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Straits Inter Logistics subsidiary acquires oil tanker ‘MT Guo Kang No 1’ for USD 1.6 million

Acquisition to be made by Sierra Pioneer Marine, owned by SIL subsidiary Straits Marine Fuels from Singaporean owned vessel trading company Ocean World Inc.

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Malaysia-listed Straits Inter Logistics Berhad (SIL), principally engaged in oil trading, bunkering and investment holding activities, on Tuesday (16 February) said Sierra Pioneer Marine Ltd (Sierra), has entered into a Memorandum of Agreement (MOA) with Ocean World Inc (Ocean) to acquire a vessel named M.T. Guo Kang No 1.

Sierra is an investment holding company and a 51% owned subsidiary of Straits Marine Fuels & Energy (SMF) which in turn, is a 67% owned subsidiary of SIL.

Ocean World is a Singaporean owned vessel trading company registered in the British Virgin Islands.

The purchase consideration of the transaction is USD 1.6 million (MYR 6.5 million) to be fulfilled entirely by Sierra via cash financed through internally generated funds, it said.

The purchase consideration of USD1,600,000 was arrived at, on a willing-buyer willing-seller basis, after taking into consideration the market value of M.T. Guo Kang No 1 of USD 1.83 million as ascribed by the appointed independent registered valuer, noted SIL.

The purchase consideration represents a discount of approximately 12.56% over the Market Value which the Board of SIL finds to be reasonable.

The company noted the acquisition will enable Sierra to expand the business of SMF especially in the supply of High Sulphur Fuel Oil (HSFO) market to cater the increasing demand of HSFO in Malaysia.

The addition of M.T. Guo Kang No 1 will enlarge the asset base of Straits and its subsidiary companies and would provide the group with added flexibility in respect of its allocation and utilization of vessels in undertaking its business activities.

At present, Tumpuan Megah operates in eight ports around Malaysia, which include Lumut Port, Pasir Gudang Port, Tanjung Pelepas Port, Johor Bahru Port, Kuantan Port, Kemaman Port, Kuala Terengganu Port and Labuan Port, all of which are licensed under Petroleum Development Act 1974 for its bunkering services. It has an enlarged fleet size of 11 vessels with a total carrying capacity of 22 million litres.

The details of the transaction are as follows:

Name of vessel M.T. Guo Kang No.1 
Type  Oil tanker 
International Maritime Organisation (“IMO”) number  9394492
Flag Cook Islands
Place of Registry  Cook Islands
Year of Built 2006
Age 15 Years 
Builder’s name Guangxi Xijiang Shipyard Co. Ltd
Deadweight tonnage  2,169 tonnes
Gross tonnage  1,432 tonnes
Length over all/ Depth/ Breadth (metres) 57.850 / 5.800 / 15.000
Current use Provision of oil bunkering services

 

Related: Straits Inter Logistics plans private placement to increase stake in Tumpuan Megah
Related: Straits Inter Logistics sees 66% decline in net profit; slight recovery in bunker business
Related: Straits Inter Logistics subsidiary SMF Eden acquires “M.T. MO Satu” bunker tanker for USD 4.5 million
Related: Straits Inter Logistics sees 67.8% fall in Q2 2020 profit due to Covid-19 related impact
Related: Straits Inter Logistics subsidiary Beluga Asia acquires bunker tanker to increase service availability
Related: Straits Inter Logistics IMO 2020 strategies contribute 141.2% jump in revenue for Q1


Photo credit: Straits Inter Logistics Berhad
Published: 17 February, 2021

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Alternative Fuels

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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