Business

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.

Published

7 years ago

May 31, 2019

Admin

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.

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

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

16 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

16 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

16 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026