KUALA LUMPUR (Aug 9): Ace Market-listed Straits Inter Logistics Bhd, formerly known as Raya International Bhd, expects to start its oil bunkering services by the early fourth quarter of this year following the acquisition of its first two vessels for RM6 million.

“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, floating, production, storage and offshore (FPSO) vessels, cruise ships and ferries,” said Datuk Sri Ho Kam Choy, Straits executive director, said in a press statement issued after the launch of the brand’s new identity today.

Straits’ priority will be its oil bunkering operations in Pasir Gudang Port, Johor, although it is also looking to expand to Kemaman, Kuantan, and Labuan Port, according to the statement.

Besides bunkering services, Straits is also engaged in the trading and supply of oil products such as marine gas oil (MGO), to be supplied to ships anchored off the ports, for their own use, it said.

In November last year, the group announced the acquisition of the ‘Sturgeon’ vessel from Sturgeon Asia Ltd for RM3.2 million, and ‘Straits 1’ vessel from Straits Holdings Ltd for RM2.8 million.

The company had, in June, diversified its principal activity to include bunkering services to ships and other sea-faring vessels, and ownership of related assets for its bunkering businesses.

Straits' shares climbed 1.5 sen or 7.5% today to settle at 21.5 sen, after some 6.74 million shares were done, giving it a market capitalisation of RM56.11 million. Year to date, the stock has gained about 60%.