The company is based in Malaysia. File Image / Pixabay
Malaysia's Straits Inter Logistics saw profits from its oil trading and bunkering unit almost halve last year.
The company reported oil trading and bunkering profit of $7.612 million for 2020 in an exchange filing on Friday, down by 48% from its 2019 profit of $14.69 million. For the fourth quarter the division posted a profit of $2.708 million, down by 31% from the same period a year earlier.
The firm attributed its drop in revenues to "the continuous slowdown in the shipping industry following the global lockdown in the early part of the current financial year caused by the COVID-19 pandemic."
Earlier this month Singapore-based investment company Avarga Investment bought a 10% stake in Straits Inter Logistics.