Asia/Pacific News
135% 2022 Bunker Earnings Gain for Malaysia's Straits Energy Resources
Wednesday May 10, 2023
Malaysian marine fuel supplier Straits Energy Resources saw its earnings from bunkering and oil trading more than double last year.
The firm saw pre-tax profit from its oil trading and bunkering division of 18.14 million ringgit ($4.07 million) last year, it said this week, up from 7.69 million ringgit in 2021. Revenue from the division gained 139.4% on the year to 3.12 billion ringgit.
"The significant revenue increase in the Oil Bunkering and Shipping Related Services segment was driven by a higher demand in both the marine gas oil and very low sulphur fuel oil from international shipping liners and new market expansion, backed by an overall increase in the global oil prices," the company said in the statement.
