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Straits Inter Logistics IMO 2020 strategies contribute 141.2% jump in revenue for Q1

‘The expansion in revenue was attributable to more bunkering jobs being secured to provide LSFO as a result of the IMO 2020 sulphur cap effective 1 January,’ it said.
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Malaysia-listed Straits Inter Logistics Berhad (SIL), principally engaged in oil trading, bunkering and investment holding activities, on Thursday (25 June) posted its revenue for current quarter (Q1 2020) increased by 141.2% compared to a similar quarter in 2019. 

The total revenue for Q1 2020 was RM 262.4 million (USD 61.3 million), marking a RM 153.63 million (USD 35.9 million) jump from RM108.8 million (USD 25.4 million) in Q1 2019. 

The company recorded net profit of RM 1.02 million in Q1 2020, a decrease of 24.5% as compared to RM 1.36 million of Q1 2019.

Profit before tax (PBT) in the first quarter was RM 1.8 million, down 31.2% against RM 2.6 million in Q1 2019.

“The expansion in revenue was attributable to more bunkering jobs being secured to provide Low Sulphur Fuel Oil (LSFO) as a result of the IMO 2020 sulphur cap effective 1 January, 2020,” explained SIL.

“The decrease in PBT was due to loss of RM0.7 million incurred in the Inland Transportation & Logistics segment and an initial start up cost of RM0.5 million in the Port Management segment. 

“However, a 26% improvement in its share of profits from its associate company had contributed a profit of RM0.4 million to partially offset these losses.”

Apart from the sulphur cap, the group also attributed the increase in revenue to  the commencement of bunkering services by the newly acquired vessel, M.T. SMF Ixora.

The group’s strategy from the previous quarter to increase revenue and diversify revenue streams has proved effective but narrowing bunker price spreads in Q1 2020 has affected profit margins. 

“Although the majority portion of the Group’s activities are considered as essential operations, the COVID-19 pandemic may possibly have financial implications to the Group,” it added.

“Nonetheless, the Board of Directors of the Company are closely monitoring the impact of this pandemic on the Group’s result and to ensure appropriate risk mitigating measures are undertaken to preserve value and protect shareholders’ interests.”

Related: Straits Inter Logistics concludes FY 2019 with ‘commendable performance’, says Chairman
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
Published: 28 June, 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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