Megah Port Management Sdn Bhd, the subsidiary of Malaysia-listed oil trading, fuel bunkering and investment player Straits Inter Logistics Berhad (SIL), on Wednesday (1 April) said it will be investing RM 10 million (USD 2.28 million) to upgrade the Labuan Liberty Terminal (LLT) over a six-year period.
The company on Wednesday officially took over operation and management of LLT.
“We need to optimise the usage of Labuan Port by upgrading some of the facilities,” said Megah Port Management.
“Some of the works include repairing container yards and enhancing fire safety systems and warehouses at the port.
“It is important to note that the facilities have not been upgraded in the last 20 years, thus it requires some fresh funds to improve the quality of its services and management.”
Megah Port Management will be providing several services at LLT to container and conventional vessels such as bulk carrier, general cargo ship, tanker, car carrier, and fishing vessel operators.
The services include, but are not limited to, container operations, breakbulk (warehouse/container freight station/open yard), berthing and mooring, harbour tug services, stevedoring, bunkering, and ship chandelling activities.
Labuan Port is situated on an island in East Malaysia. Its berths have a total length of 355.6 meters with alongside depths of between 4.6 meters and 10 meters, and can accommodate a deadweight tonnage of 16,000. Labuan Port currently receives vessels carrying containers, dry and liquid bulk, general cargoes as well as oil and gas products.
SIL posted a 75% jump in net profit for its financial year (FY) of 2019, propelled by strong demand for bunker fuel in the fourth quarter (Q4) of 2019.
Related: Straits Inter Logistics concludes FY 2019 with 75% jump in net profit
Related: Straits Inter Logistics enters land lease agreement with Labuan Port Authority
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
Photo credit: Straits Inter Logistics
Published: 2 April, 2020
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