Malaysia already commands a significant share of global bunker demand. File Image / Pixabay
Interest appears to be growing in the Malaysian bunker market at the start of 2021, with a second company in the space of a week seeking to invest in it.
Straits Inter Logistics is looking to increase its stake in Malaysian bunker supplier Tumpuan Megah, the company said in a stock exchange filing on Monday.
The company currently owns 55% of the smaller firm, and is seeking to buy another 15% for about 11.7 million ringgit ($2.9 million).
The announcement follows last week's news that manufacturing firm Techfast Holdings to take a 35% stake in Malaysian fuel supplier CCK Petroleum and hire five employees for a new petroleum trading division in the country.
The Malaysian bunker market is likely to benefit from growing demand in Southeast Asia this year. Singapore, the world's largest bunkering hub, may become increasingly congested as sales there top 50 million mt/year again, prompting some shipowners to bunker at nearby Malaysian ports instead.