Acquisition of shipping firms boosts Sumatec

The Star, 8 Mar 2005

SUMATEC Resources Bhd has enhanced its position in the marine transportation and logistics business with the acquisition of four Miri-based shipping companies for RM50mil. 

The companies – Semado Maritime Sdn Bhd, Semua Shipping Sdn Bhd, Oil Supply Sdn Bhd and Mini Tanker Chartering Sdn Bhd – have a total fleet of six coastal oil tankers that are currently on short- and long-term charter. 

Their projected turnover for last year is in excess of RM40mil and the profits are expected to contribute significantly to Sumatec’s earnings in 2005. 

Sumatec said in a statement yesterday the four companies had more than 20 years of experience in transporting petroleum products such as motor gasoline, diesel and aviation fuels from refineries to terminals. 

Their major customers include Shell Trading Sdn Bhd and ExxonMobil Borneo Sdn Bhd. 

Sumatec intends to tender for Petroliam Nasional Bhd contracts and to add other products such as crude petroleum and liquefied petroleum gas. The acquisition of the shipping companies will enable Sumatec to enter the offshore anchor handling tugboat and supply boat chartering business. – Bernama

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