Sign up
Log in Sign up
Wed 27 Jul 2011, 12:55 GMT

Chemoil profit falls $26.8m in Q2


Pre-tax profit plummets in the second quarter as sales volumes and gross contribution per tonne fall.

International bunker supplier Chemoil Energy Ltd. recorded a US$26.8 million decrease in pre-tax profits during the second quarter of 2011.

Profit before tax between April and June fell to US$4.7 million, down from the $31.5 million achieved during the first quarter of this year.

Sales volumes also declined during the three-month period to 4.2 million metric tonnes, down 0.4 million metric tonnes, or 8.7 percent, from 4.6 million metric tonnes in the previous quarter.

Gross contribution per tonne was US$6.30, down US$8.1, or 56 percent, from the US$14.40 recorded between January and March.

In an analysis of the first six months of 2011, profit attributable to shareholders was up to $24.3 million, compared to a loss of 10.3 million in the first half of 2010. The gross contribution per metric tonne - identified by the company as a 'key margin indicator' - was also up from US$3.40 to US$10.60.

Commenting on the results, Chemoil’s CEO Tom Reilly commented: "Having completed half a year as CEO of the Group, I am pleased to report a satisfactory performance for the first half of 2011.

"While the group registered its strongest quarterly result in the first quarter since going public, the second quarter presented a difficult market environment, but even in volatile times, Chemoil achieved profitability.

"Together with a new and energized leadership team, we remain committed to drive change through the organization and create sustainable businesses to deliver enduring shareholder value.'

Hapag-Lloyd and DSV logo side by side. Hapag-Lloyd and DSV sign 18,000-tonne CO2e reduction agreement for sustainable marine fuels  

Two-year framework allows inclusion of alternative fuels beyond biofuels in shipping decarbonisation partnership.
Bangkok city skyline. Uni-Fuels opens Thailand office as part of Southeast Asia expansion  

Marine fuel supplier establishes Bangkok entity, appoints managing director with 15 years’ industry experience.
Washington State Hybrid-Electric 160-Auto Ferry vessel render. Corvus Energy to supply battery systems for Washington State Ferries hybrid vessels  

ABB selects Corvus for two new 160-vehicle ferries as part of $3.98bn electrification plan.
Vinssen and Mana Engineering sign MoU. Vinssen, Mana Engineering partner on hydrogen fuel cell retrofit for 800-teu feeder vessel  

South Korean and Dutch firms to pursue Lloyd’s Register approval for hybrid retrofit concept.
Hercules Elisabeth vessel. Hercules Tanker Management takes delivery of second Ultra-Spec vessel in China  

Hercules Elisabeth is the second of 10 hybrid-ready tankers designed for alternative fuels.
Wolf 1 vessel. Petrol Ofisi launches fuel supply tanker Wolf 1  

Turkish bunker supplier adds 1,750-dwt vessel with alternative fuel infrastructure to fleet.
BIMCO meeting. BIMCO to convene for adoption of biofuel clause and ETS provisions at February meeting  

Documentary Committee to consider new contractual frameworks for alternative fuels and emission trading scheme compliance.
Sea Change II vessel render. Incat Crowther and Switch Maritime develop 150-passenger hydrogen ferry for New York  

Design work begins on 28-metre vessel with 720 kg hydrogen capacity and 25-knot speed.
Aerial view of a container vessel. HIF Global signs heads of agreement with German eFuel One for 100,000 tonnes of e-methanol annually  

Deal covers supply from HIF’s Uruguay project, with e-methanol meeting EU RED III standards.
Welcoming of Kota Odyssey at Jordan’s Aqaba Container Terminal. PIL’s LNG-powered vessel makes maiden call at Jordan’s Aqaba port  

Kota Odyssey is Pacific International Lines’ first LNG-fuelled ship to call at the Red Sea port.




 Recommended