Business

Malaysia: Straits Inter Logistics posts 26% rise on year in profit for Q1 2021

Group’s revenue in Q1 2021 increased by 12.5% to RM295.2 million due to the recovery of oil price compared to corresponding quarter of the previous year.

Published

5 years ago

June 1, 2021

Admin

Malaysia-listed Straits Inter Logistics Berhad (SIL), the parent of bunkering firm Tumpuan Megah Development Sdn Bhd (TMD), on Monday (31 May) posted a 26% rise on year in profit, it said.

It recorded profit of MYR 1.929 million (USD 470,000) for the quarter ended 31 March 2021 (Q1 2021), up from profit of MYR 1.525 million during Q2 2020.

The company’s revenue for Q1 2021 rose 12.5% to MYR 295.2 million.

Straits Inter Logistics Q1 2021

“The Group’s revenue in the current quarter increased by RM32.8 million to RM295.2 million from RM262.4 million recorded in the corresponding quarter of the previous year,” it said.

“The increase was substantially attributed to oil trading & bunkering services segment due to the recovery of oil price compared to the corresponding quarter of the previous year.

“As a result, the revenue from this segment increased by RM29.1 million. The port management operation which commenced its operation in April 2020 had generated a revenue of RM3.7 million in the current quarter.”

On 15 January 2021, Straits Marine Fuels & Energy Sdn Bhd (SMF), a 67% owned subsidiary of the Company, incorporated Sierra Pioneer Marine Ltd (Sierra) in Labuan; Sierra on 16 February 2021 entered into a Memorandum of Agreement with Ocean World Inc to acquire a vessel, named M.T. Guo Kang No.1 for a purchase consideration of USD1,600,000.

The acquisition of M.T. Guo Kang No.1 is to expand the business of the Group especially in the supply of High Sulphur Fuel Oil (HSFO) to cater for the increasing demand of HSFO in Malaysia.

On 7 April 2021, Straits Marine Services Pte Ltd (SMS), a 51% owned subsidiary of the Company, incorporated a wholly owned subsidiary, namely Straits Maritime Services Pte Ltd (SMT) in Singapore; the intended activity of SMT is in provision of general cleaning services (excluding household cleaning).

On 14 April 2021, TMD received a sealed Order dated 22 March 2021 and undated Notice of Registration of Foreign Judgement representing an attempt by the Claimants to enforce an English Judgement for USD937,353 with interest and cost of which TMD has disputed jurisdiction.

Accordingly, TMD is taking steps to strenuously resist this attempt to enforce an invalid arbitration award issued without jurisdiction and TMD’s solicitors had on 27 April 2021 filed an application to the High Court of Malaya, Kuala Lumpur to set aside the earlier mentioned sealed Order and undated Notice of Registration of Foreign Judgement.

Notwithstanding the ongoing arbitration which commenced on 2 May 2017, the Vendor (Raja Ismail Bin Raja Mohamed) via an irrevocable Personal Guarantee dated 30 April 2020 had undertaken to indemnify the Company against the liabilities of TMD arising from the arbitration and shall promptly pay such liabilities upon receipt of a payment demand from the Company and accordingly, no provisions have been made in the financial statements.

Photo credit: Straits Inter Logistics Berhad
Published: 2 June, 2021

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

1 day 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

1 day 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

1 day 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