Business

Malaysia: Straits Inter Logistics posts 9.6% on year increase in Q2 net profit

Company recorded 64.9% increase in revenue; profit affected by corporate exercise expenses and strengthening of Malaysian Ringgit against major foreign currencies.

Published

8 years ago

August 26, 2018

Admin

Malaysia-listed bunker player Straits Inter Logistics (Straits) recorded a 9.6% on year increase in net profit during the second quarter (Q2) of 2018.

The firm posted net profit of RM 683,000 (USD $166,930) in Q2 2018, more than net profit of RM 623,000 in Q2 2017, according to latest results.

Revenue was RM 44.2 million in Q2 2018, 64.9% more than revenue of RM 26.8 million in Q2 2017.

“The Group’s plan to build a sustainable revenue stream consisting of oil bunkering and trading in oil product is being realised as there is strong growth in both the oil trading and oil bunkering business for this second quarter of 2018,” it says.

“It has managed to increase its revenue for the second quarter of 2018 by RM17.39 million to RM44.20 million, from RM26.81 million achieved in the second quarter of 2017.

“Despite the increase in revenue in the second quarter of 2018, the Group achieved a profit before tax of RM0.77 million, as compared to RM0.76 million in 2017, which is only a marginal increase. This is due to the corporate exercise expenses being incurred and the strengthening of the Malaysian Ringgit against major foreign currencies.”

Moving forward, Straits says it will continue to expand its oil trading and bunkering business by increasing its deliverable tonnage capacities in this financial year.

It intends to move ahead to acquire 55% equity interest in Malaysia bunker player Tumpuan Megah Development Sdn. Bhd. (Tumpuan Megah), and has received approval from Bursa Malaysia Securities Berhad for the proposed acquisition on 7 August 2018.

“By acquiring direct competitor (horizontal acquisition), Straits is able to enhance its existing fleet size, and possibly, to expand its suppliers’ pool of oil products, which Straits could have comparative advantages to source its supplies at competitive prices as well as to enjoy larger assets base,” it explains.

“This Proposed Acquisition comes with a two years profit guarantee of profit after tax of RM5.0 million by the vendor of Tumpuan Megah, and this is expected to further contribute to the earnings of Straits.

“The Group will continue to assess the demand from its existing and potential customers through continuous marketing activities in increasing its oil bunkering activities in the coming year.”

Straits on 18 January 2018 entered into a non-binding Heads of Agreement (HOA) with Banle Energy International Limited (Banle) to explore any potential business cooperation and/or collaboration opportunities; it has extended this HOA to 17 February 2019.

Photo credit: Straits Inter Logistics
Published: 27 August, 2018

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.

Published

14 hours ago

July 1, 2026

Admin

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

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.

Published

14 hours ago

July 1, 2026

Admin

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

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.

Published

14 hours ago

July 1, 2026

Admin

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