIL) on Monday (23 April) incorporated in Singapore a new subsidiary called Straits Marine Services Pte Ltd.
The new unit will be headed by Captain Tony Tan Han (Chen Han), an Executive Director of SIL.
“The intended principal activity of the new Company would be to provide ship management services,” it said in a statement.
“The Board is of the opinion that it would be more beneficial for Straits to set up its own ship management services division under the direct supervision of Capt. Tony who can oversee and ensure the Vessels are well maintained and the cost of maintenance and management is kept at a very competitive level.”
SIL currently owns and operates nine Malaysia-flagged bunkering vessels ranging from 530 to 4,700 dwt and delivers low sulphur marine gas oil (LSMGO) to nine locations in Malaysia.
The company also started Straits Marine Fuels & Energy Sdn Bhd (SMF) in early March as an effort to move into fuel oil bunkering at Johor in Malaysia; it allegedly acquired two additional bunker tankers for the operation.
SIL ended financial year 2018 with a 61% increase in net profit.
Related: Maybank IB Research: ‘Buy’ for bunker firm Straits Inter Logistics
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Related: Straits Inter Logistics makes land logistics expansion
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Related: Straits Marine Fuels & Energy acquires two bunker tankers
Related: Straits Inter Logistics ends 2018 with 61% profit increase
Photo credit: Straits Inter Logistics
Published: 24 April, 2019
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