Benalec wins coal transport contract from TNB Fuel
PETALING JAYA: Benalec Sdn Bhd, a wholly-owned subsidiary of Benalec Holdings Bhd (Benalec), bagged a contract from TNB Fuel Services Sdn Bhd (TNB Fuel) for the transportation of bulk coal under a contract of affreightment.
The deal, awarded under tender TNBF 04/25, covers a two-year period from June 6, 2025, to June 5, 2027, with an optional one-year extension subject to mutual agreement.
According to a Bursa filing, Benalec said it will be transporting up to 3.5 million metric tonnes of coal annually, with a flexibility margin of about 20% at the discretion of TNB Fuel.
As for the contract price, freight rates will range from US$4.84 to US$88.75 per metric tonne, depending on voyage routes, of which payments will be settled in ringgit based on Bank Negara's exchange rate on the bill of lading date.
While the contract carries no impact on Benalec's share capital or structure, it is expected to contribute positively to its earnings and net assets for the financial year ending December 31, 2025 and onwards until the completion of the contract.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
an hour ago
- New Straits Times
Malaysia needs to recalibrate long-term strategy
THE strategic rivalry between the United States and China has intensified in recent years, evolving into a long-term contest for primacy across technology, trade, ideology and defence. While the epicentres of this contest may lie in the Taiwan Strait, South China Sea and East Asian high-tech corridors, the ramifications reverberate far into Southeast Asia — placing heightened expectations on the foreign and defence policies of niched powers such as Malaysia. For Malaysia, the stakes have never been higher. After all, our strategic geography — located along the vital sea lanes of the Malacca Strait, a maritime choke point further connecting the Indian and Pacific Oceans — renders our country a natural focal point in this zero-sum contest. But unlike the US or China, Malaysia does not seek hegemony. Instead, it seeks relevance through diplomacy, strategic autonomy and non-alignment. However, such a posture is becoming harder to sustain when both great powers demand visible allegiance — whether in the form of defence procurement, port access or rhetorical support in multilateral forums. Recent developments only underscore this pressure. The US has called for Indo-Pacific partners to commit up to five per cent of their gross domestic product on defence spending, an unrealistic ask for a country like Malaysia, which is still navigating post-Covid-19 pandemic economic recovery. Similarly, great powers continue to deepen its presence in the South and East China Seas, testing the limits of many countries on their exclusive economic zone, as evidenced by repeated forays of their defence assets in these waters. While Malaysia has lodged diplomatic protests on some of these incursions, it has not escalated these incidents publicly, preferring quiet diplomacy without acquiescence and occasionally airing the concerns in institutional mechanisms such as Asean; often behind closed doors. But the room for ambiguity is narrowing. The revival of US-led security coalitions such as the Quad (with India, Japan, and Australia) and AUKUS (with Australia and the United Kingdom), as well as the Five Power Defence Arrangements (Australia, Malaysia, New Zealand, Singapore and the UK), demonstrates that security alignments are being reconfigured. These alliances suggest a rebalancing of defence resources and infrastructure away from ad hoc deterrence and towards integrated defence ecosystems. Thus, what is Malaysia's long-term strategy in navigating this geopolitical rivalry? FIRST, we must clearly articulate a doctrine of strategic autonomy. It involves having sufficient economic, diplomatic and defence capabilities to independently determine national interests without succumbing to pressure from any single external actor. SECOND, we should deepen multilateralism. As Asean chair, Malaysia has a unique platform to reinvigorate regional diplomacy, particularly through the Asean Defence Ministers' Meeting Plus, the East Asia Summit, and the Asean Regional Forum. They should be retooled to facilitate Track 1.5 and Track 2.0 dialogues that can defuse tensions and offer third-party mediation options in flashpoints in IndoChina such as Myanmar or the Thailand-Cambodia border skirmish; of which the latter is being adeptly handled by Prime Minister Datuk Seri Anwar Ibrahim as Asean chair. THIRD, Malaysia's defence modernisation must be calibrated and intelligent. We should prioritise unmanned systems, cyberdefence and maritime domain awareness — areas that offer asymmetrical advantages. The recent acquisition of Turkish-made drones and the partnership with the UK, France and South Korea on defence industrial collaboration provide a useful template. FOURTH, Malaysian diplomacy must evolve in line with 21st-century expectations. This involves embedding economic statecraft into foreign policy. The China-US contest is as much about 5G networks, semiconductors and artificial intelligence supply chains as it is about military deployment. Malaysia's participation in frameworks such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the Regional Comprehensive Economic Partnership and digital economy partnerships can serve as hedging tools against overdependence. LASTLY, the political leadership must communicate this complexity to the public. Geopolitics can no longer be confined to bureaucratic corridors. The Malaysian public needs to understand why defence spending, diplomatic engagements and new partnerships matter in ensuring national sovereignty, food security and economic resilience. A well-informed populace can be a bulwark against foreign misinformation and manipulation.
The Star
2 hours ago
- The Star
South Korea agrees to cut Indonesia share in fighter jet project
JAKARTA/SEOUL (Bloomberg): Indonesian and South Korean officials have signed a revised deal that significantly lowers Jakarta's financial commitment to the joint KF-21 fighter jet program, a move aimed at reviving long-stalled progress on the multibillion-dollar project. South Korea's Defense Acquisition Program Administration said Friday that the new deal reflects a resolution made last year to revise Indonesia's share of the development costs. In August, DAPA had said Indonesia would contribute 600 billion won to the project, equivalent to about US$438.4 million, marking a drop from 1.6 trillion won originally pledged. DAPA said Indonesia's defense ministry had begun administrative procedures to fulfill the revised payment, a step it said it expects will reinvigorate defense ties between the countries. It added that both sides also agreed to expand cooperation beyond fighter jets to include ground and maritime systems. Indonesia's defense ministry declined to immediately comment. The new deal comes years after defense officials from Southeast Asia's largest economy agreed to contribute roughly 20% of the more than 8 trillion won project as it sought to upgrade aging military fleets. The KF-21 Boramae, developed by Korea Aerospace Industries, is intended to replace South Korea's fleet of F-4 and F-5 fighter jets. Indonesia is working on a localized variant known as IF-X, with state-owned Dirgantara Indonesia involved in assembly, maintenance, and production planning. Progress for the KF-21 program, aimed at producing a next-generation supersonic aircraft, was marred by funding disputes and other problems. Indonesia has been pursuing upgrades of its fleet of fighter jets on several fronts, including in an active contract with France's Dassault Aviation SA for 42 Rafale jets, signed in 2022 with an estimated value of $8.1 billion. Last week, Indonesian defense officials said they were in the early stages of evaluating an offer for China's J-10 fighters. This week, Turkey's president announced a deal to sell Jakarta 48 of its KAAN fighter jets currently under development. DAPA Director Seok Jong-gun, among the South Korean officials in Indonesia this week, said his visit marked a return to normal for defense ties between Seoul and Jakarta, moving on from what he described as a period of strain due to technical issues. -- ©2025 Bloomberg L.P.
New Straits Times
3 hours ago
- New Straits Times
Indonesia to begin construction of long-delayed US$80bil giant sea wall
JAKARTA: Indonesia is set to begin construction of the long-delayed US$80 billion (RM340 billion) Giant Sea Wall along the northern coast of Java, a massive infrastructure project aimed at protecting coastal communities from rising sea levels and tidal flooding, President Prabowo Subianto said. Speaking at the International Conference of Infrastructure 2025 on Thursday, he said the project, first proposed in 1995 and delayed for decades, is now moving forward with renewed urgency. The project will span about 500km, from Banten in the west to Gresik in East Java. "The first priority is Jakarta Bay, where construction is estimated to cost between US$8 billion and US$10 billion. "This will be followed by works in Semarang, Pekalongan and Brebes - areas that are highly vulnerable to tidal flooding," he said. According to Prabowo, the initial phase will be co-funded by the central government and the Jakarta provincial government, each contributing 50 per cent. They are expected to allocate about US$1 billion annually over the next eight years to fund initial construction. While open to international collaboration, including with China, Japan, South Korea, Europe and the Middle East, the government will prioritise domestic expertise and resources. A special task force will be formed to promote the project, while a new governing body will be established to oversee its implementation. "The Giant Sea Wall is not just a physical barrier, but a strategic measure to protect lives and livelihoods in coastal areas. "We cannot afford further delays. This project must begin now, regardless of who finishes it," Prabowo added. The sea wall is part of a broader long-term strategy to address tidal flooding and land subsidence along Java's northern coast, issues officials warn are causing significant economic losses. Last year, Coordinating Minister for Economic Affairs Airlangga Hartarto said annual flooding in coastal Jakarta already results in direct economic losses of around 2.1 trillion rupiah (about US$130 million), a figure that could rise to 10 trillion rupiah annually within the next decade without intervention.
