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Malaysia: Straits Inter Logistics Q3 profit 61% up after bunker acquisition

Corporate exercise to discuss Banle Energy acquisition to be completed by the first quarter of 2019.

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Malaysia-listed bunkering firm Straits Inter Logistics (Straits) posted a 60.7% on year increase in net profit for the quarter ended 30 September (Q3) of 2018.

It recorded net profit of RM 1.04 million (USD $250,000) in Q3 2018, up from RM 0.55 million in Q3 2018, showed latest financial documents.

Revenue was MYR 69.4 million in Q3 2018, a 110% increase from revenue of MYR 33.0 million in the similar quarter last year.

“With the completion of the acquisition of 55.0% equity interest in Tumpuan Megah Development Sdn Bhd. (Tumpuan Megah) on 28 September 2018, the group is poised to grow further with the enlarged fleet size of nine vessels as compared to two vessels prior to the acquisition,” it said.

“The total litreage capacity of the enlarged fleet has leaped substantially from 1.00 million litres to 12.00 million litres.

“In addition, with the wider infrastructure in terms of suppliers and customers coverage, Straits will be able to expand its geographical coverage to capture the growing opportunity in the oil bunkering industry in both the Malaysian and ASIAN region.”

The acquisition of Tumpuan Megah comes with an aggregate profit after tax guarantee of RM 10 million for the financial year ended 31 December 2019 and FYE 31 December 2020.

On 9 November 2018, Straits entered into a conditional share sale agreement with CBL (Asia) Limited for the acquisition 38.0% equity interest in Hong Kong-based bunker trading firm Banle Energy International Limited (Banle).

The proposed acquisition of Banle comes with an aggregate profit after tax guarantee of USD $1.65 million for the FYE 31 December 2019 and FYE 31 December 2020.

This corporate exercise to discuss the acquisition is scheduled to be completed by the first quarter of 2019.

Related: Straits Inter Logistics mulls $3.6 million acquisition of Banle Energy
RelatedStraits Inter Logistics and Banle Energy explore bunker business opportunities
RelatedMalaysia: Bunkering firms extend HOA arrangement
RelatedStraits Inter Logistics posts 9.6% on year increase in Q2 net profit
RelatedBursa 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%
RelatedStraits Inter Logistics: Positive outlook for Malaysia bunkering sector
RelatedMalaysia-listed bunkering firm Straits Inter Logistics net profit up 27 times

Photo credit: Straits Inter Logistics
Published: 29 November, 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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