Latest news with #BintuluPort
Borneo Post
11 hours ago
- Business
- Borneo Post
Bintulu Port inks MoUs to boost Sarawak's clean energy transition
Each of these collaborations will proceed through focused feasibility studies and ongoing technical discussions to define key success criteria. KUCHING (Aug 12): Bintulu Port Holdings Berhad (BPHB) on Monday formalised three Memoranda of Understanding (MoUs) with strategic international partners to support Sarawak's ambition of becoming a regional hub for green energy and sustainable fuels. In a statement, Bintulu Port said the MoU exchange ceremony, witnessed by Sarawak Premier Tan Sri Abang Johari Tun Openg, coincided with the official launch of the Sarawak Energy Transition Policy (SET-P) here on Monday, marking a landmark demonstration of its commitment to clean energy leadership. Representing BPHB during the MoU exchange was board member Datuk Seri Fong Joo Chung. The strategic partners were represented by Sakura Ferroalloys Sdn Bhd general manager Rudolph du Perez, Borneo Biogas Pte Ltd chairman Tan Soo Kong and Jiangsu Guofu Hydrogen Energy Equipment Co. Ltd. (Guofuhee) chairman Wu Pinfang. 'The first MoU was signed with Sakura Ferroalloys to collaborate on decarbonisation initiatives, focusing on the development of bioethanol and sustainable aviation fuel (SAF). This initiative supports Sarawak's Net Zero Strategy 2050 and responds to global environmental frameworks such as the Carbon Border Adjustment Mechanism (CBAM),' the statement said. The second MoU was with Borneo Biogas, a company specialising in the sustainable production of biomethane and Bio-LNG derived from palm oil and agricultural waste. 'The collaboration will explore the feasibility of establishing Bio-LNG production capabilities in Sarawak, including the development of Bio-LNG bunkering infrastructure and the utilisation of Bio-LNG to power port support vessels,' it added. The third MoU, signed with Guofuhee, a China-based company specialising in hydrogen energy equipment and systems, aims to develop a liquid hydrogen facility, positioning Bintulu Port as a key enabler of hydrogen logistics and exports. The MoU also prioritises meeting local hydrogen demand for Sarawak's industrial and transportation sectors, including the potential integration of hydrogen-powered vessels into Bintulu Port's operations, while reinforcing Sarawak's aspirations to become a global leader in hydrogen exports. 'Each of these collaborations will proceed through focused feasibility studies and ongoing technical discussions to define key success criteria. These efforts are designed to ensure effective implementation that aligns with Sarawak's Net Zero 2050 objectives,' the statement read. – Bernama
Borneo Post
04-06-2025
- Business
- Borneo Post
Bintulu Port's 1QFY25 CNP falls 37 per cent y-o-y, disappoints analyst expectations
Analysts guide that Bintulu Port's negative variance was largely due to weaker-than-expected LNG cargo volume due to technical difficulties at the MLNG complex. KUCHING (June 4): Bintulu Port Holdings Bhd's (Bintulu Port) first quarter of financial year 2025 (1QFY25) core net profit (CNP) has fallen by 37 per cent year on year (y-o-y) to RM28.4 million, disappointing analyst expectations. In a results note, the research arm of Kenanga Investment Bank Bhd (Kenanga Research) reported that the group's 1QFY25 results were below expectations as it met only 19 per cent and 18 per cent of theirs and consensus' full-year estimates. They guided that the negative variance was largely due to weaker-than-expected LNG cargo volume due to technical difficulties at the MLNG complex. 'Note that, there was a scheduled major maintenance plant shutdown from April 30 to May 29 at the Petronas MLNG complex which we expect to have severely impacted its 2QFY25 performance,' said the research arm. The technical difficulties caused the group's Bintulu Port to see a two per cent y-o-y drop in revenue while its Samalaju Industrial Port fell by 9 per cent drop due to weaker cargo volume from key customers like Press Metal Holdings Bhd (PMetal) and OMH Ltd (OMH). Its LNG cargo volume was 3.4 per cent y-o-y weaker while its non-LNG grew at a flattish 0.5 per cent as aluminium exports shifted from containers to bulk shipments as well as weaker gateways cargoes from heavy industries in Samalaju Industrial Park due to high ocean freight rates caused by the red sea crisis. Overall, the group's 1QFY25 revenue fell three per cent y-o-y while its CNP fell at a wider 37 per cent as it was exacerbated by a higher effective tax rate of 38.3 per cent compared to 22.7 per cent a year ago. Kenanga Research added that Bintulu Port's declared interim NDPS of 3 sen was also below expectations as it was lower than the 4 sen declared back in 1QFY24. Despite the missed expectations, Kenanga Research believed that the LNG cargo throughput at Bintulu Port will remains table with sustained demand from Japan and South Korea, and stronger demand from China thanks to trade diversion. 'Meanwhile, there has been a pick-up in inbound and outbound cargo volumes at Samalaju Industrial Port from its key customers, such as Press Metal and OM Holdings,' they added. To reflect new lower adjusted forecasts, Kenanga Research maintained their 'market perform' call on the port operator with a lowered sum-of-parts derived target price of RM5.15 which is based on a weighted average cost of capital of 5.5 per cent and terminal growth rate of two per cent. Bintulu Port Holdings Bhd
