Wee Tiong Acquires 11 Bunkering Vessels from Former Singapore Supplier Searights

Wee Tiong has acquired 11 bunkering vessels from former Singapore bunker supplier Searights

Wee Tiong (S) Pte Ltd (Wee Tiong) today announced it has acquired 11 bunkering vessels from former Singapore bunker supplier Searights Maritime Services Pte Ltd (Searights).

The move was said to be the result of a "serendipitous meeting of minds" between the two parties in September.

"Leveraging on Wee Tiong's strong cash position and ample line of credit from major financial institutions, the negotiations were able to come to a swift conclusion," said Wee Tiong.

"In November 2016, Wee Tiong had successfully concluded the transfer of Searights' 11 vessels into its fleet, and is currently in the process of deploying the vessels over the next few months."

Singapore-based commodities player Wee Tiong only entered the bunker marker earlier this year, and market rumours in May had incorrectly suggested it was looking to buy Searights.

"Our volte-face on Searights was simply due to our commercial need to expand our fleet to support our business in Port Klang, and being able to add some of the most immaculate Japan built vessels in Singapore to our fleet. Searights' pristine vessels are well-known in the industry, to not only be very well maintained, but more importantly are fully equipped with Mass Flow Meters (MFM) that are fully compliant with MPA's requirements," said Wee Tiong director Mr Tan Wee Beng.

"Moving into 2017, we are already seeing a very strong demand for these vessels, we believe this to be even more so, once the MFM regulatory requirements are implemented this coming January."

The addition of Searight's vessels brings Wee Tiong's fleet to a total of 17 oil tankers under its Marine Fuels division, but the company says its marine fuel strategy remains the same: "The company's goal is to continue bridging relationships with strategic regional partners, and to further strengthen its presence in the marine fuels industry over the long term."

After succumbing to various financial difficulties, former top 20 supplier Searights came off the Maritime and Port Authority of Singapore (MPA)'s list of accredited bunker suppliers in July.