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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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WFS marine: higher revenue, lower gross profit and sales volume

27 Oct 2017 09:53 GMT

Marine segment saw quarterly and nine-month sales volume fall 12.8% and 13.9% respectively.



World Fuel Services reported on Thursday that its marine division recorded a third-quarter gross profit of $30.5 million, which was a year-on-year (YoY) decrease of $6.7 million, or 18 percent, on the $37.2 million achieved during the corresponding period in 2016.

For the first nine months of 2017, marine gross profit declined by $19 million, or 16.4 percent, to $97.0 million, down from $116.0 million a year ago.

The drop in gross profit for both periods was posted despite increases in revenue. In the third quarter, marine revenue rose by $146 million, or 7.6 percent, to $2,066.7 million, whilst between January and September, revenue was up YoY by $1,136.4 million, or 22.6 percent, to $6,173.9 million.

In terms of sales volume, third-quarter sales were down 1 million tonnes, or 12.8 percent, to 6.8 million tonnes YoY.

For the first nine months of the year, WFS marine volume declined by 3.3 million tonnes, or 13.9 percent, to 20.4 million tonnes.

An analysis of rolling 12-month sales over the last two years shows that volumes fell to their lowest level, 28.0 million tonnes, between October 2016 and September 2017.

Rolling nine-month sales of 20.4 million tonnes (January to September) and six-month sales of 13.6 million tonnes (April to September) were also at the bottom end of the curve.


Image: World Fuel Services Corporation illustration. Image credit: World Fuel Services




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