Quick take: Straits shares lifted by fuel bunkering service contract

KUALA LUMPUR: STRAITS INTER LOGISTICS BHD added 2.3% on Wednesday after the company secured a fuel bunkering service contract.

The counter added 2.33%, or 0.5 sen to 22 sen with 1.31 million shares done. Straits-WA gained 4.35%, or 0.5 to 12 sen with 591,000 shares exchanged hands.

Straits expects an additional RM60mil worth of business from its new fuel bunkering services agreement signed between its 55% subsidiary Tumpuan Megah Development Sdn Bhd and Lumut Maritime Terminal Sdn Bhd (LMTSB).

LMTSB is the operator of Lumut Port which currently handles some 1,000 vessels of about 80,000 vessels which pass through the Straits of Malacca every year.

Singapore is the world’s largest bunkering hub, with sales of 49.8 million tonnes of fuel in 2018 and most of the ships passing through the Straits of Malacca do their bunkering in the city state.

Source: TheStar