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WFS 2022 marine fuels segment records 155% on year increase in annual gross profit

Firm attributes rise primarily to impact of higher bunker fuel prices and rising interest rates, leading to an increasingly constrained credit environment, as well as higher market volatility.

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Global energy management company World Fuel Services (WFS) on Thursday (27 October) recorded an annual gross profit of USD 256 million in its marine segment for 2022 – an increase of 155% year-on-year.

The increase was primarily attributed to the impact of higher bunker fuel prices and rising interest rates, leading to an increasingly constrained credit environment, as well as higher market volatility.

The company posted net income of USD 114 million in 2022, higher than net income of USD 73.7 million seen in 2021. 

Revenue for its combined aviation, land and marine segments in 2022 was USD 59 billion, a 88% jump from revenue of USD 31 billion in 2021.

The company also posted a sharp rise in its net income in its fourth quarter (Q4) of 2022 with USD 20.9 million, an increase of 36% from 15.4 million during the same period in 2021. 

“We delivered solid results across all of our businesses, despite continued global macroeconomic uncertainty,” stated Michael J. Kasbar, chairman and chief executive officer. 

“We continue to focus on leveraging our technical expertise and global logistics and distribution capabilities to satisfy our customers’ core energy requirements, as well as support their growing needs in achieving their carbon reduction goals.”

“In the third quarter, all of our business segments performed exceptionally well, resulting in record quarterly gross profit and adjusted EBITDA and the highest level of quarterly earnings per share in more than two years,” said Ira M. Birns, executive vice president and chief financial officer. 

“We have further strengthened our balance sheet and liquidity profile, benefiting from strong operating cash flow generation during the quarter, while enhancing returns to shareholders with our previously announced 17% quarterly dividend increase.”

‘“The adaptability of our diversified portfolio of complementary businesses enabled us to successfully navigate an increasingly turbulent market in 2022 to produce a solid full year result,” stated Michael J. Kasbar, chairman and chief executive officer. 

“We have established a strong foundation for ratable growth and will leverage our global expertise to provide an expanding suite of products and services, including our evolving sustainability offerings, to deliver long-term value to our customers, suppliers and shareholders.”

“In 2022, our Adjusted EBITDA improved significantly year-over-year,” said Ira M. Birns, executive vice president and chief financial officer. 

“Despite higher energy prices in 2022, our strong EBITDA performance further enhanced our liquidity profile which provides greater capacity to invest in growth opportunities, while also continuing to return capital to shareholders through share buybacks and dividends.”

 

Photo credit: World Fuel Services
Published: 27 February, 2023

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Port & Regulatory

Singapore: MPA issues circular on resolutions adopted by IMO MEPC 84

MPA urges the shipping community to prepare for the implementation of these resolutions, which includes use of multiple engine operational profiles for a marine diesel engine.

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RESIZED MPA stock photo, Singapore flag

The Maritime and Port Authority of Singapore (MPA) on Tuesday (14 July) issued Shipping Circular No. 7 of 2026 to inform on the resolutions adopted by MEPC 84, which was held from 27 April to 1 May 2026:

This circular informs the shipping community of the resolutions adopted by MEPC 84 and urges the shipping community to prepare for the implementation of these resolutions.

MEPC 84 adopted the following mandatory resolutions:

  • Resolution MEPC.407(84) – Amendments to MARPOL Annex VI (Clarification of entries in data reporting required by Regulations 27 and 28, designation of the North-East Atlantic as an Emission  Control Area for Nitrogen Oxides, Sulphur Oxides and Particulate Matter, accessibility to the IMO Ship Fuel Oil Consumption Database, and review clause of the short-term GHG reduction measure)

This resolution adopts amendments to MARPOL Annex VI, concerning the clarification of entries in data reporting required by regulations 27 and 28, the designation of the North-East Atlantic as an Emission Control Area for Sulphur Oxides, Particulate Matter and Nitrogen Oxides, the accessibility of the IMO Ship Fuel Oil Consumption Database (IMO DCS), and the review clause of the short-term GHG reduction measure. The amendments will enter into force on 1 September 2027 and will be given effect through the Prevention of Pollution of the Sea (Air) Regulations.

  • Resolution MEPC.408(84) – Amendments to MARPOL Annex VI (Use of multiple engine operational profiles for a marine diesel engine, including clarifying engine test cycles)

This resolution adopts amendments to MARPOL Annex VI concerning the use of multiple engine operational profiles for a marine diesel engine, including clarifying the engine test cycles. The amendments will enter into force on 1 September 2027 and will be given effect through the Prevention of Pollution of the Sea (Air) Regulations.

MEPC 84 also adopted the following resolutions:

  • Resolution MEPC.406(84) – Actions to ensure the protection of the marine environment in the Arabian Sea, Sea of Oman and the Gulf Region, particularly in and around the Strait of Hormuz, resulting from the unlawful activities of the Islamic Republic of Iran

This resolution condemns the attacks against commercial and merchant vessels and maritime infrastructure in the Gulf region. The resolution expresses deep concern over the risks these attacks pose to the marine environment, while encouraging member States to strengthen pollution preparedness and response cooperation.

  • Resolution MEPC.409(84) – 2026 Guidelines for Ballast Water Management (BWM) and Development of BWM Plans (G4)

This resolution adopts the 2026 Guidelines for BWM and development of BWM Plans, as part of the BWM Convention review. The Committee resolves to revoke the Guidelines for ballast water management and development of BWM Plans adopted by resolution MEPC.127(53) and amended by resolutions MEPC.306(73) and MEPC.370(80) when the amendments to the BWM Convention approved at MEPC 84 enter into force.

  • Resolution MEPC.410(84) – Amendments to the 2022 Guidelines on the Method of Calculation of the Attained Energy Efficiency Design Index (EEDI) for New Ships

This resolution adopts the amendments to the 2022 Guidelines on the method of calculation of the attained EEDI for new ships, to address dual-fuel engines using two liquid fuels, particularly methanol and ethanol, in the EEDI framework.

  • Resolution MEPC.411(84) – 2026 Guidelines on Survey and Certification of EEDI

This resolution adopts the 2026 Guidelines on survey and certification of the EEDI, to address dual-fuel engines using two liquid fuels, particularly methanol and ethanol, in the EEDI framework.

These Guidelines supersede the 2022 Guidelines on survey and certification of the EEDI (resolution MEPC.365(79), as amended by resolutions MEPC.374(80) and MEPC.403(83)).

  • Resolution MEPC.412(84) – Amendments to the 2022 Guidelines on Operational Carbon Intensity Indicators and the Calculation Methods (CII Guidelines, G1)

This resolution adopts the amendments to the 2022 CII Guidelines, G1, relating to the clarification of CII calculation obligations in the context of enhanced IMO DCS granularity reporting, specifically on “Transport work (W)”.

  • Resolution MEPC.413(84) – Amendments to the 2024 Guidelines for the development of a Ship Energy Efficiency Management Plan (2024 SEEMP Guidelines)

This resolution adopts amendments to the 2024 SEEMP Guidelines, relating to the clarification of CII calculation obligations in the context of enhanced IMO DCS granularity reporting, specifically on the “Distance travelled”.

  • Resolution MEPC.414(84) – 2026 Guidelines for test-bed and onboard measurements of methane (CH4) and/or nitrous oxide (N2O) emissions from marine diesel engines

This resolution adopts the 2026 Guidelines for test-bed and onboard measurements of methane (CH4) and/or nitrous oxide (N2O) emissions from marine diesel engines, and supersede the earlier Guidelines adopted by resolution MEPC.402(83).

  • Resolution MEPC.415(84) – Guidelines for engine load monitoring (ELM) and calculation of emission values

This resolution adopts the Guidelines for ELM and calculation of emission values, to specify the method for ELM to establish factors that reflect the actual operation of a marine diesel engine, and for the calculation of emission values.

  • Resolution MEPC.416(84) – Guidelines for continuous emission monitoring systems (CEMS) used to quantify methane (CH4) and/or nitrous oxide (N2O) emissions from marine diesel engines

This resolution adopts the Guidelines for CEMS used to quantify methane (CH4) and/or nitrous oxide (N2O) emissions from marine diesel engines, which aim to provide a uniform framework for the onboard measurement and mass basis quantification of emissions.

  • Resolution MEPC.417(84) – 2026 Strategy and the Action Plan to Address Marine Plastic Litter from Ships

This resolution adopts the 2026 Strategy and the Action Plan to Address Marine Plastic Litter from Ships.

Any queries relating to this circular should be directed to MPA Shipping Division via email at [email protected].

 

Photo credit: Maritime and Port Authority of Singapore
Published: 14 July, 2026

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Business

Oilmar appoints Shawn Ho to senior bunker trading role in Singapore

Ho has been appointed as the Senior Manager, Business Development and Bunker Trading in Oilmar’s Trading Department.

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Oilmar appoints Shawn Ho to senior bunker trading role in Singapore

UAE-based marine fuel and petroleum products trader Oilmar on Monday (13 July) announced the appointment of Shawn Ho as Senior Manager, Business Development and Bunker Trading in its Trading Department in Singapore.

Ho has more than 15 years of experience in the petroleum industry, including 11 years at Toyota Tsusho Petroleum and four years at Adani Global. His experience covers bunker trading, operations, market analysis and risk management.

“His extensive expertise in commercial trading, strategic negotiations, and developing strong partnerships with suppliers and customers makes him a valuable addition to our team,” the company said in a social media post. 

“As Oilmar continues to expand its global presence and strengthen its position in the marine fuels market, Shawn’s experience, industry insight, and commercial leadership will play an important role in driving our continued growth and delivering value to our customers.”

 

Photo credit: Oilmar
Published: 14 July, 2026

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Business

Seascale Energy hires Soo Yong Koo as Business Development Director in Singapore

In her new role, Koo will focus on supporting customer growth, strengthening commercial partnerships, and helping customers navigate an increasingly complex marine fuels landscape.

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Seascale Energy hires Soo Yong Koo as Business Development Director in Singapore

Seascale Energy, a bunker procurement joint venture of Cargill’s Pure Marine Fuels and Hafnia’s Bunker Alliance, on Friday (10 July) announced the appointment of Soo Yong Koo as the Business Development Director of the company. 

Based at Seascale Energy’s Singapore hub, Koo has more than 25 years of experience in the maritime and energy trading sectors, with expertise in marine fuels, commercial management, business development and customer relations.

She has held senior commercial roles at Trafigura, Mabanaft and BP, with experience spanning physical bunker operations and global sales.

Koo is an active contributor to the marine fuels industry, having served as a Board Member of the International Bunker Industry Association (IBIA), Asia, a member of the Working Group for Marine Fuels under the Singapore Chemical Industry Council (SCIC), and as a member of the Singapore Shipping Association’s (SSA) Marine Fuels Committee.

In her new role, Koo will focus on supporting customer growth, strengthening commercial partnerships, and helping customers navigate an increasingly complex marine fuels landscape. 

The company added that her experience across both conventional and emerging marine fuels aligns closely with Seascale Energy’s ambition to deliver transparent, scalable, and future-ready fuel procurement solutions.

“Soo Yong is highly respected in marine fuels, with 25 years of commercial and operational experience and a strong industry footprint across the IBIA, SCIC and SSA. Her appointment reflects our commitment to strengthening how we serve customers in Asia and beyond as the fuels landscape continues to evolve,” said Peter Grünwaldt and Olivier Josse, Co-CEOs, Seascale Energy.

 

Photo credit: Seascale Energy
Published: 14 July, 2026

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