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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Cosco Shipping Intl posts 75% jump in H1 bunker revenue

29 Sep 2017 08:13 GMT

Bunker earnings up 30% as Cosco benefits from Double Rich profit share increase and sees 63% sales volume improvement for Sinfeng Marine.



Cosco Shipping International (Hong Kong) Co., Ltd (Cosco) reports that revenue from sales of marine fuel and related products to external customers during the first half (H1) of 2017 jumped 75 percent year-on-year (YoY).

According to the company's interim report, released on Thursday, bunker revenue was HK$2,430 million (approx. US$311 million) between January and June, up from HK$1,389 million the previous year. The 75 percent increase was said to be mainly attributable to the YoY increase in sales volume.

Singapore-based Sinfeng Marine Services Pte. Ltd, a wholly owned subsidiary of Cosco that is primarily engaged in marine fuel supplying, trading and broking in Southeast Asia, recorded a 63 percent rise in sales volume, selling 1,004,982 tonnes compared to last year's tally of 616,532 tonnes.

Explaining the company's strategy during the period, Cosco said: "Sinfeng adopted prudent business strategies by conducting business with reputable customers in order to establish stable and long-term business cooperation in response to the complex market environment. In addition, Sinfeng actively launched marketing campaigns for major customers, thus effectively maintaining the business volume with key customers."

Meanwhile, Cosco's other bunker-related venture, Double Rich Ltd, which is 18 percent owned by Cosco and mainly engaged in the trading of fuel and oil products and marine fuel supply services in Hong Kong, earned Cosco a profit share of HK$5.2 million ($666,000) - an increase of HK$2.15 million, or 71 percent, on last year's figure of HK$3.05 million.

In total, profit before tax from marine fuel and related products rose by HK$1.6 million, or 30 percent, to HK$6.9 million ($889,000), up from HK$5.3 million in H1 2016, which was said to be mainly attributable to the increase in Cosco's share of profit from Double Rich.

Overall group results

In terms of overall group revenue, marine fuel sales during the six-month period made up 63.8 percent of total turnover - an increase on last year's figure of 54.4 percent.

Cosco's total revenue was 49 percent higher at HK$3,809 million ($487.7 million) - up from last year's figure of HK$2,555 million; this was said to be mainly due to the increase in revenue from marine fuel and related products, marine equipment and spare parts, coatings as well as from its ship trading agency.

Gross profit during the six-month period, meanwhile, increased by HK$1,254 million, or 22 percent, to HK$302 million ($38.7 million). The Hong Kong-listed firm explained that the gross profit margin fell to 7.9 percent, which was mainly due to the increase in low-margin revenue from marine fuel and related products as well as a thinner gross profit margin for its coatings segment.

Profit after tax rose by HK$58.4 million, or 39.2 percent, to HK$207.5 million ($26.6 million).






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