Business

LATEST: WFS posts net loss of $142.0 million in 2017

The company recorded impairment charges of $91.9 million primarily related to its marine segment, it notes.

Published

8 years ago

February 23, 2018

Admin

New York-listed World Fuel Services (WFS) posted increase losses in 2017 when compared to the earlier year with overall results pulled down by “challenging market conditions” in the marine and land segments.

The company recorded net loss of $142.0 million in for its financial year ended 31 December 2017, compared to net profit of $77.9 million during 2016.

Its total revenue amounted to $33.7 billion in 2017, representing a 24.7% increase from revenue of $27.0 billion in 2016.

“We generated $932 million in gross profit representing modest growth over 2016. Strength in our aviation segment was meaningfully offset by challenging market conditions in marine and parts of our land segment,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation.

“We are optimistic about 2018 as we have begun executing on an organizational redesign to drive greater operating efficiencies. We continue to sharpen our portfolio of business activities while executing on a solid pipeline of initiatives to accelerate organic growth across the business, with opportunity for selective strategic investments, as well.”

WFS recorded a non-cash impairment charge of $91.9 million in the fourth quarter (Q4) of 2017 primarily related to its marine segment as a result of growing weakness in maritime markets over the last year, along with a further decline in demand for price risk management products and its decision to exit the marine business in certain international markets.

Further, the company recorded a restructuring charge of $59.6 million in Q4 2017 relating to the exit of two specific business activities.

WFS’ marine segment generated revenue of $8.2 billion in 2017, a 14.1% rise from revenue of $7.2 billion in 2016. Gross profit in the segment was $126.0 million during 2017, 15.7% lower than gross profit of $149.5 million in 2016.

Income from WFS’ marine operations was loss of $57.8 million in 2017, compared to profit of $30.2 million in 2016.

The company supplied 26.5 million metric tonnes (mt) of marine fuel in 2017, 15.3% down from volume of 31.4 million mt in 2016.

“We are committed to restructuring all relevant parts of the company, in terms of size and organizational design, to maximize our market competitiveness and operational agility,” said Ira M. Birns, executive vice president and chief financial officer at WFS.

“We are focused on achieving a more efficient operating model measured by the disciplined execution of fundamentals to drive improvement in long-term operational and financial performance.

“Organic and strategic growth opportunities combined with the benefit from recent restructuring activities and ongoing efforts to identify additional cost saving opportunities, should drive improved results in 2018, delivering greater value to our shareholders.”

Photo credit: World Fuel Services
Published: 23 February, 2018

Winding up

Singapore: Nan Shan Maritime liquidator issues notice of intended dividend

Creditors will need to produce proofs of debt to liquidator of Nan Shan Maritime by 14 July, according to Government Gazette notice.

Published

20 hours ago

July 1, 2026

Admin

A notice to declare intended dividend of Nan Shan Maritime Pte Ltd to its creditors has been posted on the Government Gazette on Tuesday (30 June).

The following are the details of the notice of intended dividend:

Name of Company : Nan Shan Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701967H
Address of Registered Office : 10 Anson Road, #10-10, International Plaza, Singapore 079903
Last Day for Receiving Proofs : 14 July 2026
Name of Liquidator : Tam Chee Chong
Address : c/o 10 Anson Road, #10-10, International Plaza, Singapore 079903

Photo credit: steve pb from Pixabay
Published: 1 July, 2026

Fuel Testing

VPS strengthens China presence with new Shanghai marine fuel testing facility

Investment in the new testing laboratory comes as marine fuel volumes in Chinese ports continue to grow and customers increasingly demand faster testing and advisory services.

Published

20 hours ago

July 1, 2026

Admin

VPS strengthens China presence with new Shanghai marine fuel testing facility

Marine fuels testing company VPS on Tuesday (1 July) announced the opening of its brand new testing laboratory in Shanghai, China.

The company said this strategic investment strengthens VPS’ global laboratory network and reinforces the company’s commitment to delivering faster, locally-based testing services to customers operating in one of the world’s most important maritime markets.

“Shanghai has emerged as one of the fastest growing marine bunkering hubs and is expected to play a major role in the future supply of both traditional fossil fuels and emerging low-to-zero carbon fuels,” it said in a statement.

“The new Shanghai laboratory will provide comprehensive marine fuel testing services, enabling customers to benefit from further improved turnaround times and enhanced operational decision making.”

The facility will support vessel owners, operators, charterers and fuel suppliers, with rapid, independent analysis and technical expertise, helping stakeholders to manage fuel quality risks, protect assets and maintain regulatory compliance.

Dr. Malcolm Cooper, CEO at VPS, said: “VPS is pleased to announce the opening of our new Shanghai Laboratory, which will provide fuel quality testing for bunker fuels including methanol. China is central to the global shipping industry being the world’s largest shipbuilder, producer of shipping containers and operator of the biggest commercial fleet. Shanghai is therefore the perfect home for our latest laboratory, as VPS is the world’s leading fuel testing company”.

The investment comes as marine fuel volumes in Chinese ports continue to grow and customers increasingly demand faster testing and advisory services. The new facility further enhances the VPS global footprint, which already includes laboratories in Rotterdam, Singapore, Fujairah, Houston and Manchester, supported by an international team of technical experts, sales professionals and customer service specialists.

In addition to supporting conventional marine fuels, the Shanghai laboratory will provide testing and advisory services relevant to the industry’s growing adoption of low-to-zero carbon fuels, assisting customers to navigate emerging fuel quality performance and compliance challenges.

Andrew Morton, VPS MD-AMEA, stated: “The opening of our new laboratory in Shanghai’s Lingang New Area, positions VPS at the heart of one of China’s most important maritime and industrial growth hubs. This investment reflects our confidence in the Chinese maritime market, our commitment to supporting customers closer to where they operate and our belief that Asia will remain at the forefront of shipping’s energy transition.”

The Shanghai laboratory will serve both domestic and international customers operating throughout China and across the wider Asia-Pacific region, supporting ongoing growth in marine fuel testing demand and providing a platform for future expansion of VPS services within the Chinese maritime sector.

Photo credit: VPS
Published: 1 July, 2026

Bunker Fuel

AD Ports Group and IRH Global Trading to advance bunkering at Khalifa Port

Both signed a MoU, outlining potential collaboration in bunkering services to vessels calling at Khalifa Port and the development of alternative bunker fuels such as LNG, biofuels, and methanol.

Published

20 hours ago

July 1, 2026

Admin

AD Ports Group and IRH Global Trading to advance bunkering at Khalifa Port

AD Ports Group on Tuesday (30 June) said it has signed a Memorandum of Understanding (MoU) with IRH Global Trading Ltd. to explore strategic cooperation in bunkering services and alternative marine fuels at Khalifa Port.

The MoU outlines potential collaboration across a range of areas, including the provision of bunkering services to vessels calling at Khalifa Port, the development of alternative fuel solutions such as Liquefied Natural Gas (LNG), biofuels, and methanol, and the exploration of opportunities related to fuel storage infrastructure, terminal facilities, and fuel sampling and testing capabilities.

Saif Al Mazrouei, CEO, Ports Cluster – AD Ports Group, said: “This collaboration reflects our commitment to forging strategic alliances that create long-term, sustainable value.

“By working alongside trusted partners such as IRH, we are enhancing our capabilities and supporting the development of future-ready infrastructure and services that reinforce the UAE’s position as a leading global trade and logistics hub, in line with the vision of our wise leadership.”

Ali Rashed Alrashdi, Group CEO – International Resources Holding, said: “This collaboration with AD Ports Group reflects IRH’s commitment to build strategic partnerships that drive real economic impact.

“As we continue to develop our global energy trading platform, bunkering and alternative marine fuels represent a high-potential area of growth. We see Khalifa Port as an ideal base from which to explore these opportunities, and we look forward to working closely with AD Ports Group to bring them to life.”

Through this collaboration, AD Ports Group and IRH Global Trading aim to further enhance Khalifa Port’s value proposition as a multi-purpose, deep-water port that supports efficient, sustainable, and future-oriented maritime operations.

IRH Global Trading is a global commodities trading firm with interests across the mining and energy value chain and plans to build a diversified global minerals and energy trading platform, including LNG, Liquefied Petroleum Gas (LPG), crude oil, and petroleum products.

Photo credit: AD Ports Group
Published: 1 July, 2026