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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.

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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.

Related: Bursa Malaysia approves Straits Inter Logistics acquisition of Tumpuan Megah
RelatedStraits Inter Logistics to acquire Tumpuan Megah Development for RM35.75 million
RelatedStraits Inter Logistics Q1 revenue up 57%
RelatedMalaysia: Bunkering firms extend HOA arrangement
RelatedStraits Inter Logistics: Positive outlook for Malaysia bunkering sector
RelatedMalaysia-listed bunkering firm Straits Inter Logistics net profit up 27 times
RelatedStraits Inter Logistics and Banle Energy explore bunker business opportunities

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

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Vessel Arrest

Malaysia: MMEA detains two vessels over suspected illegal ship-to-ship transfer off Johor

Other than the vessels, MMEA also seized a cargo of oil, bringing the total value of the seizure to MYR 260 million (USD 61.9 million).

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Malaysia: MMEA detains two vessels over suspected illegal ship-to-ship transfer off Johor

The Malaysian Maritime Enforcement Agency (MMEA) detained tugboat and dredger suspected of conducting an unauthorised ship-to-ship (STS) transfer in Malaysian waters.

The two Malaysian-registered vessels were detained at around 3.20am on Wednesday by an MMEA patrol boat after the agency received public information about two suspicious vessels seen operating alongside each other about 1.4 nautical miles northwest of Tanjung Buai.

MMEA Tanjung Sedili Zone Acting Director Maritime Commander Mohd Najib Sam said further inspection found that the tugboat was operated by five crew members, including its skipper, comprising Malaysian and Indonesian nationals aged between 26 and 58.

The dredger was operated by 13 crew members, including its skipper, all Malaysian nationals aged between 22 and 51.

“Further inspection also found a quantity of oil cargo believed to be without any documents relating to ownership and delivery,” Najib said.

Both vessels and the oil cargo have been seized for further investigation. The total value of the seizure, including the two vessels and the oil cargo, is estimated at MYR 260 million (USD 64 million).

The case is being investigated under Section 491B(1)(K) of the Merchant Shipping Ordinance (MSO) 1952 for allegedly conducting ship-to-ship activities without authorisation from the Malaysian Director of Marine.

The vessels are also being investigated under Section 491B(1)(L) of the MSO 1952 for allegedly anchoring without permission, as well as under the Customs Act 1967 in connection with the oil cargo suspected of lacking the required documentation.

 

Photo credit: Malaysian Maritime Enforcement Agency
Published: 3 September, 2026

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Battery

WK NatPower expands inland shipping electrification drive into Jiangsu

WK NatPower and Jiangsu Port Investment will strengthen collaboration across the maritime, port and clean energy sectors, bringing together expertise in shipping, port infrastructure and electrification technologies.

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WK NatPower expands inland shipping electrification drive into Jiangsu

Wah Kwong NatPower (WK NatPower) on Wednesday (2 September) said it signed a Memorandum of Understanding (MoU) with Jiangsu Port Group Investment Management Co Ltd (Jiangsu Port Investment), a wholly owned subsidiary of Jiangsu Port Group, at the Jiangsu International Maritime Conference in Nanjing. 

The company said the MoU strengthens collaboration across the maritime, port and clean energy sectors, bringing together expertise in shipping, port infrastructure and electrification technologies.

As China’s leading province for inland waterway transport, with the country’s largest inland waterway network, Jiangsu plays a critical role in the nation’s shipping and logistics system. 

“The partnership represents a strategic step in WK NatPower’s China strategy,” the company said in a statement. 

Building on the momentum of its Zhejiang projects, WK NatPower is extending its footprint further into one of the country’s most significant inland shipping areas. By leveraging the strengths of their respective parent companies, Jiangsu Port Group, Wah Kwong Maritime Transport and NatPower, the parties will also establish a cooperation mechanism to explore opportunities for deeper collaboration and enhance the complementary use of global maritime and port resources.

From a technological perspective, WK NatPower is evolving from individual charging infrastructure towards integrated energy systems combining charging, battery storage and battery-swapping solutions capable of serving a broader range of operational scenarios. 

By combining the international experience and global network of WK NatPower and its partner NatPower Marine, with Jiangsu Port Group’s local resources and project delivery capabilities, the partnership will promote coordinated regional development. 

It also demonstrates WK NatPower’s commitment to the electrification of China’s inland waterway transport sector.

 

Photo credit: Wah Kwong NatPower
Published: 3 September, 2026

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Alternative Fuels

Hercules Tanker Management’s ‘Ultra-Spec Series’ tanker “Vanessa” begins maiden voyage

Designed for worldwide deployment, the series can transport and supply conventional marine fuels as well as alternative fuels up to B100 and methanol.

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Hercules Tanker Management’s ‘Ultra-Spec Series’ tanker “Vanessa” begins maiden voyage

Hercules Tanker Management (HTM) on Wednesday (2 September) said its latest Ultra-Spec Series of next-generation tankers, Hercules Vanessa, has commenced her maiden voyage.

HTM is the shipping venture launched by John A. Bassadone, founder and CEO of independent marine fuel supplier Peninsula.

The 10-vessel programme forms part of the company’s long-term fleet renewal strategy, replacing ageing tonnage with more efficient vessels while delivering the future-ready capability needed to support the maritime industry’s evolving energy landscape. 

Designed for worldwide deployment, the series can transport and supply conventional marine fuels as well as alternative fuels up to B100 and methanol. 

Hercules Vanessa is also the first in the series to feature MarineLINE, a high-performance cargo tank coating system. 

The vessel is currently en route to Port Louis to take bunkers and provisions before continuing southbound towards Cape Town. It is scheduled to discharge a cargo of biofuel, loaded at Nansha Terminal in China, in Ghent later this year.

“HTM’s Ultra-Spec Series continues to gather momentum as we build a modern fleet capable of supporting cleaner marine fuel supply chains,” the company said. 

Related: Hercules Tanker Management launches ‘Ultra-Spec Series’ bunker tanker “Harriet”

 

Photo credit: Hercules Tanker Management
Published: 3 September, 2026

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