Connect with us

Business

CORRECTION: Straits Inter Logistics Q1 revenue up 57%

Stronger Malaysian currency eroded RM 0.42 million from profit before tax, says bunkering firm.

Admin

Published

on

5b0e46dfcd390 1527662303

The article below was edited on 31 May, 2018 to correctly reflect the net profit of Straits Inter Logistics:

Malaysia-listed bunkering firm Straits Inter Logistics (Straits) posted a 68% 18.5% decrease in net profit for the quarter ended 31 March 2018 (Q1 2018) partly due to a stronger Malaysian Ringgit currency.

It recorded net profit of RM 208,000 ($52,000) RM 536,000 ($134,000) in Q1 2018, lower than net profit of RM 658,000 in the similar quarter last year, showed financial data.

Revenue in Q1 2018 was RM 36.4 million, a 57% increase over revenue of RM 23.1 million during Q1 2017. The increase “was partially contributed by the bunkering's Contract for Services which came into effect in the fourth quarter of 2017.”

“Over the same quarter, the Group, however, achieved a lower profit before tax of RM0.58 million, as compared to RM0.72 million in 2017 due to the strengthening of the Malaysian Ringgit against major foreign currency. This has eroded RM0.42 million from the profit before tax,” it explains.

Moving forward, Straits says it is planning to expand its oil trading and bunkering business by increasing its deliverable tonnage capacities in the current year.

The company will be either increasing its vessels base by acquiring new vessels or chartering third parties' vessels; it also plans to with strengthen its operational capabilities and broaden its geographical coverage to capture the growth opportunities in the oil bunkering industry in Malaysia and Asian region.

“The Group will continue to assess the demand from its existing and potential customers through continuous marketing activities in increasing its oil bunkering activities in the coming year,” it says.

“Nevertheless, the Group’s operations are dependent on the level of activity in the exploration, development and production of oil and natural gas, including the level of capital spending in the offshore oil and gas industry.

“Despite the relatively positive outlook for the offshore oil and gas industry, the industry competition is expected to intensify further in view of the rising operating costs and fluctuations in foreign exchange rates.

“The Group will continue to take all reasonable steps and precautions to mitigate the impact of rising costs and intensifying market competition.”

Straits on 18 January 2018 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: Malaysia: 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: 30 May, 2018

 

Continue Reading

Vessel Arrest

Malaysia: MMEA detains two vessels over suspected illegal ship-to-ship transfer off Johor

Other than the vessels, MMEA also seized a cargo of oil, bringing the total value of the seizure to MYR 260 million (USD 61.9 million).

Admin

Published

on

By

Malaysia: MMEA detains two vessels over suspected illegal ship-to-ship transfer off Johor

The Malaysian Maritime Enforcement Agency (MMEA) detained tugboat and dredger suspected of conducting an unauthorised ship-to-ship (STS) transfer in Malaysian waters.

The two Malaysian-registered vessels were detained at around 3.20am on Wednesday by an MMEA patrol boat after the agency received public information about two suspicious vessels seen operating alongside each other about 1.4 nautical miles northwest of Tanjung Buai.

MMEA Tanjung Sedili Zone Acting Director Maritime Commander Mohd Najib Sam said further inspection found that the tugboat was operated by five crew members, including its skipper, comprising Malaysian and Indonesian nationals aged between 26 and 58.

The dredger was operated by 13 crew members, including its skipper, all Malaysian nationals aged between 22 and 51.

“Further inspection also found a quantity of oil cargo believed to be without any documents relating to ownership and delivery,” Najib said.

Both vessels and the oil cargo have been seized for further investigation. The total value of the seizure, including the two vessels and the oil cargo, is estimated at MYR 260 million (USD 64 million).

The case is being investigated under Section 491B(1)(K) of the Merchant Shipping Ordinance (MSO) 1952 for allegedly conducting ship-to-ship activities without authorisation from the Malaysian Director of Marine.

The vessels are also being investigated under Section 491B(1)(L) of the MSO 1952 for allegedly anchoring without permission, as well as under the Customs Act 1967 in connection with the oil cargo suspected of lacking the required documentation.

 

Photo credit: Malaysian Maritime Enforcement Agency
Published: 3 September, 2026

Continue Reading

Battery

WK NatPower expands inland shipping electrification drive into Jiangsu

WK NatPower and Jiangsu Port Investment will strengthen collaboration across the maritime, port and clean energy sectors, bringing together expertise in shipping, port infrastructure and electrification technologies.

Admin

Published

on

By

WK NatPower expands inland shipping electrification drive into Jiangsu

Wah Kwong NatPower (WK NatPower) on Wednesday (2 September) said it signed a Memorandum of Understanding (MoU) with Jiangsu Port Group Investment Management Co Ltd (Jiangsu Port Investment), a wholly owned subsidiary of Jiangsu Port Group, at the Jiangsu International Maritime Conference in Nanjing. 

The company said the MoU strengthens collaboration across the maritime, port and clean energy sectors, bringing together expertise in shipping, port infrastructure and electrification technologies.

As China’s leading province for inland waterway transport, with the country’s largest inland waterway network, Jiangsu plays a critical role in the nation’s shipping and logistics system. 

“The partnership represents a strategic step in WK NatPower’s China strategy,” the company said in a statement. 

Building on the momentum of its Zhejiang projects, WK NatPower is extending its footprint further into one of the country’s most significant inland shipping areas. By leveraging the strengths of their respective parent companies, Jiangsu Port Group, Wah Kwong Maritime Transport and NatPower, the parties will also establish a cooperation mechanism to explore opportunities for deeper collaboration and enhance the complementary use of global maritime and port resources.

From a technological perspective, WK NatPower is evolving from individual charging infrastructure towards integrated energy systems combining charging, battery storage and battery-swapping solutions capable of serving a broader range of operational scenarios. 

By combining the international experience and global network of WK NatPower and its partner NatPower Marine, with Jiangsu Port Group’s local resources and project delivery capabilities, the partnership will promote coordinated regional development. 

It also demonstrates WK NatPower’s commitment to the electrification of China’s inland waterway transport sector.

 

Photo credit: Wah Kwong NatPower
Published: 3 September, 2026

Continue Reading

Alternative Fuels

Hercules Tanker Management’s ‘Ultra-Spec Series’ tanker “Vanessa” begins maiden voyage

Designed for worldwide deployment, the series can transport and supply conventional marine fuels as well as alternative fuels up to B100 and methanol.

Admin

Published

on

By

Hercules Tanker Management’s ‘Ultra-Spec Series’ tanker “Vanessa” begins maiden voyage

Hercules Tanker Management (HTM) on Wednesday (2 September) said its latest Ultra-Spec Series of next-generation tankers, Hercules Vanessa, has commenced her maiden voyage.

HTM is the shipping venture launched by John A. Bassadone, founder and CEO of independent marine fuel supplier Peninsula.

The 10-vessel programme forms part of the company’s long-term fleet renewal strategy, replacing ageing tonnage with more efficient vessels while delivering the future-ready capability needed to support the maritime industry’s evolving energy landscape. 

Designed for worldwide deployment, the series can transport and supply conventional marine fuels as well as alternative fuels up to B100 and methanol. 

Hercules Vanessa is also the first in the series to feature MarineLINE, a high-performance cargo tank coating system. 

The vessel is currently en route to Port Louis to take bunkers and provisions before continuing southbound towards Cape Town. It is scheduled to discharge a cargo of biofuel, loaded at Nansha Terminal in China, in Ghent later this year.

“HTM’s Ultra-Spec Series continues to gather momentum as we build a modern fleet capable of supporting cleaner marine fuel supply chains,” the company said. 

Related: Hercules Tanker Management launches ‘Ultra-Spec Series’ bunker tanker “Harriet”

 

Photo credit: Hercules Tanker Management
Published: 3 September, 2026

Continue Reading
Advertisement

OUR INDUSTRY PARTNERS



Trending