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NewOcean Energy net profit up 96%

Hong Kong-based bunker supplier records decrease in local volume due to market developments at China.
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Hong Kong-listed bunker supplier and oil company NewOcean Energy Holdings Limited posted a 96% increase in profit for the year ended 31 December, 2017.

It recorded net profit of HKD 1.07 billion ($ 140 million) in 2017, compared to profit of HKD 0.54 billion in 2016, according to financial records.

Total revenue in 2017 was HKD 22.06 billion, about 40% higher than revenue of HKD 15.70 billion in the year before.

“In 2017, the group quickened its pace and first established its procurement centre in Singapore, which mainly assisted its marine bunkering business in Hong Kong to diversify the sourcing channels, reduce procurement costs, and explore the Singapore market,” it said.

“When establishing such company in Singapore, we decided to become a joint venture partner with a scaled shipping company. The aim was to accelerate our pace of market development by leveraging on our partner’s business connections in the local region.”

In Hong Kong, NEH acquired 51% of the shares of three auto-gas trading and oil products transportation companies allowing the group to expand its business from marine bunkering to bunkering on land; the oil companies owned 17 oil trucks and were the primary agent of the four major oil companies.

NewOcean recorded sold 783,600 metric tonnes (mt) of bunkers at Hong Kong in 2017, a decrease of 7.6% when compared to sales of 848,300 mt in 2016; both sales of fuel oil and marine diesel oil (MDO) “experienced a modest decline” due to suppliers in Mainland China deliberately lowering the price of marine fuel in 2017.

“We believe that such situation [at Hong Kong] will still last for a period of time, which will bring extra operating burdens for those small-scaled operators,” it says.

“In this regards, ensuring the quality of our oil products and services is the only practical strategy which will help limiting the loss in our business volume. “

The company’s Singapore business which begun in November last year posted total sales volume of 118,700 mt for its 2017 operations.

“With this rate of development, it is possible that the sales volume achieved by our company in Singapore next year may be comparable to the current volume achieved by our company in Hong Kong,” it notes.

“All these have been a solid proof that the establishment of our company in Singapore would pose a significant positive impact to the expansion of our marine bunkering business outside China (including the two markets in Hong Kong and Singapore).”

Moving on, the bunker supplier stated plans on business expansion to the Malaysia market.

“We are currently planning to expand our marine bunkering business to all of the ports in Malaysia; meanwhile, our company in Singapore will provide supply services of oil and technical support for these new markets.”

Published: 22 March, 2018
 

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Winding up

Singapore: Liquidator of Xin Bo Shipping Pte Ltd issues notice of dividend

First interim dividend of Xin Bo Shipping is payable by 7 October, according to Government Gazette notice.
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4 hours ago

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September 24, 2026

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RESIZED Drew Beamer

A notice of dividend for Xin Bo Shipping Pte Ltd, which is currently in creditors’ voluntary liquidation, was published on the Government Gazette on Wednesday (23 September). 

The following are the details of the notice:

Name of Company : Xin Bo Shipping (Pte) Ltd (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 199003660R
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 30.00 cents to a dollar of admitted unsecured claims
First and Final or otherwise : First Interim Dividend
When payable : By 7 October 2026
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above.

 

Photo credit: Drew Beamer
Published: 24 September, 2026

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Winding up

Singapore: Creditors’ meeting for Fair Wind Chartering Pte Ltd scheduled for 6 October

A creditors’ meeting of Fair Wind Chartering Pte Ltd has been scheduled to take place at 3pm on 6 October, according to a Government Gazette notice.

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4 hours ago

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September 24, 2026

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Resized benjamin child

A creditors’ meeting of Fair Wind Chartering Pte Ltd has been scheduled to take place on 6 October, according to a Tuesday (22 September) notice on the Government Gazette.

The meeting will be held via video conferencing at 3pm for the following agenda: 

  • To receive a Statement of Affairs of the Company, showing the assets and liabilities, together with a list of creditors and the estimated amount of their claims.
  • To confirm the appointment of Chee Fung Mei, Licensed Insolvency Practitioner, of CHEE FM & ASSOCIATES 110 Middle Road #05-03 Singapore 188968 as Liquidator of the Company for the purpose of such voluntary winding up, and that the Liquidator’s fees be based on her normal scale rates and disbursements incurred be paid out of the Company’s assets.
  • To consider and if deemed fit appoint a Committee of Inspection.
  • To consider any other matters which may properly be brought before the meeting.

According to the Singapore Business Directory website, the company’s principal activity is shipping and chattering of ships or boats. 

Note: To entitle you to vote thereat, your Proof of Debt must be lodged with the Provisional Liquidator not later than 10:00am on the 5th October 2026. Please submit your Proof of Debt and register your attendance by email to [email protected] to receive further details on the video conference.

 

Photo credit: Benjamin Child
Published: 24 September, 2026

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Business

Straits Energy proposes MYR 90 million capital reduction to offset accumulated losses

Straits Energy Resources proposed to undertake a reduction of MYR 90 million of its issued share capital to offset accumulated losses of the company and strengthen its financial position.
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4 hours ago

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September 24, 2026

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Resized Straits Energy Resources Berhad

Bursa Malaysia-listed Straits Energy Resources Berhad (Straits) on Monday (21 September) proposed to undertake a reduction of MYR 90 million (USD 22 million) of its issued share capital to offset accumulated losses of the company and strengthen its financial position.

In a filing with Bursa Malaysia, the company said the proposed capital reduction entails the reduction of the issued share capital of Straits via the cancellation of the company’s paid-up share capital, which is substantially lost or unrepresented by available assets. 

The corresponding credit of MYR 90 million arising from the proposed exercise will be utilised to partially offset the accumulated losses while any balance credit will be credited to the capital reserve account which would serve as an additional credit buffer to set off future losses of the company.

The MYR 90 million was determined by the Board, after taking into consideration amongst others, the unaudited accumulated losses of the company for the financial year ended 30 June 2026 of MYR 101.91 million.

The proposal will not have any effect on the number or percentage of shares held by the substantial shareholders of the company as it does not involve any issuance, cancellation or transfer of shares held by the shareholders.

“Barring any unforeseen circumstances and subject to all required approvals being obtained, the proposed capital reduction is expected to be completed in the first quarter of 2027,” the company added. 

 

Photo credit: Straits Energy Resources
Published: 24 September, 2026

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