When asked about the time frame, Lim said in a rare interview: “Hopefully, it will be soon.”
Hin Leong is also looking at investing in storage tanks in the region, with a focus on southern China, Lim said. Privately held Hin Leong has grown from its roots as a supplier of bunker fuel to Singapore boatmen to a multi billion-dollar energy empire that includes a fleet of tankers and Asia’s largest commercial oil facility, Universal Terminal. The $455 million terminal, with 2.3 million cu m of capacity, started operations in January 2008. Hin Leong holds 65 percent, while Chinese oil major PetroChina owns the remaining 35 percent.
Asked about Universal Terminal’s performance last year, Lim said: “Net profit is in eight digits, and at the higher end of that range.”
Hin Leong also owns shipping firm Ocean Tankers, which manages a fleet size of more than 80, ranging from small coastal barges to supertankers.
The company has spent about $2-$3 billion to complete the renewal of its fleet by next year. It has already taken delivery of two new very large crude carriers (VLCCs) and expects to take delivery of another 4 in 2010. This will bring its total fleet size to over 5 million dwt.