A leader in marine energy solutions, delivering innovation and sustainability to the maritime industry
Industry Impact
Empowering the Maritime Industry with Reliable and Sustainable Solutions.
Milestone
The history of our Group's involvement in the OGSE industry can be traced back to 2016, when its ultimate holding company, Straits Energy Resources Berhad (“Straits”) then known as Raya International Berhad (“RIB”) ventured into the provision of oil bunkering services. Since then, RIB had on June 20, 2017 changed its name to Straits Inter Logistics Berhad and subsequently to its current name, Straits Energy Resources Berhad, on August 19, 2021.
The table below sets out the key events and milestones in the bunkering and oil trading history and development of Straits:
• Straits' subsidiary, Selatan Bunker (M) Sdn. Bhd. entered into a collaboration agreement with Tumpuan Megah Development Sdn. Bhd. ("Tumpuan Megah") to jointly operate oil bunkering services at the Pasir Gudang Port and Tanjung Pelepas Port (in the state of Johor).
• Diversification into oil bunkering and oil trading through Straits' subsidiary, Selatan Bunker (M) Sdn. Bhd.
• Straits established two (2) companies, namely TMD Straits and TMD Sturgeon in Labuan in preparation for the acquisition of Straits' first 2 vessels (i.e., M.T. Sturgeon and M.T. Straits 1).
• Straits acquired the first and second vessels, "M.T. Sturgeon" and "M.T. Straits 1" via its subsidiaries TMD Sturgeon Ltd and TMD Straits Ltd.
• Straits expanded the oil bunkering services to Kemaman Port (in the state of Terengganu), Kuantan Port (in the state of Pahang), and Labuan Port (in the Federal territory of Labuan).
• Tumpuan Megah established six (6) companies in Labuan namely, Cavalla Asia Ltd, Dolphin Asia Ltd, Escolar Asia Ltd, Oscar Asia Ltd, Phoenix Asia Ltd and S3 Asia Ltd.
• Straits acquired 55% equity in Tumpuan Megah, which owned 7 vessels , namely "M.T. Cavalla", "M.T. Dolphin 1", "M.T. Escolar", "M.T. Oscar", "M.T. Omura", "M.T. Phoenix" and "M.T. SMF 3" to expand Straits' existing oil bunkering and oil trading business.
• Straits increased its fleet size to 9 vessels.
• Straits established SMF Marine Fuels & Energy Sdn. Bhd. ("SMF") to acquire and hold the marine fuel oil vessels to expand Straits' bunkering services to include marine fuel oil and very low sulfur fuel oil.
• Straits expanded its oil bunkering services to Tanjung Pelepas Port (in the state of Johor), Johor Bahru Port (in the state of Johor), Kuala Terengganu Port (in the state of Terengganu), and Miri Port (in the state of Sarawak) to service a total of 8 ports.
• Straits expanded its product line from bunkering marine gas oil to include marine fuel oil.
• Straits established Straits Marine Services Pte Ltd (“SMS 1”) in Singapore to provide in-house ship management services for its fleet of vessels.
• SMF established two (2) companies in Labuan, namely SMF Begonia Ltd and SMF Ixora Ltd in preparation for the acquisition of two (2) additional vessels, namely “M.T. SMF Begonia” and “M.T. SMF Ixora” to increase the fleet size to 11 vessels.
• Straits expanded its services to Bintulu Port (in the state of Sarawak) and Lumut Port (in the state of Perak) to service a total of 10 ports.
• With the implementation on all seafaring vessels using low sulfur fuel oil by January 1, 2020 by the IMO under IMO 2020, Tumpuan Megah has further extended its product line to include low sulfur fuel oil.
• Tumpuan Megah established SMF Beluga to acquire additional vessel
• SMF established SMF Omura
• Straits established SMF Eden to acquire additional vessel.
• SMS 1 established Straits Maritime Services Pte. Ltd. (“SMS 2”) in Singapore to provide ship management services to external parties.
• Straits acquired an additional 15% equity interest in Tumpuan Megah. Consequently, Tumpuan Megah became a 70%-owned subsidiary of Straits.
• SMF established Sierra Pioneer Ltd and Katsu Pioneer Ltd to acquire additional vessels.
• SMF Omura Ltd acquired M.T. Omura from Tumpuan Megah.
• Increased the fleet of bunkering vessels to include “M.T. Sierra Pioneer”, “M.T. Katsu Pioneer” and “M.T. Empower” and as such, Tumpuan Megah is operating with a fleet size of 15 bunkering vessels.
• Tumpuan Megah invested 20% in Horizon Shipyard Inter Globe (M) Sdn Bhd.
• Straits acquired our Company as part of the intention of reorganizing its oil bunkering and shipping related services segment through common control transactions for listing on the stock exchange in the United States by way of a registered public offering.
• As part of the common control transactions, Straits acquired 33% equity interest in SMF from Tumpuan Megah. Consequently, SMF became a wholly-owned subsidiary of Straits.
• As part of the common control transactions, our Company acquired 100% equity interest in SMF from Straits.
• Tumpuan Megah has been successfully certified by the ISCC EU as Malaysia first supplier and trader of biofuel. This accomplishment will allow Tumpuan Megah to expand into the marine biofuel trading and bunkering business, in line with the industry's efforts to reduce shipping's carbon footprint.
• Tumpuan Megah acquired 30% equity interest in TMD Marine Fuels Sdn. Bhd.
• As part of the common control transactions, SMF acquired 100% equity interest in TMD Sturgeon Ltd and TMD Straits Ltd from Straits.
• As part of the common control transactions, SMF acquired 51% equity interest in SMS 1 from Straits.
• As part of the common control transactions, SMF acquired 70% equity interest in Tumpuan Megah from Straits.
• As part of the common control transactions, SMF acquired remaining 30% equity interest in Tumpuan Megah from Dato' Mohd Suhaimi Bin Hashim and Mr Yong Sing Goo. Tumpuan Megah became a wholly-owned subsidiary of SMF.
• As part of the common control transactions, SMF acquired remaining 49% equity interest in SMS 1 from Platinum Gate Capital Pte Ltd. SMS 1 became a wholly-owned subsidiary of SMF.
• As part of the reorganization, SMF has acquired 100% equity interest in Cavalla Asia Ltd, Dolphin Asia Ltd, Escolar Asia Ltd, Oscar Asia Ltd, Phoenix Asia Ltd and S3 Asia Ltd from Tumpuan Megah, marking the completion of the restructuring exercise.
Currently, our Group is operating with 15 well-maintained bunkering vessels and is currently providing bunkering services in 19 ports in Malaysia, including Lumut Port, Penang Port, Port Klang, Malacca Port, Linggi Port, Johor Port, Port of Tanjung Pelepas, Tok Bali Port, Kuala Terengganu Port, Dungun Port, Kemaman Port, Kuantan Port, Pulau Tioman Port, Desaru Port, Bintulu Port, Miri Port, Labuan Port, Kota Kinabalu Port and Sapangar Bay Oil Terminal.
Our Company and its subsidiaries are the subsidiaries of Straits under the latter’s bunkering and shipping related services segment. Straits is a Malaysia company whose shares are listed on the ACE Market of Bursa Malaysia (stock code: 0080) and is subject to the ACE Market Listing Requirements issued by Bursa Malaysia which includes but not limited to requirements governing corporate governance and transfer of shares by Straits and its subsidiaries. Certain of these requirements may extend to the subsidiaries of Straits, including our Group. In contemplation of Straits’ intention to reorganize its oil bunkering and shipping related services segment for listing on NYSE American via common control transactions, Straits had on November 21, 2023 acquired our Company to initiate its restructuring exercise which involve the acquisition of oil bunkering, vessels chartering and vessels management subsidiaries from the Straits Group.