The launching ceremony was in conjunction with the company’s name and logo change, which is intended to symbolise the company’s positioning as a forward-looking and fast-growing company that denotes continuity and ability to change to suit varying challenges.
Straits executive director Datuk Seri Ho Kam Choy who chaired the brand identity launch said: “Moving forward, Straits is positioning itself as a major Marine Logistics company in the provision of premium oil bunkering services to marine and cargo bulk transporters, oil and gas vessels, FPSO vessels, cruise ships and ferries.
“It is currently involved in offshore oil trading and is expected to commence oil bunkering services by early fourth quarter 2017 with the acquisition of its first two vessels.”
Ho said the oil bunkering industry is very promising, as it is a niche market, and Straits stands ready to exploit the opportunities in this Maritime industry that is enjoying rapid growth.
“According to an independent market research report by Smith Zander, the consumption of residual fuel oil for bunkering doubled from 420 barrels daily in 2010 to 985 barrels daily in 2012, and subsequently to an estimated 1,600 barrels daily in 2016, registering a CAGR of 25% between 2010 and 2016. It is anticipated that the consumption will reach an estimated 1,800 barrels daily in 2017,” he added.
Besides bunkering services, Straits is also engaged in the trading and supply of oil products such as marine gas oil to be supplied to ships anchored off the ports water, for their own use.
After the acquisition of the two vessels, Straits’ priority is to focus on oil bunkering operations in Pasir Gudang Port, Johor, and looking to expand to Kemaman, Kuantan and Labuan Port and secure more customers comprising other organisations in other industries which operate vessels such as cargo vessels, cruise ships and ferries as well as naval vessels.
“The maritime industry plays a pivotal role in facilitating Malaysia’s growing trade, leading to it being ranked among the world’s major trading nations, and it is our intention to provide a crucial support to Malaysia maritime infrastructure and transportation,” Ho said.
Did you find this article insightful?