Thu 29 Oct 2015 14:25

World Fuel Services sells 8.6 million tonnes in Q3


Q3 bunker sales were up 2.1 million tonnes year-on-year, reports marine, aviation and land fuel specialist.



World Fuel Services Corporation (WFS) reports that sales of marine fuel increased by 2.1 million tonnes, or 33 percent, during the third quarter compared to last year.

Bunker sales were 8.6 million tonnes during the third quarter, up from 6.5 million tonnes the previous year.

Details of the sales performance of the company's marine segment were revealed during the latest earnings call, held on October 28.

According to CFO Ira Birns [pictured], broker business activity for the quarter was approximately 12 percent of total marine volume as compared to 8 percent during the same period last year.

The company's marine segment generated a gross profit of $48.6 million during the third quarter - a decrease of $0.8 million or 2 percent year-on-year.

Birns explained that margins declined due to lower market prices and a reduction in offshore activity, which was offset by a 33 percent year-on-year increase in volume.

"Based upon activity and volatility levels quarter-to-date, we expect our marine business to deliver a similar result in the fourth quarter," said Birns.

During the earnings call, Michael Kasbar, chairman and CEO, said: "We had an annual run rate of more than 34 million metric tonnes, we continue to maintain the largest independent market share in the industry. As we mentioned on last quarter's call, an uptick in volatility during the beginning of the third quarter contributed to gains in our derivative sales business."

"Volatility clearly increased a bit in the third quarter, especially in the early part of the quarter, which helped us stabilize margins and improve the profit contribution," Birns added.

Chart showing percentage of off-spec and on-spec samples by fuel type, according to VPS. Is your vessel fully protected from the dangers of poor-quality fuel? | Steve Bee, VPS  

Commercial Director highlights issues linked to purchasing fuel and testing quality against old marine fuel standards.

Ships at the Tecon container terminal at the Port of Suape, Brazil. GDE Marine targets Suape LSMGO by year-end  

Expansion plan revealed following '100% incident-free' first month of VLSFO deliveries.

Hercules Tanker Management and Hyundai Mipo Dockyard sign bunker vessel agreement Peninsula CEO seals deal to build LNG bunker vessel  

Agreement signed through shipping company Hercules Tanker Management.

Illustration of Kotug tugboat and the logos of Auramarine and Sanmar Shipyards. Auramarine supply system chosen for landmark methanol-fuelled tugs  

Vessels to enter into service in mid-2025.

A Maersk vessel, pictured from above. Rise in bunker costs hurts Maersk profit  

Shipper blames reroutings via Cape of Good Hope and fuel price increase.

Claus Bulch Klausen, CEO of Dan-Bunkering. Dan-Bunkering posts profit rise in 2023-24  

EBT climbs to $46.8m, whilst revenue dips from previous year's all-time high.

Chart showing percentage of fuel samples by ISO 8217 version, according to VPS. ISO 8217:2024 'a major step forward' | Steve Bee, VPS  

Revision of international marine fuel standard has addressed a number of the requirements associated with newer fuels, says Group Commercial Director.

Carsten Ladekjær, CEO of Glander International Bunkering. EBT down 45.8% for Glander International Bunkering  

CFO lauds 'resilience' as firm highlights decarbonization achievements over past year.

Anders Grønborg, CEO of KPI OceanConnect. KPI OceanConnect posts 59% drop in pre-tax profit  

Diminished earnings and revenue as sales volume rises by 1m tonnes.

Verde Marine Homepage Delta Energy's ARA team shifts to newly launched Verde Marine  

Physical supplier offering delivery of marine gasoil in the ARA region.


↑  Back to Top