Business

Straits Inter Logistics Q2 2019 net profit up on bunkering developments

Group’s 2019 outlook continues to look positive with completion of acquisitions and new business activities.

Published

7 years ago

August 26, 2019

Admin

Malaysia-listed bunkering firm Straits Inter Logistics (Straits) on Friday (23 August) posted a 166% increase in net profit for the quarter ended 30 June (Q2) of 2019 due to increased business activities.

It recorded net profit of RM 1.8 million in Q2 2019, an increase from net profit of RM 683,000 during Q2 2018.

Revenue during Q2 2019 was RM 125 million, a 183% increase from revenue of RM 44 million during the similar period last year.

Specifically, the company’s oil trading & bunkering services segment posted revenue of RM 124 million in Q2 2019.

“In line with the Group’s plan to build its sustainable revenue stream consisting of oil bunkering and trading in oil products, it has managed to almost doubled up its revenue for the second quarter of 2019 by RM81.03 million to RM125.22 million, from RM44.20 million achieved in the second quarter of 2018,” it stated.

“The substantial jump in revenue is mainly due to the consolidation of the results of Tumpuan Megah Development Sdn Bhd (Tumpuan Megah).

“For the second quarter of 2019, the revenue increased by RM16.47 million or 15.1% to RM125.22 million, from RM108.76 million achieved in the preceding quarter, as the Company commenced its MFO bunkering and increased its bunkering operation as the monsoon and festive season ended in the first quarter.

“The pick up in the oil and gas industry has also contributed to increase in demand for the bunkering business.”

Straits recently completed a 55.0% equity stake in Tumpuan Megah and 38.0% equity stake in Banle, which comes with a Profit After Tax Guarantee per annum of RM5.00 million and USD 0.83 million respectively for the financial year ending (FYE) 31 December 2019 and 31 December 2020.

“With this expanded Group business infrastructure, the Group is poised to exploit its positive mid-term prospects,” it says.
Straits, through subsidiary Tumpuan Megah, on 26 June entered into a provision of bunkering services agreement with Bintulu Port Sdn Bhd (BPSB) for a contract period of three years commencing from 1 August 2019.

In line with the Group’s business strategy to further expand its bunkering services and supply of marine fuel oil (MFO), Straits on 14 June enlarged its asset base through SMF Begonia Ltd, a wholly-owned subsidiary company of Straits Marine Fuel & Energy Sdn Bhd (SMF) by acquiring a vessel named M.T. Antlia (subsequently renamed to M.T. SMF Begonia) for a purchase consideration of USD 4.70 million.

The company on 23 April 2019, incorporated a 51.0% subsidiary known as Straits Marine Services Pte Ltd (SMS) in Singapore to provide in-house vessel and marine management services to the Group’s fleet of vessels, which was previously outsourced to external parties.

The Board of Directors is of the opinion that it would be more cost efficient and beneficial to set up its own vessel management services division under the direct supervision of its Executive Director, Captain Tony who will oversee and ensure that the vessels overall operations and maintenance cost are effectively managed at a very competitive level.

On 6 May 2019, the Group had entered into a Heads of Agreement (HOA) with Elsa Energy Sdn Bhd (Elsa) to facilitate negotiations and collaborations as well as to explore potential acquisition opportunities between Straits and Elsa.

“With the completion of the above acquisitions and new business activities, the Group’s outlook for 2019 continue to look positive,” it concludes.

Published: 26 August, 2019

Winding up

Singapore: Nan Shan Maritime liquidator issues notice of intended dividend

Creditors will need to produce proofs of debt to liquidator of Nan Shan Maritime by 14 July, according to Government Gazette notice.

Published

12 hours ago

July 1, 2026

Admin

A notice to declare intended dividend of Nan Shan Maritime Pte Ltd to its creditors has been posted on the Government Gazette on Tuesday (30 June).

The following are the details of the notice of intended dividend:

Name of Company : Nan Shan Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701967H
Address of Registered Office : 10 Anson Road, #10-10, International Plaza, Singapore 079903
Last Day for Receiving Proofs : 14 July 2026
Name of Liquidator : Tam Chee Chong
Address : c/o 10 Anson Road, #10-10, International Plaza, Singapore 079903

Photo credit: steve pb from Pixabay
Published: 1 July, 2026

Fuel Testing

VPS strengthens China presence with new Shanghai marine fuel testing facility

Investment in the new testing laboratory comes as marine fuel volumes in Chinese ports continue to grow and customers increasingly demand faster testing and advisory services.

Published

12 hours ago

July 1, 2026

Admin

VPS strengthens China presence with new Shanghai marine fuel testing facility

Marine fuels testing company VPS on Tuesday (1 July) announced the opening of its brand new testing laboratory in Shanghai, China.

The company said this strategic investment strengthens VPS’ global laboratory network and reinforces the company’s commitment to delivering faster, locally-based testing services to customers operating in one of the world’s most important maritime markets.

“Shanghai has emerged as one of the fastest growing marine bunkering hubs and is expected to play a major role in the future supply of both traditional fossil fuels and emerging low-to-zero carbon fuels,” it said in a statement.

“The new Shanghai laboratory will provide comprehensive marine fuel testing services, enabling customers to benefit from further improved turnaround times and enhanced operational decision making.”

The facility will support vessel owners, operators, charterers and fuel suppliers, with rapid, independent analysis and technical expertise, helping stakeholders to manage fuel quality risks, protect assets and maintain regulatory compliance.

Dr. Malcolm Cooper, CEO at VPS, said: “VPS is pleased to announce the opening of our new Shanghai Laboratory, which will provide fuel quality testing for bunker fuels including methanol. China is central to the global shipping industry being the world’s largest shipbuilder, producer of shipping containers and operator of the biggest commercial fleet. Shanghai is therefore the perfect home for our latest laboratory, as VPS is the world’s leading fuel testing company”.

The investment comes as marine fuel volumes in Chinese ports continue to grow and customers increasingly demand faster testing and advisory services. The new facility further enhances the VPS global footprint, which already includes laboratories in Rotterdam, Singapore, Fujairah, Houston and Manchester, supported by an international team of technical experts, sales professionals and customer service specialists.

In addition to supporting conventional marine fuels, the Shanghai laboratory will provide testing and advisory services relevant to the industry’s growing adoption of low-to-zero carbon fuels, assisting customers to navigate emerging fuel quality performance and compliance challenges.

Andrew Morton, VPS MD-AMEA, stated: “The opening of our new laboratory in Shanghai’s Lingang New Area, positions VPS at the heart of one of China’s most important maritime and industrial growth hubs. This investment reflects our confidence in the Chinese maritime market, our commitment to supporting customers closer to where they operate and our belief that Asia will remain at the forefront of shipping’s energy transition.”

The Shanghai laboratory will serve both domestic and international customers operating throughout China and across the wider Asia-Pacific region, supporting ongoing growth in marine fuel testing demand and providing a platform for future expansion of VPS services within the Chinese maritime sector.

Photo credit: VPS
Published: 1 July, 2026

Bunker Fuel

AD Ports Group and IRH Global Trading to advance bunkering at Khalifa Port

Both signed a MoU, outlining potential collaboration in bunkering services to vessels calling at Khalifa Port and the development of alternative bunker fuels such as LNG, biofuels, and methanol.

Published

12 hours ago

July 1, 2026

Admin

AD Ports Group and IRH Global Trading to advance bunkering at Khalifa Port

AD Ports Group on Tuesday (30 June) said it has signed a Memorandum of Understanding (MoU) with IRH Global Trading Ltd. to explore strategic cooperation in bunkering services and alternative marine fuels at Khalifa Port.

The MoU outlines potential collaboration across a range of areas, including the provision of bunkering services to vessels calling at Khalifa Port, the development of alternative fuel solutions such as Liquefied Natural Gas (LNG), biofuels, and methanol, and the exploration of opportunities related to fuel storage infrastructure, terminal facilities, and fuel sampling and testing capabilities.

Saif Al Mazrouei, CEO, Ports Cluster – AD Ports Group, said: “This collaboration reflects our commitment to forging strategic alliances that create long-term, sustainable value.

“By working alongside trusted partners such as IRH, we are enhancing our capabilities and supporting the development of future-ready infrastructure and services that reinforce the UAE’s position as a leading global trade and logistics hub, in line with the vision of our wise leadership.”

Ali Rashed Alrashdi, Group CEO – International Resources Holding, said: “This collaboration with AD Ports Group reflects IRH’s commitment to build strategic partnerships that drive real economic impact.

“As we continue to develop our global energy trading platform, bunkering and alternative marine fuels represent a high-potential area of growth. We see Khalifa Port as an ideal base from which to explore these opportunities, and we look forward to working closely with AD Ports Group to bring them to life.”

Through this collaboration, AD Ports Group and IRH Global Trading aim to further enhance Khalifa Port’s value proposition as a multi-purpose, deep-water port that supports efficient, sustainable, and future-oriented maritime operations.

IRH Global Trading is a global commodities trading firm with interests across the mining and energy value chain and plans to build a diversified global minerals and energy trading platform, including LNG, Liquefied Petroleum Gas (LPG), crude oil, and petroleum products.

Photo credit: AD Ports Group
Published: 1 July, 2026