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Malaysia: Straits Inter Logistics post 114% jump in Q1 2019 net profit

Revenue from oil bunkering and trading in oil products up RM72.32 million to RM108.76 million on year.

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Malaysia-listed bunkering firm Straits Inter Logistics (Straits) on Thursday (30 May) posted a 114% increase in net profit for the first quarter (Q1) of 2019 due to a gain in revenue from operations related to oil bunkering and trading in oil products.

It recorded net profit of RM 1,356,000 (US $323,000) in Q1 2019 up from profit of RM 634,000 in Q1 2018, according to the latest financial statement.

Revenue from operations in Q1 2019 was RM 108.76 million, up 109% from revenue of RM 36.44 million in Q1 2018.

“In line with the Group’s plan to build sustainable revenue stream consisting of oil bunkering and trading in oil products, it has managed to increase its revenue for the first quarter of 2019 by RM72.32 million to RM108.76 million, from RM36.44 million achieved in the first quarter of 2018,” Straits explained.

“The substantial jump in revenue is mainly due to the consolidation of the results of its 55.0% owned subsidiary, Tumpuan Megah Development Sdn Bhd (Tumpuan Megah).

“The Group achieved a profit before tax of RM2.58 million in the first quarter of 2019 as compared to RM0.58 million in first quarter of 2018.

“The 346.6% jump in profit before tax for the first quarter of 2019 as compared to the first quarter of 2018 was attributable to both the revenue and gross profit margin improvement which increased by 198.4% and 66.4% respectively, and profit contribution from its newly acquired 38.0% associate, Banle Energy International Ltd (Banle).”

In February 2019, Straits incorporated two indirect wholly-owned subsidiaries, namely SMF Begonia Ltd and SMF Ixora Ltd., via its wholly-owned subsidiary Straits Marine Fuels & Energy Sdn Bhd (SMF) in Labuan.

The similar month saw Straits divesting an 30.0% equity interest to Straits Alliance Transport Sdn Bhd (SAT) company head Chai Yiing Jen.

It also completed the acquisition of 38.0% equity interest in Banle Energy International Limited (Banle) during February.

On 23 April 2019, Straits incorporated SMF in Singapore to provide in-house vessel and marine management services to its fleet of vessels which is now outsourced to external parties.

On 6 May 2019, the group entered into a Heads of Agreement (HOA) with Elsa Energy Sdn Bhd (Elsa) to facilitate negotiations and collaborations as well as to explore potential acquisition opportunities between Straits and Elsa.

“With the completion of the above acquisitions and new business setups, the Group’s outlook for 2019 is positive,” it states.

Related: Maybank IB Research: ‘Buy’ for bunker firm Straits Inter Logistics
Related: Straits Marine Fuels & Energy to start bunkering ops at Johor
RelatedStraits Marine Fuels & Energy to welcome ‘identified parties’ as partner
RelatedStraits Inter Logistics makes land logistics expansion
RelatedStraits Inter Logistics meeting approves Banle Energy acquisition
RelatedStraits Marine Fuels & Energy acquires two bunker tankers
RelatedStraits Inter Logistics ends 2018 with 61% profit increase

Photo credit: Straits Inter Logistics
Published: 31 May, 2019
 

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Winding up

Singapore: Nan Shan Maritime liquidator issues notice of intended dividend

Creditors will need to produce proofs of debt to liquidator of Nan Shan Maritime by 14 July, according to Government Gazette notice.

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A notice to declare intended dividend of Nan Shan Maritime Pte Ltd to its creditors has been posted on the Government Gazette on Tuesday (30 June).

The following are the details of the notice of intended dividend:

Name of Company : Nan Shan Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701967H
Address of Registered Office : 10 Anson Road, #10-10, International Plaza, Singapore 079903
Last Day for Receiving Proofs : 14 July 2026
Name of Liquidator : Tam Chee Chong
Address : c/o 10 Anson Road, #10-10, International Plaza, Singapore 079903

 

Photo credit: steve pb from Pixabay
Published: 1 July, 2026

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Fuel Testing

VPS strengthens China presence with new Shanghai marine fuel testing facility

Investment in the new testing laboratory comes as marine fuel volumes in Chinese ports continue to grow and customers increasingly demand faster testing and advisory services.

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VPS strengthens China presence with new Shanghai marine fuel testing facility

Marine fuels testing company VPS on Tuesday (1 July) announced the opening of its brand new testing laboratory in Shanghai, China.

The company said this strategic investment strengthens VPS’ global laboratory network and reinforces the company’s commitment to delivering faster, locally-based testing services to customers operating in one of the world’s most important maritime markets. 

“Shanghai has emerged as one of the fastest growing marine bunkering hubs and is expected to play a major role in the future supply of both traditional fossil fuels and emerging low-to-zero carbon fuels,” it said in a statement. 

“The new Shanghai laboratory will provide comprehensive marine fuel testing services, enabling customers to benefit from further improved turnaround times and enhanced operational decision making.”

The facility will support vessel owners, operators, charterers and fuel suppliers, with rapid, independent analysis and technical expertise, helping stakeholders to manage fuel quality risks, protect assets and maintain regulatory compliance.

Dr. Malcolm Cooper, CEO at VPS, said: “VPS is pleased to announce the opening of our new Shanghai Laboratory, which will provide fuel quality testing for bunker fuels including methanol. China is central to the global shipping industry being the world’s largest shipbuilder, producer of shipping containers and operator of the biggest commercial fleet. Shanghai is therefore the perfect home for our latest laboratory, as VPS is the world’s leading fuel testing company”.

The investment comes as marine fuel volumes in Chinese ports continue to grow and customers increasingly demand faster testing and advisory services. The new facility further enhances the VPS global footprint, which already includes laboratories in Rotterdam, Singapore, Fujairah, Houston and Manchester, supported by an international team of technical experts, sales professionals and customer service specialists.

In addition to supporting conventional marine fuels, the Shanghai laboratory will provide testing and advisory services relevant to the industry’s growing adoption of low-to-zero carbon fuels, assisting customers to navigate emerging fuel quality performance and compliance challenges.

Andrew Morton, VPS MD-AMEA, stated: “The opening of our new laboratory in Shanghai’s Lingang New Area, positions VPS at the heart of one of China’s most important maritime and industrial growth hubs. This investment reflects our confidence in the Chinese maritime market, our commitment to supporting customers closer to where they operate and our belief that Asia will remain at the forefront of shipping’s energy transition.”

The Shanghai laboratory will serve both domestic and international customers operating throughout China and across the wider Asia-Pacific region, supporting ongoing growth in marine fuel testing demand and providing a platform for future expansion of VPS services within the Chinese maritime sector.

 

Photo credit: VPS
Published: 1 July, 2026

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Bunker Fuel

AD Ports Group and IRH Global Trading to advance bunkering at Khalifa Port

Both signed a MoU, outlining potential collaboration in bunkering services to vessels calling at Khalifa Port and the development of alternative bunker fuels such as LNG, biofuels, and methanol.

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AD Ports Group and IRH Global Trading to advance bunkering at Khalifa Port

AD Ports Group on Tuesday (30 June) said it has signed a Memorandum of Understanding (MoU) with IRH Global Trading Ltd. to explore strategic cooperation in bunkering services and alternative marine fuels at Khalifa Port.

The MoU outlines potential collaboration across a range of areas, including the provision of bunkering services to vessels calling at Khalifa Port, the development of alternative fuel solutions such as Liquefied Natural Gas (LNG), biofuels, and methanol, and the exploration of opportunities related to fuel storage infrastructure, terminal facilities, and fuel sampling and testing capabilities.

Saif Al Mazrouei, CEO, Ports Cluster – AD Ports Group, said: “This collaboration reflects our commitment to forging strategic alliances that create long-term, sustainable value. 

“By working alongside trusted partners such as IRH, we are enhancing our capabilities and supporting the development of future-ready infrastructure and services that reinforce the UAE’s position as a leading global trade and logistics hub, in line with the vision of our wise leadership.”

Ali Rashed Alrashdi, Group CEO – International Resources Holding, said: “This collaboration with AD Ports Group reflects IRH’s commitment to build strategic partnerships that drive real economic impact. 

“As we continue to develop our global energy trading platform, bunkering and alternative marine fuels represent a high-potential area of growth. We see Khalifa Port as an ideal base from which to explore these opportunities, and we look forward to working closely with AD Ports Group to bring them to life.”

Through this collaboration, AD Ports Group and IRH Global Trading aim to further enhance Khalifa Port’s value proposition as a multi-purpose, deep-water port that supports efficient, sustainable, and future-oriented maritime operations.

IRH Global Trading is a global commodities trading firm with interests across the mining and energy value chain and plans to build a diversified global minerals and energy trading platform, including LNG, Liquefied Petroleum Gas (LPG), crude oil, and petroleum products. 

 

Photo credit: AD Ports Group
Published: 1 July, 2026

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