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Straits Inter Logistics to acquire Tumpuan Megah Development for RM35.75 million

Expands fleet size and assets base from the current two vessels to nine; with yearly profit guarantee of approximately RM2.75 million for next two financial years.

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Malaysia-listed bunkering firm Straits Inter Logistics (Straits) Thursday announced a proposal to acquire a 55% majority stake, or 8.25 million ordinary shares, in Tumpuan Megah Development for the consideration of RM35.75 million (USD $8.99 million).

The acquisition will be satisfied via a combination of cash payment of RM7.80 million and the remaining RM27.95 million via an issuance and allotment of 116,458,333 new ordinary shares of Straits at an issue price of 24 sen per Straits share.

The development comes with an aggregate profit guarantee totalling RM10.00 million for Tumpuan Megah’s next two financial years ending 31 December 2019 and 31 December 2020.

Based on the 55% stake, Straits shall be entitled for a yearly profit guarantee of approximately RM2.75 million for the next two financial years.

“The Board of Straits applauded the proposed acquisition of 55% in Tumpuan Megah, which has similar core business activities as Straits,” comments Dato’ Sri Ho Kam Choy, Straits Inter Logistics Berhad Group Managing Director.

“The total profit guarantee also provides assurance on the earnings potential of Tumpuan Megah, which is expected to contribute positively to the future profitability of Straits on a consolidated basis.”

Tumpuan Megah principally engages in the oil bunkering services business, which includes ship-to-ship bunkering, barging operations and dealing in oil and petroleum products.

The company currently has operations at eight ports in Malaysia, all of which are licensed under Petroleum Development Act 1974, through seven bunkering vessels ranging between 500 to 4,700 dwt.

Dato’ Sri Ho said the proposed acquisition is a “horizontal expansion” to increase Straits’ existing business activities of bunkering services and oil trading for improved revenues moving forward.

“The proposed acquisition would enable Straits to have an immediate expansion in respect of its fleet size and assets base from the current two vessels to nine vessels for its operations,” he points out.

“With such expansion of asset base, Straits is capable to undertake higher volume of bunkering services, thereby increase its operational capacities.”  

The proposed acquisition will also enlarge the customer base of Straits by tapping into the existing customer base of Tumpuan Megah, allowing Straits to capture larger market share and increase its market presence in the bunkering services industry in Malaysia to improve its competitiveness and sustainability in the marine logistics industry.   

Straits posted a 57% increase in revenue for the quarter ended 31 March 2018 (Q1 2018) due to the start of a bunkering services contract which came into effect in the fourth quarter of 2017.

In January, the firm also entered into a nonbinding Heads of Agreement with Hong Kong-based bunker trading firm Banle Energy International Limited to explore potential business cooperation and/or collaboration opportunities.

Related: Straits Inter Logistics Q1 revenue up 57%
RelatedMalaysia: Bunkering firms extend HOA arrangement
RelatedStraits Inter Logistics: Positive outlook for Malaysia bunkering sector
RelatedMalaysia-listed bunkering firm Straits Inter Logistics net profit up 27 times
RelatedStraits Inter Logistics and Banle Energy explore bunker business opportunities

Photo credit: Straits Inter Logistics
Published: 7 June, 2018
 

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LNG Bunkering

Malaysia: Port of Tanjung Pelepas achieves milestone with first SIMOPS LNG bunkering op

LNG bunker vessel “MT Paolina Cosulich” refuelled LNG dual-fuel container ship “Bangkok Express”, operated by Hapag-Lloyd AG at the port.

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Malaysia: Port of Tanjung Pelepas achieves milestone with first SIMOPS LNG bunkering op

Port of Tanjung Pelepas (PTP) on Sunday (16 February) said it successfully conducted its first Simultaneous Operations (SIMOPS) of liquefied natural gas (LNG) bunkering.

This significant achievement involved the LNG dual-fuel container ship Bangkok Express, operated by Hapag-Lloyd AG, and the LNG bunker vessel MT Paolina Cosulich.

“This milestone underscores PTP's dedication to enhancing our competitive edge in the global market by facilitating clean and efficient maritime operations,” the port said in a social media post.

“We are proud to have partnered with PETCO Trading Labuan Co., Ltd. (PTLCL) and Hapag-Lloyd on this pioneering initiative.”

Manifold Times previously reported the port also achieving its first LNG bunkering operation last year. 

The port completed its first-ever ship-to-containership methanol bunkering operation in November last year. 

Manifold Times previously reported the port achieving its first LNG bunkering operation last year. 

Related: Malaysia: Port of Tanjung Pelepas achieves milestone with first methanol bunkering op
Related: Malaysia: Port of Tanjung Pelepas completes first LNG bunkering operation
Related: Malaysia: Tanjung Pelepas selected to join P41 initiative to achieve green bunkering hub ambition
Related: Port Of Tanjung Pelepas joins G2G decarbonisation scheme between Malaysia and Australia

 

Photo credit: Port of Tanjung Pelepas
Published: 18 February, 2025

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LNG Bunkering

Kunlun Energy wraps up first STS offshore LNG bunkering operation in Hong Kong

Kunlun Energy, a red-chip controlled by PetroChina, said its bunkering vessel refuelled container ship “Zim Haifa Blue Stone” with 2,200 metric tonnes of LNG bunker fuel in a seven-hour operation.

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Kunlun Energy wraps up first STS offshore LNG bunkering op in Hong Kong

Kunlun Energy, a red-chip controlled by PetroChina, on Monday (17 February) said it completed Hong Kong’s first ship-to-ship (STS) offshore liquefied natural gas (LNG) bunkering operation on 14 February. 

Kunlun Energy's 8,300 m3 capacity LNG bunkering vessel refuelled the container ship Zim Haifa Blue Stone with 2,200 metric tonnes (mt) of LNG in a seven-hour operation. 

The bunkering vessel involved in the operation is operated by a Kunlun Energy subsidiary. 

According to a PetroChina official, the receiving vessel Zim Haifa Blue Stone departed from Busan, South Korea, on 3 February and passed through Qingdao, Shanghai, and Ningbo before arriving in Hong Kong on 12 February. 

Its final destination is Istanbul, Turkey. This refuelling operation can meet the ship's fuel needs for the entire journey. 

“The successful implementation of this "ship-to-ship" offshore LNG bunkering operation is another example of Kunlun Energy's efforts to help improve the international shipping hub of the Guangdong-Hong Kong-Macao Greater Bay Area,” Kunlun Energy said. 

“It is expected to attract more green-fuel vessels to pass through Hong Kong, encourage more environmentally friendly companies to conduct business in Hong Kong, accelerate transformation and technological innovation in the shipping industry, and promote the construction of Hong Kong as a green and smart port.”

“This operation holds significant importance for Hong Kong's push toward a green and sustainable shipping industry.”

 

Photo credit: Kunlun Energy
Published: 18 February, 2025

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Biofuel

Wallenius Wilhelmsen successfully completes its first biofuel bunkering trial in Japan

“M/V Tamesis” bunkered 400 metric tonnes of B24 VLSFO blended biofuel, supplied by Mitsubishi Corporation Energy at Port of Yokohama.

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Wallenius Wilhelmsen successfully completes its first biofuel bunkering trial in Japan

Wallenius Wilhelmsen on Monday (17 February) said it has successfully completed its first biofuel bunkering trial at the Port of Yokohama in Japan.

M/V Tamesis bunkered 400 metric tonnes (mt) of B24 VLSFO blended biofuel, supplied by Mitsubishi Corporation Energy. 

This milestone is part of Wallenius Wilhelmsen’s ongoing efforts to reduce its environmental impact and promote sustainability in shipping.

“As part of our commitment to reducing greenhouse gas emissions, we have expanded our locations for biofuel supply. Since 2023, the expansion has included key ports in Belgium, Korea and Singapore,” the company said.

“Expanding to Japan enhances our ability to operate more efficiently and sustainably across our global network.”

Wallenius Wilhelmsen has set ambitious emission reduction targets to reach net-zero by 2040. This includes a 40% absolute reduction of well-to-wake greenhouse gas emissions by 2030 compared to our 2022 baseline, as approved by the Science Based Targets initiative.

Yasuyuki Sakurai, Senior Manager, the Orcelle Accelerator taskforce at Wallenius Wilhelmsen, said: “Achieving these targets require a major shift in energy sources from conventional fuels to low and zero-carbon alternatives. Expanding supply locations and securing sufficient biofuels remain a priority, and we are pleased to have conducted our first B24 VLSFO blended biofuel bunkering trial in Yokohama.”

“While our Reduced Carbon Service customers fully support our mass-balance concept, ensuring sufficient biofuel usage across our entire fleet and trade lanes is key to achieving our long-term sustainability goals.”

Mitsuo Ueda, General Manager of Mitsubishi Corporation Energy, said: “In anticipation of growing demand for biofuel in the marine sector, we have begun storing biofuel at our oil terminal in Onahama (Fukushima Prefecture) and supplying B24 in Tokyo Bay using our barges.:

“We deeply admire Wallenius Wilhelmsen’s leadership in the decarbonisation of the shipping industry and remain committed to playing our part in creating a more sustainable future. We will continue striving to meet industry needs through a stable supply of biofuels and contribute to the realisation of a carbon-neutral society.”

This milestone was achieved through close collaboration between Wallenius Wilhelmsen’s Energy Sourcing team and the Orcelle Accelerator taskforce, which has worked for the past two years to establish biofuel bunkering capabilities in Japan.

 

Photo credit: Wallenius Wilhelmsen
Published: 18 February, 2025

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