The potential move into Singapore will allow the company to develop more long term and closer cooperation relations if it can supply to its existing customers the same refuelling service in Southeast Asia and other major Chinese ports, NewOcean said.
“At present we are considering the feasibility to extend our business to Singapore,” the company said in its latest financial results statement.
Back home, NewOcean will continue to improve its warehousing and distribution system in the Pearl River Delta region, and it did not rule out the possibility of acquisition and merger to expedite the establishment of a complete sea and land transportation business chain of oil products.
At end-2014, the group had acquired the entire equity interest of Success Pillar, a compatriot marine bunkering firm in Hong Kong. After the acquisition, NewOcean Energy has been able to improve its business chain of oil products, and allow the business to maintain and sustain growth momentum.
Future plans also include cooperation with China’s Conch Group by deploying a number of filling station points at sea along Pearl River, Beijiang River and Xinjiang River so as to provide exclusive bunkering service to Conch’s vessels.
In the first half, NewOcean Energy procured a total of approximately 546,000 metric tonnes of fuel oil for use in Hong Kong’s marine bunkering, of which 441,000 metric tonnes were high-viscosity bunker fuel and 105,000 metric tonnes were marine diesel.
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