Malaysia-listed oil trading and bunkering firm Straits Inter Logistics Berhad (SIL) on Friday (31 January) said it is planning to start a new company, TopCo, to acquire 51% of Megah Port Management Sdn. Bhd. (MPMSB) for MYR 5.1 million (USD 1.24 million) upon shareholder approval.
The remaining 49% of MPMSB will be owned by LPM Holdings Sdn. Bhd., a subsidiary of Sailion Shipping Sdn Bhd.
MPMSB will function as the operating company to carry out Port Management Services at Labuan Port from 1 April 2020 onwards.
SIL noted its oil trading and oil bunkering services segment represented approximately 99.9%, and 100.0% of the Group’s total revenue in the respective financial years of 2017 and 2018.
“As the Group’s financial performance over the financial years under review has mainly relied on a single business segment, i.e. oil trading and bunkering services, the Group intends to expand its Existing Business to include Port Management Services to diversify its revenue and earnings through the Acceptance of LOA,” it stated.
“The Acceptance of LOA serves as an opportunity for the Group to venture into Port Management Services, which the Board deems that the business activities are complementary to the Existing Business.
“The Port Management Services will involve the provision of services, which include, but are not limited to, container operations, break bulk (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.”
The Board at SIL expects net profit attributable to the port management business segment may contribute more than 25.0% of the total net profit of Straits Group in the financial years moving forward.
SIL on 24 January accepted Labuan Port Authority’s Letter of Award dated 20 January 2020 for the operation and facility management of Labuan Liberty Terminal in the Federal Territory of Labuan.
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: 3 February, 2020
A total of 56 shipping and trading firms have been targeted by the U.S. OFAC for doing business with North Korea.
Total bunker sales at Panama was 402,313 mt in April, compared to sales of 415,222 mt during the similar period in 2020, according to Panama Maritime Authority data.
Qingdao PetroChina Storage Company Limited to operate at Dongjiakou Port Area in Qingdao.
Containerized ESS is one of the highest energy densities in the market within a 20ft container, offering a standardised installation at a lower cost and faster delivery.
An online event on World Maritime Day, hosted by IMO, will bring together a high-level panel of speakers to debate "Sustainable Shipping for a Sustainable Planet".
Turkish general cargo ship Kurtulus was supplied with 90 mt of VLSFO on 7 November at the Levante dike.
Session will provide insights on bunker quality issues from a bunker supplier, shipping company and surveyor, as well as providing insight and guidance on legal and dispute resolution issues.
Gealubes Consulting & Trading, the authorised marine business distributor of PANOLIN EALs at Singapore port, shares a two-part education series on Environmentally Acceptable Lubricants on Manifold Times.
Danny Lee Chee Keong was sentenced to nine months’ imprisonment over the theft of MFO from the Consort Bunkers owned and operated bunker tanker at the sea off Eastern Petroleum ‘B’ anchorage.
‘Metcore’s MFM+ Program exemplifies serious oil suppliers and buyers who advocate fair trading using a recognised and widely-accepted technology,’ highlights Darrick Pang, Managing Director of Metcore.
‘The victim is Consort Bunkers Pte Ltd, the owner of the Pearl Melody,’ states the joint statement of facts (SOF) document obtained by Singapore bunkering publication Manifold Times.
Between November 2016 and October 2017, Mr Tan falsified at least 20 invoices and submitted these invoices to UOB and OCBC, according to court documents obtained by bunkering publication Manifold Times.
