Malaysia-listed Straits Inter Logistics Berhad (Straits), the parent of bunker supplier Tumpuan Megah Development Sdn Bhd (Tumpuan Megah), on Thursday (17 September) announced its wholly-owned subsidiary SMF Eden had entered into a memorandum of agreement (MOA) with Millenium Satu Ltd (MSL) to acquire oil tanker M.T. MO Satu for USD 4.5 million.
The purchase would enable SMF Eden to own a vessel at a discount to its Market Value for its business requirements without having the need to lease or charter from a third party, said Straits.
The addition of MO Satu will also enlarge the asset base of Straits and would provide it with some flexibility in respect of its allocation and utilisation of vessels in undertaking its business activities.
The company said the transaction will be completed entirely in cash by SMF Eden, which will be financed through internally generated funds and/ or bank borrowings over the stipulated instalment period of 36 months.
Tumpuan Megah had in July purchased the tanker M.T. MA Veronica for USD 2.45 million (MYR10 million) in order to expand its business delivery network.
At present, Tumpuan Megah operates in eight ports around Malaysia, which include Lumut Port, Pasir Gudang Port, Tanjung Pelepas Port, Johor Bahru Port, Kuantan Port, Kemaman Port, Kuala Terengganu Port and Labuan Port, all of which are licensed under Petroleum Development Act 1974 for its bunkering services. It has an enlarged fleet size of 11 vessels with a total carrying capacity of 22 million litres.
The details of the transaction are as follows:
|Name of vessel||M.T. MO Satu|
|International Maritime Organisation (“IMO”) number||9471185|
|Place of Registry||Port Kelang, Malaysia|
|Year of Built||2007|
|Builder’s name||Nanjing Shenghua Shipbuilding Co. Ltd|
|Deadweight tonnage||7,550 tonnes|
|Gross tonnage||4,599 tonnes|
|Length over all/ Depth/ Breadth (metres)||109.14/ 8.70/ 17.60|
|Current use||Provision of oil bunkering services|
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Photo credit: Straits Inter Logistics
Published: 17 September, 2020
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