Business

Fratelli Cosulich posts 74.5% on year increase in net profit, bunkering segment leads revenue generation

‘Another year has concluded, and I would like to use just one word to describe it: success. I want to be clear,’ states Stefano Abate, CFO of Fratelli Cosulich Group.

Published

3 years ago

July 25, 2023

Admin

Genoa-based international shipping, shipments and logistics company Fratelli Cosulich Group on Monday (24 July) posted a 74.5% on year increase in net profit during its financial year that ended 31 December 2022 (FY 2022).

It recorded EUR 52.2 million (USD 57.8 million) of net profit in FY 2022 from EUR 29.9 million in FY 2021, according to latest financial figures.

Total group revenue was EUR 2.2 billion in FY 2022, up 46.7 % from revenue of EUR 1.5 billion in FY 2021.

Notably, revenue from the group’s bunkering business, specifically ‘Bunker trading revenues and bunker fees’ segment recorded revenue of EUR 1.8 billion for FY 2022; up 50% from revenue of EUR 1.2 billion for FY 2022.

Net profit of the group’s bunkering business in FY 2022 was recorded at EUR 12.6 million.

“The 2022 outstanding results [for the marine fuel and LNG segment] are directly linked to the capabilities of our team to transform this concept in a mantra for their daily operations,” explained the group.

“The financial performance of our business unit has been the best to date, with a Gross Profit that more than doubled compared to the previous year.

“Due to the significant price increase during 2022, our efforts have been to optimise our credit lines while focusing on those transactions making the best economic contribution.”

The group, similar to FY 2021, experienced positive performance in its bunker trading segment.

“With regard to bunker trading, which during 2021 had repositioned itself to values in line with the average of past years, during 2022 it experienced again, as happened in 2020 with the shock generated by the introduction of the VLSFO on the market, a moment unpredictable increase in margins caused by the increase in the price of crude oil under the pressure of international tensions,” it explained.

Stefano Abate, CFO of Fratelli Cosulich Group, was pleased with the results.

“Another year has concluded, and I would like to use just one word to describe it: success. I want to be clear. I use this concept with great consciousness borrowing its old meaning from the Latin “succedere”, namely ‘coming close after’. And 2022 was more than ever the result of the two previous years. A year in which we came close to, met, and exceeded all of our business and, more significantly, our financial goals,” he said.

Manifold Times previously reported the Group announcing the christening and launch of its second small-scale LNG bunkering vessel Paolina Cosulich.

The company also recently signed a long-term time charter agreement with Titan for its LNG bunker vessel Alice Cosulich. It also announced it became the first supplier in Italy and one of the first in Europe to deliver bio-VLSFO (Very Low Sulfur Fuel Oil) in February 2023.

In April, International Bunker Industry Association announced Timothy Cosulich, Board Member of Fratelli Cosulich would continue his role as Chair of IBIA.

Photo credit: Fratelli Cosulich
Published: 25 July, 2023

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Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

9 hours ago

July 21, 2026

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Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

9 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

10 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026