Sign up
Log in Sign up
Mon 6 Feb 2012 11:30

Turnover up 47% for Turkish supplier


Rise in sales turnover driven by 12% increase in volume sold.

Istanbul-based physical supplier Energy Petrol Shipping Trade Industry Inc. has announced that sales turnover increased by 47 percent to USD 172 million in 2011, with the company recording a 12 percent rise in volume sold to 234,000 metric tonnes.

Commenting on the results, company co-founder and CFO Yesim Muhtaroglu said: "2011 was an important year for us, it was the fourth consecutive year the company did not use cash credit facilities.

"It confirms once again our strong financials, capital and cash flow, enabling us to provide the best competitive service to our clients," she added.

Energy Petrol began supplying MGO to clients in 1997, achieving a turnover of just USD 7 million during its first year of operations.

The company then won a contract in 2001 to supply approximately 50,000 tonnes of fuel oil and marine gasoil to sea-going vessels working on the Blue Stream Project - a pipeline project established to carry gas from Russia to Turkey.

Between 2001 and 2008 Energy Petrol achieved strong growth, supplying over one million tonnes of marine fuel to clients over this period.

Speaking about the company's achievements, company founder and CEO Mustafa Muhtaroglu said: "More important for us is that we supplied 1749 ships in 2011 without a single quality or quantity claim."

He added: "Our aim is not to be number one by figures but to be the best supplier for our clients, providing them with the best quality, trouble-free, on time bunkering in Turkey."

The Istanbul bunker market is currently estimated to be around 1.5 million metric tonnes per year.

Tallink’s MyStar vessel. Tallink targets full bio-LNG transition for Baltic shuttle vessels within a year  

Estonian ferry operator aims to replace all fossil LNG with renewable fuel on the Helsinki-Tallinn route.
Grimaldi's Grande Melbourne vessel. Grimaldi takes delivery of third ammonia-ready car carrier from Chinese shipyard  

Grande Melbourne is the third of seven vessels ordered from Shanghai Waigaoqiao Shipbuilding for Asia-Europe service.
BPCL and Cochin Port sign MoU. BPCL and Cochin Port sign MoU for LNG bunkering facilities  

Indian oil company and port authority agree to develop LNG refuelling infrastructure for vessels.
ClassNK Guidelines front cover. ClassNK publishes world-first guidelines for membrane-based onboard CO2 capture systems  

Classification society expands guidelines to cover membrane separation method for capturing ship exhaust emissions.
April Tan, Flex Commodities. Flex Commodities hires April Tan as lead trader for China  

Dubai-based marine fuels trader appoints experienced professional to Singapore office to drive regional expansion.
Contract signing ceremony. Yang Ming finalizes contracts for six methanol dual-fuel-ready boxships  

Taiwanese carrier signs deals with Japanese shipbuilders for vessels scheduled for delivery from 2028.
China’s Da Qing 268 vessel. China's first newbuild dual-fuel methanol bunkering vessel launched in Zhoushan  

Da Qing 268 can supply methanol and conventional fuels to ships at anchorage.
Graphic announcing Standard Fuel Oils FT recognition. Standard Fuel Oils recognized in Financial Times Europe's Long-Term Growth Champions  

Liverpool-based fuel supplier included in ranking of 300 European companies with sustained revenue growth.
Naming ceremony of Wilhelmshaven Express. Hapag-Lloyd completes newbuild programme with delivery of dual-fuel vessel  

German carrier christens Wilhelmshaven Express, marking completion of 12-vessel Hamburg Express class series.
Adani Ports and BPCL sign MoU. MoU signed to develop LNG bunkering facility at Vizhinjam  

Partnership aims to establish LNG refuelling hub for international vessels at Kerala.




 Recommended