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Singapore-based Sinfeng Marine Services Pte. Ltd., a seller and broker of marine fuel and related products and a wholly owned subsidiary of COSCO International Holdings Ltd, achieved a 33 percent increase in sales in 2015 compared to the previous year, according to documents submitted to The Stock Exchange of Hong Kong.

During the year, Sinfeng's sales of marine fuel were 1,146,911 tonnes, which represents an increase of 282,576 tonnes, or 33 percent, on the 864,335 tonnes sold in 2014.

"Sinfeng adopted prudent business strategies by expanding oil supply business of low risks and conducting business with reputable customers in order to establish stable and long-term business cooperations in response to the complex market environment," the Hong Kong-listed parent company said.

Revenue from marine fuel and other products segment was 30 percent lower at HK$2,779,986,000 (approximately US$358.5 million), down from HK$3,978,870,000 (approximately US$513 million) in 2014. This was said to be "mainly due to a sharp fall in oil prices".

Double Rich Ltd.

Meanwhile, Double Rich Ltd., a Hong Kong-based bunker trading and supply company that is 18 percent owned by COSCO International and 82 percent owned by Chimbusco, achieved a profit of HK$10,237,000 (2014: HK$16,272,000) for COSCO International, 37 percent lower than in 2014. This was said to be mainly due to the decrease in finance income during the year.

Profit before income tax from marine fuel and other products segment was HK$12,131,000 (2014: HK$19,949,000), representing a decrease of 39 percent compared to 2014, which was said to be mainly attributable to the decrease in the share of profit of associates.

Double Rich is principally engaged in the trading of fuel and oil products and marine fuel supply services in Hong Kong, and sourcing products such as light diesels and fuel oil. Its major customers are shipowners and ship operators.

Outlook for 2016

In its outlook for 2016, COSCO International said: "Sinfeng will continue to control risk and adopt prudent business strategy, and solicit business from new customers prudently and cautiously while retaining its existing quality customers, so as to expand its business under the premise of strict risk control."