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Straits Inter Logistics concludes FY 2019 with ‘commendable performance’, says Chairman

Development mainly attributable to the right strategy of expanding products line to bunker marine fuel oil, and acquisition of two additional bunker tankers.
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Malaysia-listed Straits Inter Logistics Berhad (SIL), principally engaged in oil trading and oil bunkering services and also investment holding activities, concluded its financial year of 2019 (FY 2019) with a “commendable performance”, said its Chairman in the company’s 2019 annual report.

“The commendable performance of the Group is mainly attributable to its right strategy to expand its products line to bunker Marine Fuel Oil in addition to the Marine Gas Oil and the acquisition of two additional vessels named MT Begonia and MT Ixora to cater for the expanded market,” said YAM Dato’ Seri Tengku Baharuddin Ibni Sultan Mahmud.

SIL acquired 55% equity interest in Tumpuan Megah Development Sdn Bhd in September 2018 and 38% equity interest in Banle Energy International Limited in February 2019.

The bunkering related development has widened the group’s geographical reach and enlarged its vessels capacity to cater for its expanded bunkering and trading market space, said its Chairman.

The expansion of the group’s business into inland transportation and logistics commenced via its 70% owned subsidiary Straits Alliance Transport Sdn Bhd in February 2019.

SIL further secured a notable achievement when it signed an Operation and Facility Management Agreement with Labuan Port Authority in March 2020 to undertake Port Management Services at Labuan Liberty Port.

“This marked the diversification of Straits into the Port Operation and Facility Management business in addition to its current mainstay business of fuel bunkering,” notes Baharuddin.

Moving forward, the Chairman believes SIL and its bunkering arm is well prepared for business ahead amidst the Covid-19 and other disruptions to the oil and shipping sectors.

“The global economy is envisaged to be significantly impacted by the Covid-19 Pandemic disrupting value and supply chain worldwide,” he stated.

“The group is cognisant of the challenges ahead and amidst these headwinds, the group has taken numerous measures to mitigate all possible risks arising from this fallout.

“Despite the expected slowdown in the shipping industry arising from this pandemic, the outlook for bunkering business for Straits remains stable as the group is in the defensive industry of bunkering and logistics and the size of the bunkering industry in this country is still large enough to be tapped by Straits.”

Manifold Times earlier reported SIL posting a 75% jump in net profit for FY 2019.

Related: Straits Inter Logistics concludes FY 2019 with 75% jump in net profit
Related: Bursa Malaysia approves Straits Inter Logistics acquisition of Tumpuan Megah
Related: Straits Inter Logistics meeting approves Banle Energy acquisition
Related: Malaysia: Straits Inter Logistics makes land logistics expansion
Related: Straits Inter Logistics takes over operation and management of Labuan Liberty Terminal

 

Photo credit: Straits Inter Logistics Berhad
Published: 21 May, 2020

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Singapore-based ONE celebrates maiden voyage of methanol-and-ammonia ready boxship

Following the successful deployment of “ONE Singapore” and its sister vessels, “ONE Solidarity” will be deployed on the Mediterranean Pacific South 2 (MS2) service.
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Singapore-based ONE celebrates maiden voyage of methanol-and-ammonia ready boxship

Singapore-based container shipping company Ocean Network Express (ONE) on Thursday (3 July) said it celebrated the maiden voyage of containership ONE Solidarity as the ship made its first-ever arrival in Shekou, China. 

“As one of our S-series methanol and ammonia ready container vessels, ONE Solidarity is another demonstration of ONE’s commitment to sustainable shipping,” the company said in a social media post. 

Following the successful deployment of ONE Singapore and its sister vessels, ONE Solidarity will be deployed on the Mediterranean Pacific South 2 (MS2) service. 

“Her deployment will boost our service capacity, ensuring faster, more reliable, and highly efficient shipping offerings across key global trade lanes,” the company added.

 

Photo credit: Ocean Network Express
Published: 3 July, 2026

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Alternative Fuels

“Lucia Cosulich” enters final preparation ahead of bunkering operations

Following delivery of the ship in China, it will now enter the final preparation phase ahead of its next operational steps, strengthening Fratelli Cosulich’s ability to provide reliable bunkering solutions.
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“Lucia Cosulich” enters final preparation ahead of bunkering operations

Fratelli Cosulich Marine Energy on Thursday (2 July) celebrated the delivery of Lucia Cosulich at Taizhou Maple Leaf Shipyard in China.

The vessel is the second of four sister methanol-ready IMO II bunker tankers developed within the Group’s fleet expansion programme and follows the launching ceremony held on 2 May 2026.

Designed to support the Group’s bunkering operations and future fuel requirements, Lucia Cosulich is part of the new generation of vessels developed by Fratelli Cosulich Marine Energy to combine operational reliability, safety and fuel flexibility.

Lucia Cosulich will now enter the final preparation phase ahead of its next operational steps, further strengthening the Group’s ability to provide reliable bunkering solutions.

“We wish Lucia Cosulich and her crew fair winds on the next stage of her journey,” the company said. 

Related: Fratelli Cosulich launches second methanol-ready bunker tanker in China

 

Photo credit: Fratelli Cosulich
Published: 3 July, 2026

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Business

Glencore backs FincoEnergies’ biofuel growth with majority stake acquisition

With Glencore’s support, FincoEnergies is well positioned to continue expanding its offerings in biofuels across multiple transport segments and to increase its presence in new geographies.
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Dutch biofuel supplier FincoEnergies on Thursday (2 July) announced the completion of global commodities trader Glencore’s acquisition of a majority stake in the company, forming a partnership with Coloured Finches.

FincoEnergies said its fuel distribution and logistics infrastructure, customer relationships and expertise in downstream fuel transportation will be complemented by Glencore’s global scale, sourcing capabilities and experience across the energy value chain.

With Glencore’s support, FincoEnergies added it is well positioned to continue expanding its offerings in biofuels and decarbonisation solutions across multiple transport segments and to increase its presence in new geographies.

Jan-Willem van der Velden, FincoEnergies CEO and Founder, said: “Today marks an exciting next step for FincoEnergies. Glencore already knows our business well, and this builds on years of collaboration, trust and shared ambition. With Glencore’s support and global reach behind us, we are in a strong position to continue growing our business and supporting our customers as demand for lower-carbon fuel solutions continues to evolve.”

Maxim Kolupaev, Head of Glencore Energy UK, said: “Glencore’s investment in FincoEnergies strengthens the presence of our business in Northwest Europe and creates a strong platform for future growth. We are looking forward to continuing to work closely with the FincoEnergies team and building on the successful relationship we have already developed together.”

Manifold Times previously reported FincoEnergies signing an agreement with Glencore for the acquisition of a majority shareholding in the FincoEnergies Group in a partnership with Coloured Finches.

Related: Glencore acquires majority stake in Dutch biofuel supplier FincoEnergies

 

Photo credit: FincoEnergies
Published: 3 July, 2026

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