BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News





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).




Related Links:

Cosco Shipping posts 71.5% bunker sales growth, drop in profit
Hong Kong

Latest News:

Second large LNG-powered bulker launched for ESL Shipping
MHI targets development of gas-fuelled ships
Wartsila in maintenance deal for eight LNGCs running on dual-fuel engines
Kandla invites bids to provide shore power to ships: source
Brent dropped as traders apparently went for profit-taking
Oil and fuel oil hedging market update
Peninsula Petroleum to launch bunker supply operation in LA/Long Beach
Europe's first LNG bunkering pontoon enters construction phase
Clean Marine secures EGCS contract for seven chemical tankers
EIA inventory stats showing same tendency as API, but with less magnitude
Oil and fuel oil hedging market update
NCL completes scrubber retrofits for two cruise ships




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
Directory
Africa
Asia
Central America
Middle East
North America
North Europe
Oceania
South America
South Europe
Directory
Germany
Gibraltar
Greece
Hong Kong
Italy
Japan
Netherlands
Panama
Russia
Singapore
South Africa
South Korea
Spain
Turkey
United Arab Emirates
United Kingdom
United States
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Events
Upcoming Events