Business

Techfast net profits dive 41% in 2020; positive outlook for bunkering subsidiary

FESB will continue to explore suitable ventures with fleet operators and players in the shipping and logistics industry to secure medium to longer term contracts.

Published

5 years ago

June 1, 2021

Admin

Malaysia-listed investment holding company Techfast Holdings Bhd on Tuesday (1 June) has posted a 40.7% dive in net profit for 2020 due to its main products of fasteners and precision turned parts experiencing lower demand.

It recorded net profit of RM 2,077,000 (US $665,437) in 2020, down from RM 3,505,000 in 2019, according to its latest financial statement.

Revenue from operations in 2020 was RM 33,147,000, down 11% from RM 29,529,000 in 2019.

The company’s cash and cash equivalents had more than doubled (103%) to RM17,728,000 in 2020, from RM 8,729,000 in 2019.

“Due to advancements in the assembly process of computers and televisions, the main products of fasteners and precision turned parts are experiencing lower demand,” said Datuk Nur Jazlan Bin Mohamed, Independent Non-Executive Chairman.

“Orders received are usually in smaller quantities, which had resulted in lower production efficiency and a business that is no longer scalable, as evident by the decreasing profits recorded,” he added.

“In this regard, in order to reduce the cost of maintaining the operations of low profit businesses, the Company had disposed of its 100% equity interest in Oriem Technology Sdn Bhd (Oriem) which was completed on 7 April 2021.”

Datuk Nur Jazlan, who was appointed as Non-Executive Chairman on 12 November 2020, had additional comments about Techfast’s latest oil bunkering and petroleum trading subsidiary Fast Energy Sdn Bhd (FESB).

“After my appointment as Independent Non-Executive Chairman, the group started its diversification into the energy industry. On 2 November 2020, a new wholly-owned subsidiary company, FESB was incorporated and had since secured several contracts for the supply of petroleum products,” he said.

“It will continue to explore suitable ventures with fleet operators and players in the shipping and logistics industry to secure medium to longer term contracts.”

On 24 March 2021, Techfast completed the acquisition of 35% equity interest in CCK Petroleum Sdn Bhd (CCKSB), whose business is trading of marine fuels.

CCKSB has an asset-light business model, established business network of customers and it holds licenses that enable it to provide oil bunkering services at Johor Port, Penang Port and Port Klang.

To date, Techfast had completed two private placements of new shares in the Company. The Company also announced the details of an Employee Share Option Scheme and another corporate exercise to raise more funds which will mainly be directed towards the oil bunkering and petroleum trading business.

Photo credit: Techfast Holdings Bhd
Published: 1 June, 2021

LNG Bunkering

Singapore: Eastern Pacific Shipping hits 700 LNG bunkering milestone

Since commencing LNG bunkering operations in November 2020, the company said it has completed a total LNG bunkering volume of 2,920,191 cubic metres.

Published

9 hours ago

August 18, 2026

Admin

Singapore: Eastern Pacific Shipping hits 700 LNG bunkering milestone

Singapore-based shipping firm Eastern Pacific Shipping (EPS) on Monday (17 August) said the company has successfully completed its 700th LNG bunkering operation, carried out for vehicle carrier Lake Victoria in Emden, Germany.

Since commencing LNG bunkering operations in November 2020, the company said it has completed a total LNG bunkering volume of 2,920,191 cubic metres (m3).

“Reaching 700 LNG bunkering operations reflects not only the scale of our investment in alternative-fuel capabilities, but also the experience, coordination and commitment of our teams at sea and ashore,” EPS said in a social media post.

“As we continue to grow and diversify our fleet, every operation adds to the practical experience needed to support shipping’s energy transition.”

Manifold Times previously reported the company completed a total of 530 LNG bunkering operations with over 2.4 million m3 of LNG bunkered, from the start of recorded data to 31 Dec 2025.

In its 2026 ESG Report, EPS said its fleet is among the largest dual-fuel fleets in the industry, with over 170 vessels designed to operate on alternative fuels.

In 2025, 25% of the fuel consumed by EPS fleet were alternative marine fuels, including LNG, LPG, ethane, and biofuels.

Photo credit: Eastern Pacific Shipping
Published: 18 August, 2026

LNG Bunkering

Yang Ming dual-fuel vessel completes first SIMOPS LNG bunkering operation in Shanghai

“YM Willpower” successfully received around 2,000 mt of LNG alongside active cargo handling, significantly enhancing operational efficiency during the port call.

Published

9 hours ago

August 18, 2026

Admin

Yang Ming dual-fuel vessel completes first SIMOPS LNG bunkering operation in Shanghai

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) on Monday (17 August) said its 15,500 TEU LNG dual-fuel vessel, YM Willpower, successfully completed its first-ever LNG bunkering operation via SIMOPS (Simultaneous Operations) at the Port of Shanghai.

Through close collaboration with Shanghai International Port (Group) and SIPG Energy Shanghai, the vessel successfully received around 2,000 metric tonnes (mt) of LNG alongside active cargo handling, significantly enhancing operational efficiency during the port call.

With LNG dual-fuel technology, the company said it is continuing to expand alternative-fuel bunkering capabilities, enhance operational flexibility and efficiency and advance lower-carbon shipping solutions.

Manifold Times previously reported YM Willpower completing its first bunkering operation in Singapore.

In 2026, Yang Ming will progressively introduce newly built 15,500 TEU class container vessels primarily fueled by liquefied natural gas (LNG) into its operating fleet.

The lead vessel, YM Willpower, completed partial LNG bunkering at the shipyard prior to delivery and was officially deployed on 8 February into Yang Ming’s Far East–Mediterranean MD2 service.

Photo credit: Yang Ming Marine Transport Corporation
Published: 18 August, 2026

Methanol

Fratelli Cosulich launches methanol-ready bunker tanker in China

Designed with MarineLINE-coated cargo tanks and methanol readiness from the outset, “Carlotta Cosulich” combines operational flexibility with future-fuel readiness.

Published

9 hours ago

August 18, 2026

Admin

Fratelli Cosulich launches methanol-ready bunker tanker in China

Genoa-based marine fuel supplier Fratelli Cosulich on Monday (17 August) announced the launch of its new methanol-ready bunker IMO II tanker, Carlotta Cosulich.

The launch of Carlotta Cosulich, the third of four sister vessels, took place at Taizhou Maple Leaf Shipyard in China, bringing together the project team, partners and stakeholders.

Silvia Bordon, General Manager, served as the vessel’s godmother during the ceremony.

“Designed with MarineLINE-coated cargo tanks and methanol readiness from the outset, Carlotta Cosulich combines operational flexibility with future-fuel readiness,” the company said in a statement.

Equipped with a five-tonne cargo crane and dedicated arrangements for Single Point Mooring (SPM) operations further enhances her versatility across a wider range of bunkering operations.

“Following the successful delivery of her two sister vessels, she brings us one step closer to completing this four-vessel programme and reinforces Fratelli Cosulich Group’s commitment to safety, innovation, sustainability and operational excellence,” the company added.

Photo credit: Fratelli Cosulich
Published: 18 August, 2026