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Techfast net profits dive 41% in 2020; positive outlook for bunkering subsidiary

FESB will continue to explore suitable ventures with fleet operators and players in the shipping and logistics industry to secure medium to longer term contracts.

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Malaysia-listed investment holding company Techfast Holdings Bhd on Tuesday (1 June) has posted a 40.7% dive in net profit for 2020 due to its main products of fasteners and precision turned parts experiencing lower demand.

It recorded net profit of RM 2,077,000 (US $665,437) in 2020, down from RM 3,505,000 in 2019, according to its latest financial statement.

Revenue from operations in 2020 was RM 33,147,000, down 11% from RM 29,529,000 in 2019.

The company’s cash and cash equivalents had more than doubled (103%) to RM17,728,000 in 2020, from RM 8,729,000 in 2019.

“Due to advancements in the assembly process of computers and televisions, the main products of fasteners and precision turned parts are experiencing lower demand,” said Datuk Nur Jazlan Bin Mohamed, Independent Non-Executive Chairman.

“Orders received are usually in smaller quantities, which had resulted in lower production efficiency and a business that is no longer scalable, as evident by the decreasing profits recorded,” he added.

“In this regard, in order to reduce the cost of maintaining the operations of low profit businesses, the Company had disposed of its 100% equity interest in Oriem Technology Sdn Bhd (Oriem) which was completed on 7 April 2021.”

Datuk Nur Jazlan, who was appointed as Non-Executive Chairman on 12 November 2020, had additional comments about Techfast’s latest oil bunkering and petroleum trading subsidiary Fast Energy Sdn Bhd (FESB).

“After my appointment as Independent Non-Executive Chairman, the group started its diversification into the energy industry. On 2 November 2020, a new wholly-owned subsidiary company, FESB was incorporated and had since secured several contracts for the supply of petroleum products,” he said.

“It will continue to explore suitable ventures with fleet operators and players in the shipping and logistics industry to secure medium to longer term contracts.”

On 24 March 2021, Techfast completed the acquisition of 35% equity interest in CCK Petroleum Sdn Bhd (CCKSB), whose business is trading of marine fuels.

CCKSB has an asset-light business model, established business network of customers and it holds licenses that enable it to provide oil bunkering services at Johor Port, Penang Port and Port Klang.

To date, Techfast had completed two private placements of new shares in the Company. The Company also announced the details of an Employee Share Option Scheme and another corporate exercise to raise more funds which will mainly be directed towards the oil bunkering and petroleum trading business.

Related: Malaysia: Techfast Holdings enters MYR 540 million MGO bunker supply agreement
Related: Malaysia: Techfast Holdings & Wise Marine ink USD 540 million bunker supply contract
Related: Malaysia: Techfast starts oil trading unit, unveils bunker supplier ambition with proposed CCK Petroleum acquisition
Related: Malaysia: Techfast Holdings acquires 35% stake in bunker trading firm CCK Petroleum

 

Photo credit: Techfast Holdings Bhd
Published: 1 June, 2021

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Incident

MPA: 25 crew rescued after abandoning “MSC HERMES III” east of Vietnam

MRCC Singapore coordinated the rescue after receiving a distress alert at about 8.45am as the vessel was within Singapore’s Maritime Search and Rescue Region.

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RESIZED bunker tanker singapore

The Maritime and Port Authority of Singapore (MPA) on Tuesday (22 September) said all 25 crew members from the Liberia-registered container vessel MSC HERMES III were rescued on 22 September 2026. 

The Maritime Rescue Coordination Centre (MRCC) Singapore coordinated the rescue after receiving a distress alert at about 8.45am (Singapore Time). 

“The vessel was within Singapore’s Maritime Search and Rescue Region (MSRR), about 300km east of Vietnam,” MPA said in a statement. 

MRCC Singapore immediately issued a broadcast requesting vessels in the vicinity to render assistance. Three vessels responded, and MSC RUBY recovered all 25 crew members after they had abandoned MSC HERMES III in a lifeboat. 

“All 25 crew members are safe, with no injuries reported,” MPA said. 

“MRCC Singapore is coordinating with the Vietnamese MRCC on arrangements for the rescued crew members to return safely to shore.”

 

Photo credit: Manifold Times
Published: 23 September, 2026

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Alternative Fuels

GCMD, Equinor to combine expertise on alternative bunker fuels, decarbonisation solutions

Equinor brings extensive experience to partnership as a vessel charterer and marine fuel supplier, including chartering dual-fuel LNG and methanol tankers, testing biofuels and supplying methanol.

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GCMD, Equinor to combine expertise on alternative bunker fuels, decarbonisation solutions

The Global Centre for Maritime Decarbonisation (GCMD) and Equinor on Tuesday (22 September) announced a five-year Impact partnership.

The partnership brings together GCMD’s capabilities in conducting real-world maritime pilots with Equinor’s experience as a charterer, energy provider and developer of low-carbon solutions.

Together, the organisations will leverage their complementary expertise to help address technical and operational gaps in scaling alternative marine fuels and supporting the development and uptake of other maritime decarbonisation solutions.

GCMD’s work on alternative fuels, including biofuels, ammonia and methanol, focuses on two critical aspects of deployment: operational safety and robust monitoring, reporting and verification (MRV). Its pilots and studies are generating operational data to support safe bunkering and handling of these fuels. 

At the same time, its assurance work seeks to strengthen confidence in quantity, quality and GHG emissions abatement.

“Equinor brings extensive experience as a vessel charterer and marine fuel supplier. This includes chartering dual-fuel LNG, LPG and methanol tankers, testing and using biofuels and supplying methanol to the maritime sector,” GCMD said.

Equinor is also piloting the use and supply of ammonia as a marine fuel, contributing to the development of associated safety, regulatory and bunkering arrangements.

Combining these perspectives can help address practical barriers to alternative fuels deployment while strengthening assurance across emerging marine fuel value chains.

Beyond alternative fuels, GCMD is working to accelerate the adoption of solutions that can reduce emissions from the existing fleet, including energy efficiency technologies (EETs) and onboard carbon capture and storage (OCCS).

GCMD’s work on EETs includes quantifying real-world fuel savings from technologies such as wind-assisted propulsion systems and developing financing mechanisms to scale their adoption. In OCCS, Project CAPTURED demonstrated an end-to-end value chain for onboard captured and liquefied CO₂, generating evidence that contributed to the recognition of captured CO2 under the EU ETS and in-principle support at the IMO for recognising carbon mineralisation as permanent storage.

Equinor brings decades of experience in offshore CO₂ storage, including its role in the development and operation of Northern Lights, the world’s first cross-border CO2 transport and storage facility, where liquefied CO₂ is transported by ship to an onshore receiving terminal before it is sent by pipeline for permanent geological storage beneath the North Sea.

Through the partnership, GCMD and Equinor will explore opportunities to combine their respective capabilities and experience to support the deployment and scaling of maritime decarbonisation solutions.

 

Photo credit: Global Centre for Maritime Decarbonisation
Published: 23 September, 2026

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Decarbonisation

Wah Kwong NatPower, AREL partner on maritime electrification in Hong Kong

Collaboration will examine opportunities to deploy shore power facilities, vessel charging infrastructure and battery energy storage solutions, alongside the development of electric vessels.

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Wah Kwong NatPower, AREL partner on maritime electrification in Hong Kong

Wah Kwong NatPower (WK NatPower) on Tuesday (22 September) said it has signed a Memorandum of Understanding (MoU) with Aberdeen Restaurant Enterprises Limited (AREL) to explore the electrification of piers, vessels and supporting energy infrastructure in the Aberdeen area of Hong Kong.

Against the backdrop of the HKSAR Government’s latest policy direction to advance green shipping, smart port development and shore power infrastructure, WK NatPower and AREL will explore the development of an integrated marine electrification ecosystem in the Aberdeen and Shum Wan areas. 

The collaboration will examine opportunities to deploy shore power facilities, vessel charging infrastructure and battery energy storage solutions, alongside the development of electric vessels for future transport and tourism services.

The initiative supports Hong Kong to become a leading hub for sustainable maritime innovation while contributing to the revitalisation of one of the city’s most iconic waterfront communities. As an initial phase of the collaboration, the two parties will explore the opportunity for the construction of a series of electric vessels and transport vessels. 

The initiative will also examine the potential deployment of the ApliAber® electric vessel fleet as a new benchmark for sustainable waterfront mobility and hospitality experiences in Hong Kong.

Vincent Ni, General Manager of WK NatPower, said: “This MoU marks an important step in supporting Hong Kong’s marine energy transition. Aberdeen has long been an iconic part of Hong Kong’s maritime heritage, and we are delighted to explore opportunities to develop integrated shore power and vessel electrification solutions that can support a cleaner and more sustainable future for the harbour.”

Wong Tai Yu, Director of AREL, said: “Through this collaboration, we look forward to exploring practical ways to introduce cleaner energy, electric vessels and sustainable waterfront experiences, while supporting the revitalization of Jumbo Kingdom® for future generations.”

 

Photo credit: Wah Kwong NatPower
Published: 23 September, 2026

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