This is a legacy page. Please click here to view the latest version.
Wed 30 May 2018, 14:54 GMT

World Fuel Services directors boost shareholding by $158k


Eight board members receive restricted stock unit grant under the firm's 2016 Omnibus Plan.


Image credit: Pixabay
Eight members of World Fuel Services' (WFS) board of directors increased their shareholding in the firm on May 24.

Directors Ken Bakshi, Jorge Benitez, Stephen Gold, Richard Kassar, John Manley, J. Thomas Presby, Stephen Roddenberry were all issued with 7,434 shares as a restricted stock unit grant under WFS's 2016 Omnibus Plan, whilst Paul Stebbins received 6,954 shares.

Based on the company's current share price, the value of the 7,434 shares is more than $158,000, and Stebbins' shares are worth around $10,000 less.

The stock will vest on the earlier of: (i) the day prior to the next annual shareholder meeting or (ii) the one-year anniversary of the grant date.

A breakdown of the current share ownership of the aforementioned eight directors has been provided below together with a valuation based on the company's share price at the time of writing.

Director No. Shares Value ($)
Ken Bakshi 57,566 1,226,731
Jorge Benitez 24,101 513,592
Stephen Gold 10,166 216,637
Richard Kassar 53,376 1,137,443
John Manley 34,540 736,047
J Thomas Presby 45,275 964,810
Stephen Roddenberry 86,091 1,834,599
Paul Stebbins 252,367 5,377,941

According to data as per April 4, CEO Michael Kasbar - the other member of the nine-man board - owned 790,146 WFS shares, which would value his shareholding at more than $16.8m.

2016 Omnibus Plan

WFS's 2016 Omnibus Plan was approved on March 4, 2016, replacing the firm's 2006 version.

The plan is designed to enable the company to use different forms of compensation awards to attract new employees, executives and directors; to further the goal of retaining and motivating existing personnel and directors; and to align their interests with those of shareholders.

As Bunker Index previously reported, all nine directors were elected for one-year terms at the company's annual shareholder meeting on May 24.


Jamaica bunkering hub study presentation. Study maps route for Jamaica to become regional hub for alternative marine fuels  

Research identifies Jamaica's location, port traffic and existing LNG infrastructure as foundations for a regional alternative marine fuels hub.

A2B Progress vessel. A2B-online orders two more methanol-fuelled vessels for shortsea network  

Dutch shortsea operator expands newbuild series to four ships, adding methanol propulsion and battery capacity for emission-free port calls.

Höegh Autoliners and BYD Energy Storage cooperation agreement signing. Höegh Autoliners signs battery deal with BYD for ammonia-ready car carrier  

Ro-ro shipper teams up with BYD Energy Storage to combine batteries, solar power and ammonia-ready propulsion on a single car carrier.

Hercules Angelica vessel. Hercules Tanker Management adds new Ultra-Spec tanker to fleet with FAME cargo run  

Hercules Angelica begins maiden voyage carrying FAME from Malaysia to the UK/ARA region.

SHI and Morimura sign MoU. Samsung Heavy Industries and Japan's Morimura to jointly develop solid oxide fuel cells for ships  

Companies target 2028 commercialisation of SOFC technology for merchant vessels and floating data centres.

Shin Ueda and Benny Hilstrom. Mitsubishi Shipbuilding gains WinGD approval for ammonia fuel handling system  

Japanese shipbuilder becomes first in the country to receive supplier pre-approval for key components of WinGD's ammonia-fuelled engine.

Rendering of a battery-powered bulk carrier vessel. Battery-powered bulk carrier wins NOK 89.2m Enova grant  

Bulk Loaders and DP World secure Norwegian state funding for a zero-emission cargo vessel designed by NSD.

Empire State Building, New York. Maersk Oil Trading seeks New York-based fuel trader for Americas bunker business  

Firm looking for candidates with 'several years' of relevant experience in fuel trading, bunker trading, fuel marketing, cargo trading, or similar.

Taha Karakan and Aydın Yıldız, Alkagesta. Alkagesta completes Energy Petrol takeover, appoints new marine sales leadership in Türkiye  

Acquisition includes eight marine fuel supply vessels and a long-term lease of tank capacity in Gebze.

Venezuela flag. TFG Marine extends Caribbean bunkering reach into Venezuela  

Majority Trafigura-owned bunker supplier partners with Impordiesel to offer marine fuel across Venezuelan ports and coastal waters.


↑  Back to Top