Business

Straits Energy Resources and Fendercare Marine to promote Labuan STS services

STS hub will be Straits’ sustainable energy flagship project in Victoria Bay deep water area spanning a vast 3,309 hectares supporting an initial six STS berths.

Published

5 years ago

December 16, 2021

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Malaysia-listed Straits Energy Resources (SER), formerly known as Straits Inter Logistics, on Wednesday (15 December) said its subsidiary Victoria STS (Labuan) Sdn Bhd (Victoria STS) has signed a Heads of Agreement (HOA) with Fendercare Marine (Asia Pacific) Pte Ltd (FCM).

The HOA aims to form an exclusive collaboration to provide ship-to-ship (STS) services together at the port limit of Victoria Bay, Labuan, Malaysia.

Ensuring the success of the STS transhipment hub, both parties will combine their synergistic resources and expertise to provide STS services at Victoria Bay Port Limit.

Victoria STS, a 70% owned subsidiary of Fajar Maritime and Logistics Sdn Bhd, which in turn is a 60% owned subsidiary of Straits, has been awarded a concession to develop an integrated offshore ship-to-ship energy transhipment hub at Victoria Bay Port Limit.

The STS hub will be Straits’ sustainable energy flagship project in Victoria Bay deep water area spanning a vast 3,309 hectares supporting an initial six STS berths with safe water depths of up to 30 meters.

Straits’ Group Managing Director Dato Sri Ron Ho Kam Choy said: “As a result of our diligent efforts the last few months in seeking the right and synergistic collaboration partner for this STS project, we are delighted to have gained a valued and important partner in Fendercare.

“This collaboration will kickstart Straits’ foray into the sustainable and alternative energy space and together with Fendercare, our prime focus right now is to establish Victoria Bay Port Limit as a major energy transhipment hub in Asia. We are confident of being able to serve the needs of major global shipping line customers with our combined wide spectrum of energy related maritime solutions and infrastructure.

“The STS hub is scheduled to commence operation by early 1st quarter 2022.”

“Straits as a fast-growing enlarged group is always looking for business opportunities to increase its earnings base, and this exclusive collaboration with Fendercare will definitely open up an array of numerous exciting opportunities not only for Victoria STS but also the other entities within the Straits Group that will benefit from the business spin-offs of this project.”

Fendercare’s Managing Director Elizabeth Skinner commented: “We are delighted to be collaborating with Straits Energy Resources on this new venture to establish STS exclusively at Victoria Bay Port Limit in Labuan, Malaysia.”

“Since we first met with Dato Sri Ron and his team it was clear their passion for quality and a safety-first philosophy mirrored that of our own, so we are excited to be working together.

“Fendercare are world leaders in STS with close to 60 STS locations globally and we pride ourselves on delivering safe and efficient operations for the world’s largest energy companies and commodity traders and this reputation has been built up over 25 years.

“Our success is also due to the relationships we have with our local partners and with Straits we are confident we can develop Victoria Bay into an STS hub location for transfer of all oil and gas cargoes without restriction on vessel sizes.

“Furthermore, due to the favourable met ocean conditions at the STS location at Victoria Bay, we will also be conducting STS transfers of LNG. As the drive increases for the world to transition to cleaner and greener sources of energy, LNG STS is becoming more commonplace and where we have over a decade’s experience.

“So for us to offer transfers of LNG as well as all oil cargoes at Victoria Bay gives our customers additional options and flexibility which we anticipate an appetite for and hope to grow this venture together with Victoria STS and Straits.”

Straits on 12 July 2021 received approval from the Marine Department Malaysia to develop Asia’s largest STS transhipment hub in Victoria Bay Port Limit, Labuan.

Photo credit: Straits Energy Logistics
Published: 16 December, 2021

Newbuilding

Singapore-based Hong Lam Marine celebrates China launch of bunkering vessel “Priority”

‘As the first vessel in our latest series of four newbuilds, the bunkering vessel Priority represents an important milestone in our ongoing fleet renewal journey,’ the company said.

Published

20 hours ago

August 19, 2026

Admin

Singapore-based Hong Lam Marine celebrates China launch of bunkering vessel “Priority”

Singapore-based bunker tanker owner/operator and marine fuel supplier Hong Lam Marine on Monday (17 August) announced the successful launching of 7,999 dwt bunkering vessel Priority at Jiangmen Hangtong Shipbuilding Co Ltd in China on 12 August.

“As the first vessel in our latest series of four newbuilds, the bunkering vessel Priority represents an important milestone in our ongoing fleet renewal journey,” the company said in a social media post.

“Despite the intense summer heat, the launching was carried out smoothly and safely. Watching Priority taking to the water was a proud and memorable moment for everyone involved in the project.”

Hong Lam Marine added that the achievement reflected the strong partnership, dedication and teamwork of our project team, shipyard partners and stakeholders, whose collective efforts have brought the vessel to this significant stage of construction.

“We look forward to the successful completion and delivery of Priority in the months ahead and extend our sincere appreciation to everyone who has contributed to making this milestone possible,” the company added.

Photo credit: Hong Lam Marine
Published: 19 August, 2026

Financial Result

CBL International returns to profit as 1H sales volumes rise 10.9%

Gross profit rose 140.5% to USD 6.53 million from USD 2.71 million, while gross profit margin expanded from 1.02% in 1H2025 to 1.65% in 1H2026.

Published

20 hours ago

August 19, 2026

Admin

CBL International Limited (CBL), the listing vehicle of the Banle Group (Banle), a marine fuel logistics company in the Asia-Pacific region, on Tuesday (18 August) announced its unaudited financial results for the first half of 2026 and declared a special cash dividend of USD 0.10 per share.

The company reported consolidated revenue of USD 395.59 million for the six months ended June 30, 2026, representing a 49.2% increase from USD 265.17 million in the same period of 2025. The increase was driven primarily by the surge in global oil prices arising from the escalation of Middle East geopolitical tensions and secondarily by the 10.9% growth in sales volume.

Gross profit rose 140.5% to USD 6.53 million from USD 2.71 million, while gross profit margin expanded from 1.02% in 1H2025 to 1.65% in 1H2026. This 63-basis-point improvement reflects CBL’s strengthened ability to secure reliable supply and meet elevated customer demand at competitive pricing amid tighter Middle East bunker availability and heightened market volatility. The multi-year investments in network coverage and supplier relationships enabled the Company to capture demand arising from vessel rerouting while protecting and expanding margins.

Total operating expenses increased by 2.2% year-on-year to USD 3.49 million from USD 3.42 million, demonstrating continued cost discipline. Selling and distribution expenses increased by (+9.6%) in line with higher volumes, while general and administrative expenses remained at the same level as the same period in 2025.

The company recorded operating income of USD 3.04 million compared with an operating loss of USD 701,000 in 1H2025, and net income of approximately USD 1.50 million compared with a net loss of USD 992,000 in the prior-year period.

CBL’s multi-year strategy of port expansion and supplier development continued to deliver tangible results. As of 30 June 2026, the company’s global service network had expanded to more than 70 ports, enabling it to serve key global trade routes with competitive pricing and reliable delivery.

Asia Pacific remained the primary revenue driver. Elevated bunker demand arising from vessels redirected away from the Middle East toward Far East and intra-Asia corridors was captured through the strengthened regional network. Sales concentration among the top five customers declined to below 60% (compared with 60.4% in 1H2025 and 66.7% in 1H2024), while revenue from the top 12 global container liner customers increased to 68.6% from 60.1%. Customers acquired within the past two years contributed 23.5% of total sales during the first half of 2026.

Despite significant geopolitical disruptions—including the escalation of Middle East conflicts involving Iran, threats to close the Strait of Hormuz in March 2026, ongoing Red Sea instability, and the impacts of U.S. tariff policies—CBL demonstrated strong resilience. CBL’s diversified supplier network enabled the Company to secure supplies under constrained conditions and successfully meet elevated customer demand in the Far East and other regions. The overall impact on CBL has so far been limited in negative terms and supported volume growth.

A key strategic development was the April 2026 acquisition of a 50.5% majority stake in Green Marine Energy Holdings Limited. Green Marine operates complementary businesses in sustainable feedstock distribution and licensed bunkering of conventional and biofuels in Malaysian waters. This investment enhances CBL’s upstream capabilities, supports integrated biofuel supply chain development, and strengthens its physical bunker capabilities in Malaysia.

Dr. Teck Lim Chia, Chairman and CEO of CBL International Limited, said: “Our first half results mark an important milestone. Our return to profitability was driven by the tangible payoff from multi-year investments in our global supplier network and operational capabilities. Despite significant geopolitical disruptions and market volatility, we grew sales volume by 10.9% and expanded our gross profit margin by 63 basis points.

“The acquisition of a majority stake in Green Marine further positions us upstream in the sustainable fuel value chain and strengthens our physical bunker capabilities in Malaysia. These achievements underscore the resilience of our business model and the effectiveness of our long-term strategy.

“As regulatory frameworks for maritime decarbonization continue to evolve and customer demand for lower-carbon fuels is expected to strengthen, CBL is well positioned with ISCC certifications, an expanding sustainable energy portfolio, and the Green Marine platform. We remain focused on disciplined cost management, further network expansion, and capturing opportunities across both conventional and sustainable marine fuels to deliver sustainable growth and long-term shareholder value, including through the declaration of a special cash dividend of USD 0.10 per share.”

Looking ahead, CBL expects to:

Further integrate Green Marine’s feedstock distribution and Malaysian bunkering capabilities, while scaling biofuel offerings and exploring LNG and methanol solutions to support customers’ decarbonization goals.
Maintain disciplined cost management, continue to increase operational efficiency and leverage expanded banking facilities and capital markets tools to support working capital, growth initiatives, and potential shareholder return programs.
Remain vigilant regarding geopolitical risks, oil price volatility, U.S. trade policy developments, and regulatory changes, while staying cautiously optimistic about the outlook for the second half of 2026 and beyond.

Photo credit: Banle Group
Published: 19 August, 2026

Alternative Fuels

CMA CGM boxship takes on record 8,016 mt of biomethanol bunker fuel in Shanghai

“CMA CGM OSMIUM” completes the world’s largest single-batch biomethanol bunkering operation, with enough volume to cover its entire voyage from Shanghai to East Coast of South America.

Published

20 hours ago

August 19, 2026

Admin

CMA CGM boxship takes on record 8,016 mt of biomethanol bunker fuel in Shanghai

French shipping giant CMA CGM on Tuesday (18 August) said its 13,000 TEU dual‑fuel containership completed the world’s largest single-batch biomethanol bunkering operation at Shanghai Port.

CMA CGM OSMIUM was supplied with 8,016 metric tonnes (mt) of biomethanol in a single operation.

“This volume is enough to cover the vessel’s entire voyage from Shanghai to the East Coast of South America, with an estimated emissions reduction equivalent to 10,000 tonnes of CO₂,” the company said in a social media post.

Carried out in partnership with Shanghai Electric Group Co Ltd and Shanghai International Port (Group) Co Ltd, CMA CGM said the operation demonstrates the potential of biomethanol for large-scale maritime applications and contributes to the development of lower-carbon fuel solutions for shipping.

Manifold Times previously reported SIPG Energy (Shanghai) Co Ltd (SIPG Energy) completing what it described as China’s first simultaneous two-vessel bunkering operation involving two different green marine fuels at anchorage, supplying LNG and bio-methanol to two vessels.

The company’s LNG bunkering vessel Hai Gang Wei Lai supplied LNG to PIL’s KOTA ELAN, while methanol bunkering vessel Hai Gang Zhi Yuan supplied domestically produced biomass-based methanol to CMA CGM’s dual-fuel container ship CMA CGM OSMIUM.