Expansion

Today, Victory Petroleum owns 11 barges. Of these, six are mobile barges serving vessels that require at least 20,000 litres per trip. The rest are floating kiosks situated near Marina South, Pulau Ubin, West Coast, Tuas and the Eastern Petroleum B region of Singapore waters.

The group also distributes to all four marinas here, including Raffles Marina and ONE° 15, through mobile barges. Customers are primarily ferry owners, mega yachts and launch operators (small boats) that need quick refuelling without docking. By refuelling on the water, they save on docking charges and relieve wharfs of berthing space.

Under Madam Tan's charge, Victory Petroleum's turnover has grown from under a million dollars in the 1980s to $70 million today. While floating kiosks remain its core business, the company also delivers small consignments of fuel to outlying islands in support of land reclamation projects such as Jurong Island, and engages in ship bunkering and oil trading.

Still, much can be done to grow the business further. One possibility is overseas expansion. Indonesian vessels plying the Singapore-Batam and Singapore-Bintan routes are a potential market. But before taking advantage of it, Victory Petroleum needs to upgrade its vessels and raise its profile. There are also thoughts about selling emergency supplies like snacks, drinks or spare parts from its floating kiosks, and repositioning its brand.

If some of the expansion ideas go ahead, they are likely to be carried out by the next generation. Second daughter Caron and son-in-law Goh Ngee Boon are already learning the ropes. Madam Tan says that when the time comes, she will be glad to take a back seat.

Looking back, she says with some satisfaction that running Victory Petroleum has given her the chance to support the growth of Singapore's marine industry. 'We don't make a lot of money because we need to pay for the buoys, pay the manning people, pollution insurance and all that,' she explains. 'It's a very marginal profit we are making. It's the satisfaction of serving the harbour craft industry around Singapore that is rewarding.'

This article was first published in The Business Times.

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