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Associated Press
30-06-2025
- Business
- Associated Press
Uni-Fuels Strengthens Asian Market Presence with A New Office in Shanghai
SINGAPORE, June 30, 2025 (GLOBE NEWSWIRE) -- Uni-Fuels Holdings Limited (NASDAQ: UFG), ('Uni-Fuels' or the 'Company'), a global provider of marine fuel solutions headquartered in Singapore, today announced the opening of a new office in Shanghai. As part of the Company's global expansion strategy, Uni-Fuels has also established an office in Dubai, located near Fujairah, in April. Centrally located in Lujiazui, the subsidiary Uni-Fuels (Shanghai) Co., Ltd., also known as Uni-Fuels Shanghai, marks a significant milestone for the Company, positioning it to meet the growing demand for reliable, sustainable marine fuel solutions across Asia. As home to the world's busiest container port, Shanghai serves as a vital maritime hub and gateway to global shipping. The establishment of this office reinforces the Company's commitment to supporting customers and working partners with local expertise and global standards. Speaking on the Company's growing presence in Asia, Alan Tan, Senior Vice President, Commercial of Uni-Fuels, underscored, 'Calibrated efforts to expand our geographical footprint reflect the Company's dedication to being where our customers and suppliers operate. With this new office, we walk the talk of putting our customers first by leveraging expertise, enhanced operational reach and greater service responsiveness to better serve them. Our local team possesses a deep understanding of the Asian market, enabling us to respond nimbly to customers' needs and the evolving dynamics in our operating landscape.' 'Close geographic ties enable more frequent face-to-face interactions with suppliers, which facilitate quicker problem-solving and support regional sourcing strategies that bolster supply chain resilience. Customers can look forward to an expanded offering of customer-centric solutions, enhanced operational support, and a broader supply network across global shipping routes.' 'As a growing player in the bunker industry, Shanghai is an excellent platform to gain access to real-time intelligence on fuel supply dynamics, regulatory changes, and emerging demand trends that are essential for proactive and efficient fuel procurement,' added Mr. Tan. Anchored in an ongoing expansion plan, Uni-Fuels is actively forging robust regional partnerships and deepening access in key marine fuel hubs. Moving ahead, the Company continues to play an integral role in the maritime value chain, shaping sustainable bunkering solutions and empowering ship operators with diverse, efficient fuel options that meet the needs of the nascent maritime sector. About Uni-Fuels Holdings Limited Uni-Fuels is a fast-growing global provider of marine fuel solutions, helping shipping companies optimize fuel procurement across all markets and time zones. Founded in 2021, Uni-Fuels has evolved from modest beginnings into a dynamic, forward-thinking company. Backed by a passionate team and a growing presence across multiple locations, it has forged trusted partnerships with customers, supporting them in achieving their operational objectives with confidence, from shore to shore. For more information, visit Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as 'anticipate', 'estimate', 'expect', 'project', 'plan', 'intend', 'believe', 'may', 'will', 'should', 'can have', 'likely' and other words and terms of similar meaning. Forward-looking statements represent Uni-Fuels' current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the 'Risk Factors' section of the Company's annual report on Form 20-F filed with the SEC on April 22, 2025. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Contact Information For Investor Relations: Uni-Fuels Holdings Ltd Email: [email protected]
Straits Times
11-06-2025
- Business
- Straits Times
Writing was on the wall for loss-making Jetstar Asia, say analysts
Faced with rising costs and intense competition as it tried to claw its way back post-pandemic, the airline's eventual closure was unfortunate but unsurprising. ST PHOTO: CHONG JUN LIANG Writing was on the wall for loss-making Jetstar Asia, say analysts SINGAPORE – Even before the sudden announcement on June 11 that Jetstar Asia would cease operations on July 31 after more than 20 years of flying, the writing was on the wall for the low-cost airline. The Singapore-based carrier was already struggling to make consistent profits before Covid-19 brought aviation to a standstill, and it was in the black for only six years in all the time it had been in operation. Faced with rising costs and intense competition as it tried to claw its way back post-pandemic, the airline's eventual closure was unfortunate but unsurprising, industry analysts told The Straits Times. 'The airline never got its mojo back,' said Professor Alan Tan, who specialises in aviation law and politics at the National University of Singapore (NUS). While rivals like Singapore Airlines' budget arm Scoot ramped up flights and destinations, Jetstar Asia made a slow recovery. The airline today operates a fleet of 13 aircraft, down from 18 before the pandemic. It also does not fly to India and only has a single flight to China - both major aviation markets , Prof Tan noted. 'The problem of Jetstar Asia's lack of scale is all too apparent,' he said. Mr Alan Lim, a director at Alton Aviation Consultancy, noted that Jetstar Asia's capacity and traffic in 2024 was nearly half of the levels recorded before the pandemic. About 4 million passengers flew in or out of Singapore on the airline in 2019; in 2024, this figure fell to about 2.3 million. Analysts also said the airline's move to Changi Airport Terminal 1 to Terminal 4 in March 2023, which Jetstar Asia had initially resisted, did not help its cause. 'That probably exacerbated the issues that they already faced to begin with, as they lost the seamless connectivity that they had with parent airline Qantas,' said Mr Shukor Yusof, founder of aviation consultancy Endau Analytics. 'Covid-19 changed everything, and the suffering became more acute,' he added. With an increasingly crowded low-cost carrier market in Asia creating price pressure on established carriers, Mr Linus Benjamin Bauer, founder and managing director of aviation consultancy BAA & Partners, said Jetstar Asia 'lacked the scale, local dominance, and margin buffers of stronger low-cost carriers like Scoot or AirAsia'. Assistant Professor Awad Khireldin, who teaches aviation management at the Singapore Institute of Technology (SIT), said Jetstar Asia's closure seemed to be a calculated move, with Qantas focusing on more profitable ventures elsewhere. Rising costs Qantas and Jetstar Asia had cited 'unsustainable' costs as a major factor behind the latter's closure, as it impacted the airline's ability to offer low fares - a key part of its business model. At a briefing on June 11, Jetstar Group chief executive Stephanie Tully said cost increases have been seen across the 'whole ecosystem', Bloomberg reported. 'The airport fees are a part of that. That has had an impact on the business,' she told reporters. Airline and passenger fees at Changi Airport, where Jetstar Asia is based, were hiked in April, and they will be raised further until 2030 to fund a S$3 billion upgrade of the airport's existing terminals. However, in response to Bloomberg's report, airport operator Changi Airport Group (CAG) said these airport charges are applied equally to all carriers and constitute a small component of airlines' total operating cost. Despite the fee hikes, CAG said it has been working proactively with airlines including Jetstar Asia to enhance productivity and cost-efficiency. The operator also pointed to joint marketing efforts with Jetstar Asia over the years to stimulate demand and said it has worked with the carrier to identify new route opportunities. But some analysts such as SIT's Prof Awad said Jetstar Asia's complaints about rising costs are valid. He noted that costs in S ingapore - from fuel to airport handling and security - have risen sharply and have doubled in some cases. 'Given the scale of these hikes, other airlines at Changi Airport could be affected too. This raises valid questions about whether Changi Airport should reconsider its current fee structure,' he added. Mr Mayur Patel, head of Asia at aviation data consultancy OAG Aviation, noted that AirAsia had also cited similar issues of high landing fees and passenger charges as the reason for cutting capacity on some of its routes out of Singapore, for instance to Bangkok and Phuket. Effects on Changi? Analysts said Jetstar Asia's exit will leave a void at Changi Airport, particularly at T4, where it is the anchor operator. This means a reshuffling of carriers within the airport could be on the cards, and other low-cost or regional carriers could potentially be moved in to ensure T4 remains operationally viable. Jetstar Asia's closure will also dent Changi Airport's connectivity, at a time when the air hub is looking to grow its number of air links, from more 170 cities today to more than 200 in the mid-2030s. This is especially given the amount of transit traffic that Jetstar Asia facilitates, via its interline and codeshare agreements with more than 40 carriers, including Emirates and KLM. Noting that Jetstar Asia's routes today make up 5 per cent of the flights at Changi Airport, Mr Mayur said replacing this will take time, especially in the current environment where planes and crew are hard to come by. But he believes this also presents an opportunity for other carriers to expand and take over Jetstar Asia's landing and take-off slots, especially those during morning and evening peak hours, which are coveted and hard to secure. Prof Awad had a similar view, noting that Scoot, and foreign budget carriers like AirAsia and Vietjet, could step in. CAG said the take-off and landing slots that are returned by Jetstar Asia will go back to the pool for reallocation. 'The slots will be allocated to support Singapore air hub's connectivity, while taking into account Changi Airport's capacity considerations, as well as in accordance with the Worldwide Airport Slot Guidelines,' it added. With Jetstar Asia's closure, Singapore Airlines Group's two carriers will be the only ones left that are based in the city-state. But analysts generally agreed that there is sufficient competition from foreign airlines to keep the national carrier on its toes. Still, NUS' Prof Tan said there will likely be a net reduction in competition, which will affect pricing and service frequency. Prof Awad said the absence of a third homegrown carrier also reduces market diversity , which may prompt the Civil Aviation Authority of Singapore to consider granting a new airline licence, if a credible applicant emerges. The future of low-cost carriers The International Air Transport Association's Sheldon Hee said Jetstar Asia's closure highlights the challenging nature of the airline industry. The regional vice-president for Asia-Pacific at the global trade body representing 350 airlines noted that the net profit margin for Asia-Pacific carriers is expected to be 1.9 per cent in 2025 - a 'very thin buffer', he added. 'With margins this low, any cost increase can impact an airline's viability,' Mr Hee added. Mr Bauer expects more market exits or strategic retrenchments, especially in fragmented, over-served low-cost markets like South-east Asia. 'Carriers without scale, strong backing, or network differentiation are most at risk,' he said. But Jetstar Asia's exit does not mean that Singapore is not a viable market for budget airlines, said Alton Aviation's Mr Lim. While Singapore is a high-cost market, there is a strong level of demand here compared to elsewhere in the region, he noted. NUS' Prof Tan agreed that there is still demand for budget flights. He added: 'I am confident that the leading foreign low cost-carriers like AirAsia, Cebu Pacific and VietJet will continue their operations here, but increasing costs may mean that cheap fares on some routes can no longer be taken for granted.' Kok Yufeng is a transport correspondent at The Straits Times. Vanessa Paige Chelvan is a correspondent at The Straits Times. She writes about all things transport and pens the occasional commentary. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Insider
11-06-2025
- Business
- Business Insider
Qantas is pulling the plug on Jetstar Asia — and 500 jobs
Qantas is shutting down Jetstar Asia, its Singapore-based budget carrier, blaming rising operating costs and a crowded market. The budget airline will cease operations on July 31 after more than two decades. Jetstar Asia will continue flights until then on a "progressively reduced schedule," Qantas said in a statement on Wednesday. "Despite delivering exceptional customer service and operational reliability, Jetstar Asia has been impacted by rising supplier costs, high airport fees, and intensified competition in the region," the Australian company said. Jetstar Asia flies 16 routes from Singapore to destinations in Malaysia, Thailand, Indonesia, Japan, the Philippines, China, Sri Lanka, and Australia. Jetstar operations in Australia, New Zealand and Japan will not be affected. Customers booked on canceled flights will be offered full refunds, and Qantas will try to move them to other airlines where possible. The shutdown will also result in the loss of more than 500 jobs, a Jetstar Asia spokesperson told Business Insider. Affected employees will be given redundancy benefits and assistance with other roles within Qantas and other airlines. Qantas added that 13 Jetstar Asia Airbus A320 aircraft will be progressively redirected to Australia and New Zealand. Qantas did not immediately respond to a request for comment. Competition among budget carriers in Southeast Asia was "brutal," Alan Tan, a professor specializing in aviation law at the National University of Singapore's Law School, told Business Insider. "The departure is a great loss from the viewpoint of price and service competition for travellers," he said. Virgin Australia IPO The closure comes on the same day that Virgin Australia announced its intention to list on the stock market in Sydney on June 24. The shares will be priced at A$2.90, raising A$685 million and valuing the company at A$2.3 billion. The IPO will allow some existing investors, including Bain Capital, Qatar Airways Group, and the Virgin Group, to realize part of their holdings. Investors participating in the offer are expected to hold about 30% of shares on issue, with the remainder being held by existing investors. Virgin carries about 20 million passengers a year on more than 100 aircraft. It operates 76 routes to 38 destinations across its domestic and short-haul international airline business. From next week it will start long-haul international services between Australia and Doha in partnership with Qatar Airways, which has a 25% stake in Virgin. Budget model is 'dead' United Airlines CEO Scott Kirby earlier this month criticized the budget airline model and called it "crappy." He told the "Future of Everything" event that the low-cost carrier model was "dead." "The model was screw the customer," he said. "It was like trick people, get them to buy, and get them to come, and then charge them a whole bunch of fees that they aren't expecting … disclosures buried in legalese," he continued. "Their problem is they got big enough that they needed repeat customers. They don't get them." His comments came the same day that United announced a new partnership with JetBlue, which some consider to be a budget carrier.
New Straits Times
05-06-2025
- Business
- New Straits Times
Over 100 victims urge police to act on investment scam
KUALA LUMPUR: More than 100 victims allegedly duped by an investment scam have come forward to urge the police to take action against the syndicate responsible. The victims gathered outside the Federal Commercial Crime Investigation Department at Menara KPJ here this morning, hoping the authorities would expedite the investigation into the case. One of the victims, who only wanted to be known as Vincent, 38, a programmer, said he had dreams of getting married and buying a house. "I learned about the investment scheme through several friends and decided to join in. "I invested a total of RM120,000 before the company abruptly converted our investments into an unknown cryptocurrency with no real value," he said, adding that he has now lost his life savings. Vincent said it was difficult to accept that he had to start saving from scratch. "This was my life savings. How am I supposed to support my parents and my sister, who is still studying, as the sole breadwinner?" he asked. Meanwhile, retired accountant Alan Tan, 58, said he invested more than RM150,000 in the scheme back in 2020. "Without warning, they converted our investments into a cryptocurrency that had no value. "There was no one we could turn to when this happened. I just hope the police will step in and make an example out of them," he said, adding that he and other victims would only be satisfied if those responsible were sentenced to more than 25 years in jail and several strokes of the cane. Tan said many victims had lost their life savings and were forced to sell their homes just to make ends meet because of the scam. Another victim, who only wanted to be known as Ganesh, 50, said he, along with his family members and close friends, had invested nearly RM2 million. "My wife and I now don't know how to face them. "Many of them invested their life savings because, at first, the scheme offered good returns. We were shocked when the company later began paying returns in the form of an unknown cryptocurrency," he said. Malaysian International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim said the organisation had received complaints from 209 victims involving losses amounting to more than RM82.16 million. "All of these victims have lodged police reports. "Based on our checks, the company is owned by a Malaysian and also employed other locals as marketing agents to promote the syndicate's schemes," he said, adding that the victims are urging the police to expedite investigations and bring those responsible to justice.
Straits Times
31-05-2025
- Straits Times
‘It can happen to you': Doctor who almost lost $4 million to fake government officials scam
Believing that she was speaking to real government officials, Dr L (not her real name) almost transferred her life savings to them. PHOTO: LIANHE ZAOBAO 'It can happen to you': Doctor who almost lost $4 million to fake government officials scam SINGAPORE - While seeing a patient, Dr L (not her real name) received a call from someone claiming to be a Monetary Authority of Singapore (MAS) officer working with the police. The man told her she was in trouble with the authorities. Following his instructions, Dr L, 36, wanted to transfer almost $4 million from her bank account to another account for 'safekeeping', in what she thought was a secret anti-money laundering operation. But as she was communicating with the fake official in a video call, a real policewoman called her to warn her that she was talking to scammers. Confused, Dr L struggled to discern who was lying and who was telling the truth. In a media interview arranged by the police on May 28 at Police Cantonment Complex, Dr L said the scammers were very convincing. The general practitioner said: 'I wasn't even second-guessing whether the person (fake cop) I was speaking to was really the police.' Thankfully, she trusted the legitimate authorities and did not lose any money. Sharing screen On April 8, a man with a local accent claiming to be a bank officer called Dr L just as she started her shift at a private clinic. She was not a client of the bank and was surprised to hear the man read the last four digits of her NRIC. He told her someone had used her identity to register a bank card . Her call was transferred to a purported MAS officer. Through a video call, she saw that he was sitting in a meeting room with a backdrop with the Singapore Police Force (SPF) and MAS logos. He claimed she was one of about 200 people who had their identities stolen, and that she was a suspect in a nationwide money laundering investigation. The man spoke into a walkie-talkie and referred her to his superior, a purported senior investigation officer named 'Alan Tan', who sent her an arrest warrant on WhatsApp and a photo of his MAS identification card. 'Alan Tan' said gravely: 'If your identity has been stolen, what else is at risk now? Is the money in your account safe?' Dr L, who is single, grew anxious as her parents' life savings were in the account. She said: 'To be honest, I was more worried about protecting my parents' money.' The scammers told her not to tell anyone as investigations were confidential. So for the next two hours, she locked her consultation room door and stayed on the line. She added: 'With a profession like mine, cooperation with the authorities is seen as a sign of good character.' 'Alan Tan' told her to transfer her money to another bank account to prevent identity thieves from accessing it. Dr L opened the bank app on her phone and shared her screen over WhatsApp for him to guide her through the transfer process. Believing she was setting up a bank account in her name, Dr L followed his instructions to transfer $29,999. She later learnt from the real police that the funds were being transferred to an account belonging to an unknown merchant. Battle for trust Bank employees stationed at the SPF's Anti-Scam Command flagged the transfer and quickly alerted Assistant Superintendent of Police Lynn Tan, a senior investigation officer working in the same office. The bank blocked the transfer and ASP Tan immediately called Dr L. Dr L was still on a video call with 'Alan Tan' when ASP Tan's call came in. Seeing the notification on Dr L's shared screen, 'Alan Tan' told her to answer it but warned that there were scammers impersonating the police. Hesitantly, Dr L hung up on the scammers and answered ASP Tan's call. ASP Tan said: 'I could tell she was very confused, because she thought I was the fake police.' Assistant Superintendent of Police Lynn Tan, a senior investigation officer in SPF's Anti-Scam Command, called Dr L in time and convinced her she had fallen for a scam. PHOTO: LIANHE ZAOBAO To win Dr L's trust, ASP Tan sent her an SMS via the account, which is accessible only to legitimate government officials. ASP Tan asked Dr L if she had been speaking to 'Alan Tan', a name commonly used by syndicates. Other names include 'Inspector Yang', 'Jason' and 'Kenny'. Finally convinced, Dr L ignored the scammers' subsequent calls. She headed to Police Cantonment Complex to meet ASP Tan, and lodged a report. Dr L said: 'The main feeling I have is gratitude, for the police working with the bank to protect us.' The doctor was surprised at how she had fallen for a scam, as she typically ignores calls from foreign numbers, and is not into investment schemes promising quick gains. To highly educated people who assume they would not fall for scams, Dr L said: 'It can happen to you.' In 2024, victims lost $151.3 million to government official impersonation scams, up from $92.5 million in 2023. ASP Tan urged members of the public to always verify details of people claiming to be government officials through official channels. She said the police would never ask anyone to open bank accounts or transfer money. ASP Tan added: 'I don't think this (government official impersonation scams) will die down any time soon. We need people to be educated and to be aware.' Christine Tan is a journalist at The Straits Times reporting on crime, justice and social issues in Singapore. Join ST's WhatsApp Channel and get the latest news and must-reads.
