Asia/Pacific News
NewOcean Marks Bunker Business Increase in 2016
NewOcean Energy Holdings Limited (NewOcean) Tuesday, in its financial results for the 2016 year, says it saw a "significant" increase in its direct bunkering fuel sales volumes during the year compared to 2015.
"The addition of several second handed bunkering ships helped meeting the increasing demand in marine bunkering services," explained the company.
"In addition, a large batch of oil products/ chemical products from overseas were purchased, so as to conduct the marine and land wholesaling businesses via the oil storage depot located in the Pearl River Delta Region. During such period, we had successfully expanded the oil products business from Guangdong to Fujian to realise the significant growth in the oil products business."
Overall, NewOcean's total profit for the year attributable to the company's owners from operations decreased by 0.96 percent year on year, falling to HK$749 million ($96.44 million).
NewOcean says that during the 2016 year, it achieved an oil products sales volume of approximately 1,515,200 tonnes in Hong Kong - a figure noted to mark a 50.77 percent year on year increase, up from 1,005,000 tonnes in 2015.
