PETALING JAYA: Integrated bunkering solutions provider GF Offshore Sdn Bhd has signed two agreements and a memorandum of understanding with Lumut Maritime Terminal Sdn Bhd, KL Bunkering (M) Sdn Bhd and PM Access World (Malaysia) Sdn Bhd for its first and sole bunkering operations at Lumut Port.
“GF chooses to form smart partnerships, creating an asset-light business model where the shift away from operations means a low gearing that in turn could convert into higher return value. GF aims to be known as a company that is agile, transparent and resourceful in delivering quality products and services that meet our clients’ requirements,” said GF Offshore CEO Datuk Seri Mahendran Chelladorai in a statement.
“Our five-pronged smart partnership approach involves collaboration with various parties who are expert in their respective fields, such as port owner/operator, fuel suppliers, storage providers, logistics specialists and collateral management experts. We are able to form strategic partnerships and provide integrated bunkering solutions as a result of a wide network of suppliers, vendors and service providers in Malaysia and around the region,” he added.
The company expects to capture market share of vessels traversing the Straits of Malacca by promoting Lumut Port as a cheaper and time-saving alternative to Singapore.
“We aim to trade a conservative 1.2 million metric tonnes of fuel annually, and to double the volume within the next two years,” he said.
It also aims to establish the first Floating Storage and Offloading (FSO) operations at Lumut Port in anticipation of an expected high volume demand.