Category: Marine & Offshore

Pacific Green Confirms Its Intent to Acquire Tupa Energy Limited Owned Sheaf Energy Limited, a 249 MW Battery Energy Storage Development in the UK

Pacific Green Energy Storage (UK) Limited (PGES(UK)), a wholly-owned subsidiary of Pacific Green Technologies, Inc. (the Company or PGTK, (OTCQB:PGTK)), announces that under the terms of its framework agreement (the Agreement) with Tupa Energy Limited (Tupa), it has confirmed its intent to acquire Sheaf Energy Limited (“SEL”), a Kent, England-based 249 MW battery energy storage system (“BESS”) development wholly-owned by Tupa.

Following the 99.8 MW Richborough Energy Park Limited BESS development that PGES(UK) acquired earlier this year, the 249 MW SEL BESS development is the next phase of the 1,100 MW BESS Agreement that PGES(UK) entered into with Tupa in March 2021. PGES(UK) and Tupa continue to build on the success of the initial developments, with the balance of the 750 MW expected to be operational in 2025.

PGES(UK) will continue to combine the comprehensive knowledge of the UK energy storage market and technical expertise of wholly-owned BESS design and integration specialist, Pacific Green Innoergy Technologies Limited, along with Shanghai Electric Gotion New Energy Technology Co., Limited’s (“SEG”) state-of-the-art 10 GWh per annum battery production capacity, to deliver high-quality developments at an industry-leading scale.

About Pacific Green Technologies, Inc.
Pacific Green Technologies Inc. is focused on addressing the world’s need for cleaner and more sustainable energy. The Company offers Battery Energy Storage System (BESS), CSP and PV energy solutions to complement its marine environmental technologies and emissions control divisions. For more information, visit PGTK’s website: www.pacificgreentechnologies.com

About SEG
SEG is a joint-venture between Shanghai Electric Group Co., Ltd. (“Shanghai Electric”) and Guoxuan High-tech Co., Ltd., and operates among the largest and most advanced production and supply-chain management centers in the world. Shanghai Electric (SHA: 601727), which has 70,000 employees and over US$20billion in operating revenue, provides a strong industrial backing and decades of experience in power equipment manufacturing and integration.

Notice Regarding Forward-Looking Statements:
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the ongoing effects of the pandemic on delays and orders regarding Pacific Green’s emission control system, potential business developments in the UK and future interest in our solar and desalination technologies.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the framework agreement with SEG, delivering the projects with Tupa and the ongoing impact of the COVID-19 pandemic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:
Scott Poulter, Chairman & CEO
Pacific Green Technologies
T: +1 (302) 601-4659

SOURCE: Pacific Green Technologies, Inc.

Pacific Green Signs Offer for Debt Finance for Its First Battery Energy Storage Development at Richborough Energy Park

Pacific Green Technologies, Inc. (the Company or PGTK, (OTCQB: PGTK)) announces that it has signed an offer letter from Close Leasing Limited (CLL), wherein CLL will provide debt financing of GBP23 million (US$31.6 million) for the construction of a 99.8 MW battery energy storage system (“BESS”) the Company is developing in Kent, England.

The BESS development, which is located at Richborough Energy Park, will be developed through the Company’s wholly-owned subsidiary, Pacific Green Energy Storage (UK) Limited. The financing, which is subject to final due diligence, is expected to reach Financial Close in Q4 2021. Energization of the energy storage park is on schedule for 2022.

Scott Poulter, PGTK’s Chief Executive commented: “We are very proud to be working with Close Brothers, following numerous offers from very competitive financiers, our decision was based upon the combination of Close Brothers’ flexibility along with their previous experience financing renewable energy projects of a similar size. We are excited to work with Close Brothers on the first project in our pipeline of 1.1GW and look forward to progressing this initial project into the construction phase and operation.”

James Sutcliffe, Managing Director of Close Brothers Leasing’s Energy team, commented: “The battery storage sector is experiencing significant growth and is playing an important part in our strategy of expanding our renewable energy portfolio. We are delighted to be involved in this project and are really looking forward to working with Pacific Green through the various phases to completion.”

CLL is a market leader in providing specialist, structured finance solutions ranging in value from GBP250,000 to GBP50 million, particularly working with select, strategic partners to offer finance solutions in the renewable energy sector. CLL is part of Close Brothers Group plc.(“CBG”).

About Pacific Green Technologies, Inc.
Pacific Green Technologies Inc. is focused on addressing the world’s need for cleaner and more sustainable energy. The Company offers Battery Energy Storage System (BESS), CSP and PV energy solutions to complement its marine environmental technologies and emissions control divisions. For more information, visit PGTK’s website: www.pacificgreentechnologies.com

About CBG
CBG is a leading UK merchant banking group, providing lending, deposit taking, wealth management services and securities trading. CBG employs over 3,700 people, principally in the UK. CBG is listed on the London Stock Exchange (LON: CBG) and is a member of the FTSE 250.

Notice Regarding Forward-Looking Statements:
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the ongoing effects of the pandemic on delays and orders regarding Pacific Green’s emission control system, potential business developments in the UK and future interest in our solar and desalination technologies.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the financing offer from CLL, and the ongoing impact of the COVID-19 pandemic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:
Scott Poulter, Chairman & CEO
Pacific Green Technologies
T: +1 (302) 601-4659

SOURCE: Pacific Green Technologies, Inc.

Mooring Solutions Specialist Mooreast Asia Acquires Significantly Larger New Singapore Facility as it Prepares to Expand into Mooring Systems for Floating Wind Farms

Mooreast’s upgraded water-front facility at 51 Shipyard Road

Mooring solutions specialist Mooreast Asia Pte. Ltd. (Mooreast) said today that it has completed the acquisition of an upgraded water-front facility in Singapore that will more than double its capacity as it embarks on its strategic shift towards offshore renewable energy, particularly floating wind farms.

Mooreast’s upgraded water-front facility at 51 Shipyard Road

The new facility at 51 Shipyard Road has a usable floor space of 323,000 sqft (30,000 sqm), compared to 129,000 sqft (12,000 sqm) at its previous facility at 14 Benoi Sector. It includes three main buildings which were erected by the previous owner before it went into receivership. With minimal outlay, Mooreast is now able to use the facility for components fabrication, warehousing and office functions.

Mooreast recently acquired the yard in southwest Singapore for S$18.5 million and expects to increase utilisation from 2,000 to 5,000 metric tons of steel throughput per year by 2023.

The acquisition is a major part of Mooreast’s strategy to leverage on its track record and capabilities in the offshore oil and gas and marine sectors and transition to mooring and rigging products and solutions for the offshore renewable energy sector.

Offshore floating platforms to capture wind, tidal or solar energy require mooring and rigging systems to anchor safely to the seabed. Such floating platforms are increasingly preferred to fixed-bottom structures that are confined to very shallow waters and may potentially harm marine life.

Mooreast designs and fabricates mooring products such as specialised anchors and chain stoppers. It also offers related engineering, installation and commissioning services.

Amid concerns of climate change, floating wind farms are reaching a tipping point towards commercialisation worldwide. The total global floating wind market is estimated at around US$100 billion for the next 10-15 years. Mooreast sees the addressable market for mooring solutions of about US$15 billion (15% of total) as a major opportunity.

Mr Sim Koon Lam, founder and Managing Director of Mooreast, said “The new facility at 51 Shipyard Road will allow us to expand our capacity significantly and is critical for our forward strategy to position ourselves as a global leader in designing and producing total mooring solutions for the offshore renewable energy sector.”

About Mooreast Asia Pte. Ltd.

Formed in 2010, Mooreast Asia Pte. Ltd. is founded by its current Managing Director and sole shareholder, Mr Sim Koon Lam. It has over 30 years of experience in the offshore oil & gas and marine sectors. In recent years, it has been transforming itself to focus on the provision of total mooring solutions for the floating renewable energy sector.

Its solutions include design, engineering, fabrication, supply, installation and commissioning of mooring systems for floating offshore wind farms or floating solar farms. Having successfully participated in developmental and prototype projects for six floating offshore wind turbines in Japan and one in Europe, Mooreast is recognised as a global leader of such specialised solutions for the renewable energy sector.

Floating offshore wind farms usually comprise turbines and large rotating blades mounted on floating platforms which are secured by a range of Mooreast products such as subsea foundations, chain stoppers, anchor chains, specialized steel and synthetic ropes. Included in the total mooring solution offered by Mooreast are technical and engineering capabilities such as geophysical, bathymetric and metocean analyses.

Media & Investor Contact Information
WeR1 Consultants Pte Ltd
1 Raffles Place
02-01, One Raffles Place Mall
Suite 332 Singapore 048616
Tel: +65 6721 7161
Isaac Tang, mooreast@wer1.net

Wintermar Plans to Reposition Company for Growth

  • WINS’ management repositioning Company for expansion, through fleet restructuring and refocusing on future growth areas.

In the Public Expose on 25th August 2021, PT Wintermar Offshore Marine Tbk (WINS:JK) Managing Director Sugiman Layanto affirmed the positive outlook for the Company, as higher oil prices have initiated a new investment cycle for Offshore oilfield development.

The Company’s Annual General Meeting of Shareholders (AGM) on 19th August 2021 approved the issuance of up to 415 million shares without pre-emptive rights, of which 400 million are to be issued at any time within the next 24 months, which together with the Company’s lowered net gearing of 29% lays the foundation for setting a new direction of growth.

Summarizing the results for the first half this year, Finance Director Janto Lili said that the downsizing of fleet and cost efficiency measures had turned the Company around, from a gross loss last year to a gross profit of US$3.3 million in the first 6 months of 2021.

In his review of the business outlook, Managing Director Sugiman Layanto gave a four-point strategy for growth: 1) To focus on a streamlined and efficient fleet, 2) To continue to improve operational efficiency to keep a low cost base, 3) Positioning for future growth areas like new assets and venturing into renewable energy, and lastly 4) to integrate sustainability into business planning.

The positive industry prospects supported by higher oil prices has resulted in a higher demand for OSVs. With net gearing reduced to 29% currently and access to funding with the approval of share issuance, Wintermar is now ready to start investing again.

As at end of June 2021, the Company’s Contracts on hand amounted to US$69 million.

About Wintermar Offshore Marine Group
Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by an experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd’s Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel +62-21 530 5201 Ext 401
Email: investor_relations@wintermar.com

Wintermar Shareholders Approve New Share Issuance for Future Growth

  • WINS’ independent shareholders approve new issuance of up to 415 million shares without pre-emptive rights to enable the Company to invest amidst better industry conditions.

PT Wintermar Offshore Marine Tbk (WINS:JK) held its Annual General Meeting of Shareholders (AGM) on 19th August 2021, attended by a quorum of more than 84% of shareholders.

This was the first time the Company conducted a hybrid AGM, utilizing the new eASY.KSEI platform for virtual AGM, which also provided an electronic system for shareholders to register their votes. The meeting also met the quorum of attendance by a majority of independent shareholders, which was necessary for the approval of the share issuance without pre-emptive rights, according to OJK regulations.

All agenda items were approved, including the issuance of 415 million shares without pre-emptive rights, in which only independent shareholders were allowed to vote.

Apart from receiving and approving the Annual Report for FY2020, the Meeting also approved the appointment of Mr Sim Idrus Munandar as an Independent Commissioner. Mr Sim holds several positions as Commissioner and Independent Director in listed companies on the IDX and Singapore Stock Exchange. At the meeting, Mr Johnson Williang Sutjipto, who has been a Commissioner since Wintermar was listed on the Indonesian Stock Exchange in 2010, stepped down from his position. Mr Sugiman Layanto, Managing Director, thanked Mr Johnson W. Sutjipto for his very significant contribution to Wintermar Group, especially for his wisdom and guidance in steering the Company through the challenging period of the past few years.

During the AGM, Finance Director Janto Lili reported on the results for FY2020 where the Company made a gross profit despite being affected by postponement and cancellation of contracts due to the COVID-19 pandemic.

Looking forward, Managing Director Sugiman Layanto outlined the positive business outlook for the offshore support vessel industry now that the oil price has recovered to above US$70 per barrel and several large oil and gas projects are planned for the next few years in Asia, with Indonesia’s SKK Migas also setting an ambitious production target to reach 1 million barrels per day of oil equivalent by 2030.

With gearing below 30% by end June 2021, after streamlining the fleet and reducing overhead costs, Wintermar is now ready to start investing again. Management has been pursuing several potential opportunities to invest in assets to grow the profitability of the Company and the new share issuance provides access to funding when needed.

As at end of June 2021, the Company’s Contracts on hand amounted to US$69 million.

About Wintermar Offshore Marine Group
Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by an experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd’s Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel: +62-21 530 5201 Ext 401
Email: investor_relations@wintermar.com

Wintermar Offshore (WINS:JK) Reports 1H2021 Results

Wintermar Offshore Marine (WINS:JK) has announced results for 1H2021, achieving a gross profit of US$3.3 million for 1H2021, compared to gross loss of US$0.66 million for the same period last year, with fleet utilization recovering to 63%.

Utilization improved from 61% in 1Q2021 to 63% in 2Q2021 as oil prices climbed, bringing total revenue for 1H2021 to US$20.1 million, just 8% lower than 1H2020. Due to the cost control measures and streamlining of fleet carried out, total direct costs reduced by 26% thus producing a gross profit of US$3.3 million for 1H2021.

–Owned Vessel Division
Owned Vessel Revenue declined slightly by 3%YOY to US$16.7 million in 1H2021, but total direct costs for the division for 1H2021 fell sharply by 25% to US$14 million, thereby contributing US$2.7 million of Owned Vessel gross profit. The cost reduction was mainly due to the sale of vessels and a reorganization of the vessel management structure to reduce overheads.

–Chartering and Other Services
Although chartering revenue fell by 27% YOY to US$2.6 million for 1H2021, the Division still recorded a gross profit of US$0.36 million, up 22% YOY. Gross profit from other services fell by 32% YOY to US$0.22 million.

–Indirect Expenses and Operating Loss
Indirect expenses fell by 14% in 1H2021 to US$1.2 million compared to 1H2020, largely due to a 10% YOY drop in staff salary to US$1.8 million, as the number of employees declined as a result of a smaller fleet and cost efficiency measures. Office Utilities fell by 33% YOY as the Company implemented Work from Home for most of the past few months to reduce mobility in the pandemic. As tendering activity picked up, marketing costs in 1H2021 rose by 140% YOY to US$0.15 million.

The Company booked an operating profit of US$0.7 million for 1H2021, compared to a loss of US$3.7 million in 1H2020, reflecting a marked improvement in the industry environment this year.

–Other Income, Expenses and Net Attributable profit
Interest expenses were 37% lower in 1H2021 to US$1.2 million as the Company has continued to pay down debt. Associated companies turned in a very small loss, but there was a gain of US$1 million from the sale of vessels. Profit before tax for 1H2021 amounted to US$0.35 million compared to a loss of US$4.2 million in 1H2020.

Net income before tax for 1H2021 was US$0.35 million, compared to a loss of US$4.2 million in 1H2021. After tax and minorities, the net loss attributable to Shareholders amounted to US$0.56 million compared to US$4.0 million loss attributable to shareholders in 1H2020.

EBITDA for 1H2021 also rose by 11% YOY to US$7.4 million.

–Oil & Gas Industry
Since the beginning of 2021, the oil price has consistently trended up, providing strong support for the offshore industry. Although the delta variant of the coronavirus has presented challenges for many countries, the rising vaccination rates around the world have also brought mobility. The gradual opening up of economies again has added to the demand for oil and gas, prompting offshore oil and gas projects to commence, with some energy industry experts are projecting a shortage of supply coming up due to the declining productivity of existing oilfields.

–Offshore Vessels
Since early 2021 there has been a rising trend for offshore activity, with more tenders being issued. This can be seen in higher utilization rates and charter rates in most offshore vessel segments.

Most vessel operators are seeing better utilization as a result. However, the delta variant which has spread globally has caused some disruptions to operations, as COVID19 infections suddenly spiked in June and July. Although this will have a short term impact on vessel utilization, the longer term outlook still remains more positive.

–Strategy and Outlook
In recent months, there has been an increase in new proposals as the outlook for offshore vessels continues to look more favourable for the years ahead. Offshore Wind is an industry which is expected to see a sharp rise in investment, with Taiwan leading the Asian investments in this new field.

The Company is considering several proposals at the moment and is planning to start investment in new assets to grow the business. One of the strategies is to continue selling some vessels and keep a more focused fleet, while managing the gearing and cash flow.

The Company has proposed an issuance of non pre-emptive shares to be approved at the upcoming AGM on 19th August 2021, to provide the flexibility to raise some equity should the opportunity to invest arise.

In addition, the Company continues to build up ship management capability through investment into software and digitization of processes to provide more cost efficiency and better controls. With these capabilities, the Company will be able to grow the third party ship management business to provide more fee based income without heavy capital investment.

Contracts on hand as at end July 2021 totalled US$69 million.

About Wintermar Offshore Marine Group
Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by an experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd’s Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel +62-21 530 5201 Ext 401
Email: investor_relations@wintermar.com

Newly-formed Labuan Economic Sector Coalition urges federal gov to begin dialogue to formulate fair SOP

The newly-formed Labuan Economic Sector Coalition (the Coalition) which comprises of various associations and business organizations released a press statement to express its grave concerns on the prospects facing Labuan due to unfair application of new SOP requirements, which are causing shipping firms and related major economic sectors to slow down or completely halt their activities on the island. This is despite the fact that Labuan is first among territories and states in Malaysia to have fully-vaccinated over 80% of its population and achieved herd immunity.

Labuan
Ts Daniel Doughty

The Labuan Economic Sector Coalition Members comprises of various associations and business organizations including Labuan Freight Forwarder Association, Sabah Shipping Agent Association, Malaysia Offshore Support Vessels Owners Association (MOSVA), Malaysia Shipowners’ Association (MASA), Petronas, Labuan Shipyard & Engineering, Megah Port Management, Asian Supply Base, Sabah Flour & Feed Mills and Antara Steel.

The Coalition’s lead facilitator Ts Daniel Doughty said that import and export difficulties in Labuan started on July 16 when all visiting local and foreign ships were required to stay in quarantine for a minimum of 14 days to a maximum of 21 days. Merchant ships have shown reluctance to visit Labuan to avoid paying substantial charges triggered by a prolonged stay at the port due to the quarantine rule. The new SOP has also disrupted the supply chain security for more than 3 weeks despite marine transportation being included in the essential services by Majlis Keselamatan Negara (MKN). As a result, parts and machinery supplies as well as oil and gas production are affected, while ship yards are burdened with losses of contracts and delay penalties.

Appeals to the District Disaster Management Committee (JPBD Labuan) and Federal Territory Ministry by various parties here have been left unresolved, and shipping SOP requirements that were updated have not been favourable despite Labuan successfully moving on to Phase 3 of the National Recovery Plan due to its splendid record in managing Covid-19.

“All of this disappointment and frustration can be easily solved if JPBD Labuan is willing to have a dialogue with the stakeholders and formulate a winning SOP for all parties, and also recognize that we cannot expect to have an SOP to fit all types of business operations. It does not work and the impact in the long run, is towards the Labuan community and not just the businesses,” commented Ts Daniel.

MOSVA President Mohamed Safwan Othman said that there are on average 10 to 15 offshore support vessels (OSVs) loading essential supplies for 7000+ personnel working at offshore platforms and rigs. He explained, “With SOP phase-3, these vessels are subjected to 7-day quarantines and crews have to undergo RT-PCR test after every completed trip. One round trip which takes 1 to 3 days, involves zero contact with personnel at jetties and platforms/rigs. Therefore, these vessels which perform supply run dedicated for the oil and gas industry should be exempted from repeated quarantine and RT-PCR tests. Before signing on, each crew has already completed a 14-day quarantine with 2 swab tests thus they should be safe in their respective green bubbles. These phase-3 SOPs are a significant interruption to the supply runs and consequently the national oil production.”

Notably, a representative from MASA Mr James Ong pointed out that Port Klang was not subject to similarly applied SOP requirements, despite being located in Selangor which is still in Phase 1 of the National Recovery Plan. He said, “The stringent SOPs currently in place would have been necessary when Labuan was still deep in the pandemic two to three months ago. However, Labuan’s situation has greatly improved thus the introduction of these SOPs are outdated.”

Coalition Member, Megah Port Management managing director Tan Sri Mohd Bakri Mohd Zinin echoed MASA’s dismay on the discrimination against Labuan and warned that if the government did not take action quickly, the oil and gas sector here could come to a grinding halt.

“Vessels with Labuan-consigned containers have shown reluctance to make a stop at Labuan and have chosen instead to discharge their cargo at the nearest ports such as Sandakan and Kota Kinabalu. There, they are able to get port health clearance to dock without quarantine as well. Some shipping firms have even decided to halt their activities here because of the unfair Labuan condition.

It is ironic that hundreds of lorries and drivers can enter the island from Sabah (human contact) each day while ships with far less crews (with no human contact) are restricted and forced to quarantine,” said Mohd Bakri.

He added that the situation is worrying because at the end of the day, the problems of shortages and rising costs of imports would trickle down to the consumers in Labuan.

The Coalition has formally requested a dialogue session with the relevant authorities and has expressed their willingness to be proactive and help shape up a winning SOP. At the time of the announcement, they have yet to receive a response.

An emergency online meeting was held yesterday among the Coalition Members to formulate a consensus on the way forward, and most importantly to begin documenting the past and future impacts due to the unconsulted, rigid SOPs that was created by the authority.

“The shipping industry and O&G sector is presently the most significant pillar of the local economy, as this is the main source of income and livelihood for most of the people in Labuan while the tourism sector is still inactive. We urge the federal government and relevant authorities to address and solve this matter immediately, before it inevitably deals a severe blow to many other essential sectors in a chain effect,” concluded the Coalition’s lead facilitator Ts Daniel.

Straits receives approval from Marine Department to commence operation for Asia’s Largest STS Energy Transhipment Hub in Labuan

Straits Inter Logistics Berhad (Straits or Company), a Bursa Malaysia Listed Company, announced today that Victoria STS (Labuan) Sdn Bhd (Victoria STS) had received approval from Marine Department Malaysia on 30 July 2021 to commence operations to develop an integrated offshore Ship-to-Ship Transhipment Hub.

The Company has mobilized its resources and infrastructure in preparation to commence operation of the STS Transhipment Hub in the coming fourth quarter 2021.

Victoria STS is a 70% owned subsidiary of Fajar Maritime and Logistics Sdn Bhd, which in turn is a 60% owned subsidiary of Straits.

Concurrently, Victoria STS has also on 30 July 2021 received approval from Marine Department Malaysia on the Marine Risk Assessment (“MRA”) in accordance with the terms of reference of MRA. The assessment was done as part of the requirements to be complied before 8 January 2022 to develop an integrated offshore Ship-to-Ship (“STS”) Energy Transhipment Hub within the port limits of Victoria Bay.

The Company expects to commence and complete the development of the STS Energy Transhipment Hub which includes setting up the key facilities and equipment such as tugboats, pneumatic fenders, LNG cryogenic equipment and single point mooring system by the fourth quarter of 2021.

Marine Department Malaysia had on 12 July 2021 granted the approval for the Company to develop the STS as announced to Bursa Malaysia.

The STS hub will be Straits’ flagship energy project which will be located within the port limits of Victoria Bay deep water area spanning a vast 3309 hectares supporting an initial six (6) STS berths with safe water depths of up to 30 meters. The development will advance the introduction of state-of-the-art multi-functional energy transhipment facilities that will be able to accommodate LNG carriers up to the size of a Q-Max and Very Large Crude Carriers (VLCC).

Victoria Bay is strategically located along international shipping and energy trade routes. Straits’ plan to develop the STS Hub is set to be one of the largest offshore LNG and LPG energy transhipment hubs in Asia. The STS hub is also strategically located within the vicinity of Labuan Liberty Port which is managed and operated by Megah Port Management Sdn Bhd (“MPM’), a 51% owned subsidiary of Straits.

Commenting on the latest development, Straits Group Managing Director Dato Sri Ron Ho Kam Choy said, “Since our announcement on 12 July 2021 on the STS Transhipment Hub, we have received numerous enquiries from both notable international and local entities that are interested in partnering us to develop this into Asia’s largest STS Transhipment Hub. We are engaged in discussion with many parties in preparation for this project and Straits is gearing to kickstart this within the next few months. The other entities within the Straits Group will also stand to benefit from the business spin-offs of this project.”

Straits Inter Logistics set to develop Asia’s largest STS Energy Transhipment Hub, receives approval from Marine Department Malaysia

Straits Inter Logistics Berhad (Straits), a Bursa Malaysia Listed Company, announced today that it has received approval from Marine Department Malaysia for Victoria STS (Labuan) Sdn Bhd (Victoria STS) to develop an integrated offshore Ship-to-Ship (STS) Energy Transhipment Hub within the port limits of Victoria Bay, Labuan.

Victoria STS is a 70% owned subsidiary of Fajar Maritime and Logistics Sdn Bhd, which in turn is a 60% owned subsidiary of Straits.

The STS hub will be Straits’ energy flagship project which will be located within the port limits of Victoria Bay deep water area spanning a vast 3309 hectares supporting an initial six (6) STS berths with safe water depths of up to 30 meters. The development will advance the introduction of state-of-the-art multi-functional energy transhipment facilities that will be able to accommodate LNG carriers up to the size of a Q-Max and Very Large Crude Carriers (VLCC).

Victoria Bay is strategically located along the international shipping and energy trade routes. Straits’ plan to develop the STS Hub is set to be one of the largest offshore Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG) energy transhipment hubs in Asia. The STS hub is also strategically located within the vicinity of Labuan Liberty Port which is managed and operated by Megah Port Management Sdn Bhd (“MPM’), a 51% owned subsidiary of Straits.

The STS hub will be highly synergistic to Straits’ existing operations, leveraging on Straits’ bunkering and port services.

The first phase of the STS hub will be to develop a modern anchorage-based and Single Point Mooring system infrastructure supporting up to six (6) Deepwater Mooring Berths. The infrastructure will streamline cargo compatibility with LNG, LPG, Liquefied Ethylene Gas (LEG) and Bulk Petroleum and Oil cargoes. The STS hub is slated to commence operation by the 4th Quarter of 2021.

To ensure the success of the STS energy transhipment hub, Victoria STS has joined hands with two key partners, namely MISC Maritime Services Sdn Bhd (“MMS”) and STS Marine Solutions (Bermuda) Ltd (“STSM”) as strategic collaboration partners in the development of the hub. In the earlier planning stage, both MMS and STSM have separately signed Memorandum Of Understanding (MOU) with Victoria STS with a view to facilitate further Definitive Agreements when the STS hub materialised.

MMS is a member of the MISC Group of Companies and it serves as the centre for maritime services in the provision of marine assurance and compliance, port and terminal management and operations, and consultancy services to a range of clients in the energy sector. Incorporated initially in 1992 as PETRONAS Maritime Services Sdn. Bhd. (PMSSB), the company was rebranded as MMS when it became part of the MISC Group in 2015. The principal businesses of the MISC Group comprise energy shipping and its related activities, owning and operating offshore floating solutions, marine repair and conversion, engineering and construction works, integrated marine services, port management and maritime services as well as maritime education and training. MISC is currently one of the largest single owner-operators of LNG carriers in the world and had recently ventured into the emerging sectors of LNG bunkering vessels (LBV), and very large ethane carriers (VLECs).

STSM, which is based in UK, is a world leading ship-to-ship and ship-to-shore service provider with more than 30 years’ experience in crude oil, refined petroleum, LNG and LPG transfers. Their specialised mooring masters deploy their worldwide services across 26 global locations and it offers full operational and technical support for ship to ship/shore operations, terminal management, and project consultancy. Their services comprise LNG STS full-service provision, LNG terminal management, Emergency STS response and planning, STS procedural development and STS equipment procurement.

Commenting on the latest development, Straits Group Managing Director Dato Sri Ron Ho Kam Choy said: “We are certainly very excited on this new STS transhipment hub as it is a landmark milestone for Straits Group. Straits has over the years diligently established its comprehensive infrastructure and widened its customer base and this STS hub will kickstart Straits’ foray into the Sustainable and Alternative Energy space. With this project as a start, Straits aims to be a major player in the Sustainable and Alternative Energy industry in addition to its current fuel bunkering and port operation business.

The STS transfer hub project will connect Labuan into the global energy grid by creating a transhipment infrastructure to access the maritime energy trade network. Our main focus is to collaborate with specialist industry partners like MMS and STSM to establish Victoria Bay Port as a major LNG and LPG energy transhipment hub. We are confident we are able to serve the needs of the major global shipping lines customers with our wide spectrum of energy-related maritime solutions.

On top of that, this STS hub will be a new local economic driver with huge and substantial spillover effect to the local maritime services as well as employment opportunities for both skilled and semi-skilled labour. It will also be a catalyst to other related business in the Malaysia Maritime sector. The Company will be preserving the environment, with plans to establish an articial reef designed for sustainable fishing and to conduct coral conservation and water monitoring programmes to help the reefs of Labuan recover from the past blast and cyanide fishing which has caused fish stocks to deplete rapidly.”

To have a video insight on the operations of the Victoria Labuan STS hub, please click on this link: https://youtu.be/aRdXXYZfFu4

IMC Ventures Partners with PIER71 to Invest and Nurture the Maritime and Supply Chain Ecosystem in Singapore

IMC Ventures (“IMC Ventures”), a Singapore-based venture capital firm focused on investments in the maritime and supply chain industries, is pleased to announce that it has joined PIER71 as a venture capital partner with an objective to invest and nurture the maritime and supply chain ecosystem in Singapore.

With a vision to establish Singapore as a vibrant maritime ecosystem spearheading world-class innovation, the founding partners of PIER71 are Maritime and Port Authority of Singapore (“MPA”) and NUS Enterprise, the entrepreneurial arm of the National University of Singapore (“NUS”).

Bringing together a community of stakeholders who are keen to digitalise and create the next wave of maritime innovation, PIER71 designs and delivers programmes to uncover opportunities within the maritime industry by providing access to markets, demand drivers, technology solution providers, investors and more.

With an aim to create a positive environmental and social impact via investments in the maritime & logistics industries, IMC Ventures was established by IMC Industrial Group (“IMCIG”) to focus on creating sustainable returns and operational synergies between start-ups and IMCIG’s business units by enabling these start-ups to scale through access to its network of customers, infrastructure and resources.

IMC Industrial Group (IMCIG) is a leading integrated industrial company providing logistics, shipping, shipyard management and engineering, procurement, construction (EPC) services to our customers while creating long-term value for our shareholders.

“The ethos of PIER71 is every much aligned with IMC Ventures. We are looking to catalyse the start- up scene in Singapore by not just providing capital to enable these new innovative ventures to scale, but also to value add through synergies with our operating businesses in the maritime and logistic space,” said Mr. James Ong, Investment Committee Member of IMC Ventures.

With this partnership, there are significant opportunities for the start-ups under PIER71 to leverage on IMC Ventures’ in-depth market experience, specialised technical knowledge and vast industry networks to test-bed and deploy their ideas and innovations within the global maritime and supply chain ecosystem.

In addition, IMC Ventures will be exploring investments within PIER71’s network and to initiate more cooperation and collaboration efforts to accelerate the development and adoption of market- disrupting solutions. This will be a boost for more improvements and enhancements within the maritime and supply chain ecosystem as a whole, thereby making a meaningful contribution to the environment and communities as a whole.

Mr. Thomas Ting, Chief Technology Officer, Maritime and Port Authority of Singapore said: “We are heartened by the partnership of like-minded ecosystem players like IMC Ventures with PIER71 and MPA. As we grow Singapore to become a leading hub for marinetech (maritime technology) start- ups, investments from private sector will be key.

In particular, venture capitalists with deep maritime expertise will be highly beneficial to the entire innovation ecosystem. I’m confident that IMC Ventures will bring their deep industry knowledge and networks to help marinetech start-ups commercialise and scale.”

Mr. Ryan Chan, Group Managing Director of IMC Industrial Group added: “IMC Ventures adds value to IMCIG as it allows ownership in ventures that brings value to our business and opens up possible opportunities to collaborate in setting the direction of innovative ideas in start-ups for various new technologies we are exploring. We will offer the capabilities and access to our shipping platform as partners to the right candidates.

With IMC Ventures partnering with MPA and PIER71, we are further building on the close partnership between IMC and MPA, to reaffirm our commitment to the future success and development of Singapore’s maritime hub.”

About IMC Ventures

With an aim to create a positive environmental and social impact via investments in the maritime & logistics industries, IMC Ventures was established by IMC Industrial Group (“IMCIG”) to focus on creating sustainable returns and operational synergies between startups and IMCIG’s business units by enabling these startups scale through access to its network of customers, infrastructure and resources.

IMCIG is part of Singapore-headquartered IMC Pan Asia Alliance Group which is actively invested in a diverse portfolio of investments covering shipping, ports, resources, real estate, investment management and lifestyle industries across the globe. With a business heritage dating back to early 1900s involving shipping and transportation activities, IMC Pan Asia Alliance Group has evolved across the decades and it currently employs more than 9,000 people in 15 countries with major presence in China, Indonesia and Thailand.

Issued on behalf of IMC Ventures by 8PR Asia Pte Ltd.
Media Contact:
Mr. Alex TAN
Mobile: +65 9451 5252
Email: alex.tan@8prasia.com