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NewOcean Energy publishes profit warning to shareholders ahead of 1H 2020 results

The group expects to record a consolidated loss of approximately USD 174.2 million and impairment provisions of approximately USD 139 million.

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Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean), the parent company of bunkering firm NewOcean Fuel, on Thursday (27 March) posted a profit warning supplemental announcement.

Based on its assessment of the unaudited consolidated management accounts of the group for the six

months ending 30 June 2020 (1H 2020), NewOcean said it is expected to record a consolidated loss of

approximately HKD 1,350 million (USD 174.2 million) for 1H 2020 as opposed to a consolidated profit approximately HKD 301 million (USD 38.8 million) for the corresponding period last year. 

“Due to the global pandemic of COVID-19 and the slump in global oil prices during 1H2020, the group’s business operation has been seriously affected especially the oil bunkering business in Hong Kong and Singapore and the electronic business in the People’s Republic of China,” it explained.

“On top of the foregoing, the group has also experienced undue delay in trade receivables collection and inventory being sold under purchase costs in recent months, therefore additional potential impairment losses on trade receivables and allowance for inventories are expected to be provided in 1H2020.” 

On top of the reasons outlined above, the company’s board made impairment provisions on trade receivables, inventories and property, plant and equipment amounted to approximately HKD 1.08 billion (USD 139 million) based its assessment with reference to subsequent sales and trade receivable collection after 30 June 2020.

NewOcean added that it is in the process of finalising the interim results for 1H 2020 and information contained in the current announcement is only based on the preliminary assessment by the board with reference to the unaudited consolidated management accounts.

The interim results announcement of the company for 1H 2020 is expected to be released on Monday 31 August, 2020 pursuant to the requirements of the HKSE’s listing rules. 

A list of bunkering related developments regarding NewOcean Energy has been compiled below:

Related: NewOcean Energy records 66% bunker sales jump to 4.5 million mt in FY 2019
Related: NewOcean Energy strengthens operations with $23 million loan facility
Related: NewOcean Fuel charters two more bunker tankers for Singapore Straits ops
Related: NewOcean Energy net profit increases to USD 47.24 million in 1H 2019
Related: NewOcean charters VLCC to support Singapore bunker ops


Photo credit: chris-liverani
Published: 28 August, 2020

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Methanol

OOCL dual-fuel boxship completes first green methanol bunkering op at Qingdao Port

“OOCL Wisdom” completed its first green methanol bunkering and commenced its maiden voyage to Europe at Qingdao Port on 3 July.

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OOCL dual-fuel boxship completes first green methanol bunkering op at Qingdao Port

​International container transportation and logistics company Orient Overseas Container Line (OOCL) on Friday (3 July) said its first methanol dual-fuel containership, OOCL Wisdom, completed its first green methanol bunkering and commenced its maiden voyage at Qingdao Port.

OOCL Wisdom is the first in a series of seven methanol dual-fuel container vessels. With a maximum capacity of 24,168 TEU, it is currently the world’s largest methanol dual‑fuel container vessel and is deployed on the Asia – North Europe Loop 1 (LL1) service.

Mr. Peter Pan, Director of Trades of OOCL, said: “OOCL Wisdom completed its first green methanol bunkering and commenced its maiden voyage to Europe at Qingdao Port, representing a significant achievement of the deepening collaboration between OOCL and Shandong Port Group, and reflecting OOCL’s steadfast commitment to green and low‑carbon development, digital intelligence and sustainability.”

 

Photo credit: Orient Overseas Container Line
Published: 6 July, 2026

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LNG Bunkering

Zhejiang Province wraps up first cross-regional bonded LNG bunkering operation

“Hai Yang Shi You 302” supplied container ship “MSC Maria Laura” with 3,500 cubic meters of bonded LNG at Chuanshan Port Area, after the bunkering vessel received bonded LNG in Zhoushan.

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Zhejiang Province wraps up first cross-regional bonded LNG bunkering operation

Zhejiang Province on Saturday (27 June) completed its first cross-regional bonded LNG bunkering operation at Chuanshan Port Area of ​​Ningbo-Zhoushan Port, according to Hangzhou Customs. 

Bunkering vessel Hai Yang Shi You 302 travelled to ENN Zhoushan LNG receiving terminal to load bonded LNG. The vessel then supplied container ship MSC Maria Laura with 3,500 cubic meters of bonded LNG at Chuanshan Port Area. 

Zhejiang Province wraps up first cross-regional bonded LNG bunkering operation

Compared with the traditional single-port bunkering model, the cross-regional operation removes the geographical barriers between Zhoushan’s gas supply and bunkering demand in Ningbo’s core port area, enabling cross-port LNG transfer within the province.

“The new operating model addresses longstanding constraints associated with the geographical limitations of LNG supply reloading and tight operational time windows,” said Chen Bangkui, Business Manager at CNOOC Zhejiang New Energy Co Ltd. 

“We can now flexibly source bonded LNG from both Zhoushan and Ningbo, significantly improving operational flexibility and efficiency.”

 

Photo credit: Hangzhou Customs
Published: 6 July, 2026

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Battery

ICCT: China’s electric cargo ship fleet grows 950% in three years

In its latest blog, ICCT says vessel sizes for electric cargo ships have grown significantly, indicating that China is testing the feasibility of electrification for increasingly larger ships.

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The International Council on Clean Transportation (ICCT) recently said China’s fleet of electric cargo ships has grown by 950%, from just four vessels in 2022 to 42 in 2025.

According to its latest blog, electrification is rapidly expanding along inland waterways in the country, offering a pathway to cut emissions, improve air quality, and lower operating costs.

ICCT said electric cargo ships are entering real-world operation at a rapidly growing pace

“Ship types have diversified, from bulk carriers and container ships to multi-purpose cargo ships. At the same time, vessel sizes have grown significantly, with the maximum deadweight tonnage (DWT) rising from around 3,000 tonnes in 2022 to approximately 14,000 tonnes in 2025,” it said.

“This indicates that China is testing the feasibility of electrification for increasingly larger ships.”

Although battery capacity constraints continue to limit sailing range per charge—which typically hovered between 150 km and 400 km from 2022 to 2025—trends show steady improvement; by 2025, electric cargo ships with a range of up to 500 km were already in operation in China.

Inland waterways have become the primary testing ground for electric cargo ship deployment. 

By the end of 2025, 86% of electric cargo ships in China were operating on internal rivers. 

“Nine provinces and municipalities have already launched pilot projects, covering major waterways such as the Yangtze River, the Pearl River, and the Beijing-Hangzhou Grand Canal,” ICCT added.

The blog also explored the opportunities, challenges, and policy actions that could accelerate the shift to electric inland shipping.

“Developing an enhanced subsidy that favors electric vessels, on top of the current vessel trade-in subsidy program, could help reduce the upfront investment burden for electric vessel adoption,” it recommended.

ICCT added that tightening ship engine emission standards toward world-leading levels could increase the compliance costs of conventional-fuel vessels and improve the relative competitiveness of electric ships.

“The electrification of inland shipping in China is already underway; what is needed now is smart policy to accelerate the transition,” it said.

 

Photo credit: CHUTTERSNAP on Unsplash
Published: 6 July, 2026

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