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Malaysia-listed bunkering firm Straits Inter Logistics net profit up 27 times

From RM 100,000 to RM 2.7 million on year in 2017, due to diversification into oil bunkering and trading activities.

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Malaysia-listed bunkering firm Straits Inter Logistics (SIL) posted a significant increase in net profit for its financial year ended 31 December 2016 due to diversification into oil bunkering and trading activities.

The company recorded net profit of RM 2.7 million ($690,000) in 2017, representing an increase of 2,606% from net profit of RM 100,000 in 2016, according to its financial statement.

Revenue was RM 134.6 million in 2017, a 96% jump from revenue of RM 68.5 million in 2016.

“Revenue for the fourth quarter of 2017 has increased by RM 18.75 million to RM 51.70 million, from RM 32.95 million achieved in the preceding quarter. This jump in revenue is mainly due to the commencement of its oil bunkering business,” said SIL.

“In the coming financial year, the group will continue to expand its oil trading and bunkering business by increasing its deliverable tonnage capacities through increasing its vessels base by acquisitions of vessels or chartering third parties' vessels, along with strengthening its operational capabilities and broadening its geographical coverage to capture the growth opportunities in the oil bunkering industry in Malaysia and Asia region.”

SIL commenced oil bunkering operations from the Pasir Gudang Port, Johor in the fourth quarter of 2017 through Selatan Bunker, which has earlier secured the Petroleum Development Act Licence (Malaysian bunker supply license) on 5 September 2016.

On 14 September 2017, SIL entered into a six-month contract for service with Labuan-based bunker supplier Tumpuan Megah Development for a contract sum of RM 45 million.

Moving on, SIL says it will continue to assess the demand from its existing and potential customers through continuous marketing activities to increase its oil bunkering activities in 2018.

“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,” it explains.

“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.”

Manifold Times earlier reported SIL on 18 January 2018 entering into formal talks with Hong Kong-based bunker trading firm Banle Energy International to explore further business opportunities in the marine fuels sector.

Related: Straits Inter Logistics and Banle Energy explore bunker business opportunities
Related: Malaysia-listed bunkering firm in private fund raising move

Published: 27 February, 2018
 

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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).

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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

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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.

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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

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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.

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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

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