Straits Inter upbeat on better performance
KUALA LUMPUR: Straits Inter Logistics Bhd, an investment holding company, is optimistic of achieving a better performance this year following its plan to diversify its principal activities into oil bunkering services, which is expected to be fully operational in the fourth quarter of this year.
Executive director Datuk Seri Ho Kam Choy said with the completion of the acquisition of two vessels, namely Sturgeon and Straits I, the company would become the only premium supplier of low-sulphur marine gas oil (MGO) in the country.
“The oil bunkering business is a niche segment in marine logistics. We see strong growth potentials supported by high growth in global trade, driven by the e-economy and an increase in needs for marine transportation, as well as increased activities in the upstream oil and gas (O&G) industry.
“These are positive signs which complement our strategy to increase capabilities and footprint in the region,” he said.
Ho said this after the launch of the company’s new corporate logo, here, yesterday.
The bunkering service would take up 90 per cent of group’s business, with the rest being trading and supply of oil products and services such as MGO to be supplied to ships anchored off port waters, he said.
Ho said the company has secured substantial number of clients, mainly the O&G offshore support vessels (OSVs), sustain the bunkering business as the demand was always there.
“Each of our vessel has the capacity to load about 500,000 litres of MGO and one OSV could take up about 200,000 to 300,000 litres, which means six vessels will make one cycle.
“Hence, we are able to control the bunkering service better as we do not need to keep stocks at hand,” said Ho.
He said the investment holding firm would focus on the oil bunkering operations in Pasir Gudang Port (Johor) and would later expand to Kemaman, Kuantan and Labuan.
Ho also said due to Malaysia’s growing trade activities, the group would most likely acquire more vessels next year and venture into the marine fuel oil service in the future.
The oil trading and bunkering services provider, formerly known as Raya International Bhd, was principally involved in the distribution of water filter components to industry buyers and trading in fast-moving consumer goods. Bernama
We see strong growth potentials supported by high growth in global trade, driven by the e-economy and an increase in needs for marine transportation, as well as increased activities in the upstream oil and gas industry.
DATUK SERI HO KAM CHOY Executive director, Straits Inter Logistics