Business

Malaysia-listed Straits Inter Logistics post 83% on year jump in Q3 net profit

‘Pick up in the oil and gas industry continued to contribute positively in demand for the bunkering business.’

Published

7 years ago

November 25, 2019

Admin

Malaysia-listed Straits Inter Logistics Berhad (Straits), the parent of Tumpuan Megah Development Sdn Bhd (Tumpuan Megah), posted an 83.4% jump in its third quarter (Q3) 2019 net profit due to a “pick up in the oil and gas industry”, it said.

Straits recorded net profit of RM 1.86 million in Q3 2019, compared to net profit of RM 1.01 million during Q3 2019, showed its latest financial statement.

Its overall revenue increased to RM 225.7 million in Q3 2019, from RM 69.4 million in Q3 2018.

Specifically, segment revenue from the company’s oil trading and bunkering services was RM 224.8 million in Q3 2019, representing a 224% rise from revenue of RM 69.4 million in Q3 2018.

Profit before tax for the similar segment was RM 3.6 million in Q3 2019, versus RM 2.6 million in Q3 2018.

“The pick up in the oil and gas industry continued to contribute positively in demand for the bunkering business,” it attributed.

“As the Group’s strategy to continue building a sustainable revenue stream consisting of oil bunkering and trading in oil products takes place, it had more than tripled its revenue for the third quarter of 2019 by RM 156.30 million to RM 225.69 million, from RM 69.39 million achieved in the third quarter of 2018,” said Straits in a review of its Q3 performance.

“The substantial increase in revenue is mainly due to the consolidation of the results of Tumpuan Megah Development Sdn Bhd (Tumpuan Megah).

“The Group recorded a profit before tax of RM 2.91 million in the third quarter of 2019 as compared to RM 1.28 million in third quarter of 2018. The 127.3% jump in profit before tax for the third quarter of 2019 as compared to the third quarter of 2018 was due to revenue improvement which increased by 225.3%, mainly contributed by the Group’s expansion of its product line to include the bunkering of Marine Fuel Oil (MFO).”

Tumpuan Megah, on 26 June entered into a provision of bunkering services agreement with Bintulu Port Sdn Bhd, enlarging its bunkering business in East Malaysia by establishing a new bunkering base within the port limits of Bintulu.

On 1 October, Tumpuan Megah, had entered into a second provision of bunkering services agreement with Lumut Maritime Terminal Sdn Bhd to establish a base in bunkering business in Lumut, known as “PIT-STOP BUNKER HUB @ LUMUT”, subsequently further expanding its bunkering business and operation into the West Coast of Peninsular Malaysia.

SMF Ixora Ltd, a wholly-owned subsidiary of Straits Marine Fuels & Energy Sdn Bhd, entered a Memorandum of Agreement to acquire its second vessel on 12 September, namely M.T. Poseidon, for a purchase consideration of USD 4.84 million. M.T. Poseidon is now the largest unit in the Groups’ fleet of vessels and has since been renamed M.T. Ixora.

Photo credit: Straits Inter Logistics
Published: 25 November, 2019

Alternative Fuels

Singapore-based ONE celebrates maiden voyage of methanol-and-ammonia ready boxship

Following the successful deployment of “ONE Singapore” and its sister vessels, “ONE Solidarity” will be deployed on the Mediterranean Pacific South 2 (MS2) service.

Published

3 days ago

July 3, 2026

Admin

Singapore-based ONE celebrates maiden voyage of methanol-and-ammonia ready boxship

Singapore-based container shipping company Ocean Network Express (ONE) on Thursday (3 July) said it celebrated the maiden voyage of containership ONE Solidarity as the ship made its first-ever arrival in Shekou, China.

“As one of our S-series methanol and ammonia ready container vessels, ONE Solidarity is another demonstration of ONE’s commitment to sustainable shipping,” the company said in a social media post.

Following the successful deployment of ONE Singapore and its sister vessels, ONE Solidarity will be deployed on the Mediterranean Pacific South 2 (MS2) service.

“Her deployment will boost our service capacity, ensuring faster, more reliable, and highly efficient shipping offerings across key global trade lanes,” the company added.

Photo credit: Ocean Network Express
Published: 3 July, 2026

Alternative Fuels

“Lucia Cosulich” enters final preparation ahead of bunkering operations

Following delivery of the ship in China, it will now enter the final preparation phase ahead of its next operational steps, strengthening Fratelli Cosulich’s ability to provide reliable bunkering solutions.

Published

3 days ago

July 3, 2026

Admin

“Lucia Cosulich” enters final preparation ahead of bunkering operations

Fratelli Cosulich Marine Energy on Thursday (2 July) celebrated the delivery of Lucia Cosulich at Taizhou Maple Leaf Shipyard in China.

The vessel is the second of four sister methanol-ready IMO II bunker tankers developed within the Group’s fleet expansion programme and follows the launching ceremony held on 2 May 2026.

Designed to support the Group’s bunkering operations and future fuel requirements, Lucia Cosulich is part of the new generation of vessels developed by Fratelli Cosulich Marine Energy to combine operational reliability, safety and fuel flexibility.

Lucia Cosulich will now enter the final preparation phase ahead of its next operational steps, further strengthening the Group’s ability to provide reliable bunkering solutions.

“We wish Lucia Cosulich and her crew fair winds on the next stage of her journey,” the company said.

Photo credit: Fratelli Cosulich
Published: 3 July, 2026

Business

Glencore backs FincoEnergies’ biofuel growth with majority stake acquisition

With Glencore’s support, FincoEnergies is well positioned to continue expanding its offerings in biofuels across multiple transport segments and to increase its presence in new geographies.

Published

3 days ago

July 3, 2026

Admin

Dutch biofuel supplier FincoEnergies on Thursday (2 July) announced the completion of global commodities trader Glencore’s acquisition of a majority stake in the company, forming a partnership with Coloured Finches.

FincoEnergies said its fuel distribution and logistics infrastructure, customer relationships and expertise in downstream fuel transportation will be complemented by Glencore’s global scale, sourcing capabilities and experience across the energy value chain.

With Glencore’s support, FincoEnergies added it is well positioned to continue expanding its offerings in biofuels and decarbonisation solutions across multiple transport segments and to increase its presence in new geographies.

Jan-Willem van der Velden, FincoEnergies CEO and Founder, said: “Today marks an exciting next step for FincoEnergies. Glencore already knows our business well, and this builds on years of collaboration, trust and shared ambition. With Glencore’s support and global reach behind us, we are in a strong position to continue growing our business and supporting our customers as demand for lower-carbon fuel solutions continues to evolve.”

Maxim Kolupaev, Head of Glencore Energy UK, said: “Glencore’s investment in FincoEnergies strengthens the presence of our business in Northwest Europe and creates a strong platform for future growth. We are looking forward to continuing to work closely with the FincoEnergies team and building on the successful relationship we have already developed together.”

Manifold Times previously reported FincoEnergies signing an agreement with Glencore for the acquisition of a majority shareholding in the FincoEnergies Group in a partnership with Coloured Finches.

Photo credit: FincoEnergies
Published: 3 July, 2026