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WFS marine sales volume approximately 12% down in FY 2019

The New York-listed oil and bunker trading firm records 40% on year growth in net profit to $178.9 million in FY 2019.

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New York-listed oil and bunker trading firm World Fuel Services (WFS) on Thursday (27 February) recorded a 40% on year growth in net profit due to the benefits offered by its diversified business model, it said.

It posted net profit of $178.9 million for the financial year (FY) of 2019, an increase from net profit of $127.7 million in FY 2018.

Total revenue generated across its aviation, land and marine fuel segments was $36.82 billion in FY 2019, 7% down from revenue of $39.75 billion in FY 2018.

“We are very pleased with our performance in 2019 as we continued to leverage the strength of our diversified business model,” stated Michael J. Kasbar, Chairman and CEO of WFS.

“We will continue to aggressively focus on driving growth opportunities, increasing the value of our global platform and improving operating leverage across the enterprise.”

“Our marine segment posted yet another quarter of outstanding results, closing out a year that produced the strongest annual marine earnings since 2015,” added Kasbar in a recent earnings call.

Our experienced and talented marine team did an exceptional job of assisting customers in managing their energy supply before the IMO 2020 low-sulphur regulations that took effect on January 1st.

Specially, the marine fuel segment posted a revenue of $8.06 billion in FY 2019, 13% down from revenue of $9.25 billion in FY 2018.

Gross profit of the similar segment was $1.11 billion in FY 2019, a 9% increase from gross profit of $1.02 billion in FY 2018.

Total sales volume for the marine fuel segment was 20.9 million metric tonnes (mt) in FY 2019, a 11.9% fall from sales of 23.72 million mt in FY 2018.

“With the new IMO regulations now in place, we estimate that nearly 85% of marine fuel to be sold in the first quarter will be either low sulphur fuel oil or marine gas oil, that’s up from approximately 55% in the fourth quarter,” notes Kasbar.

“While the unit price for low sulphur fuel oil and marine gas oil have declined over the past several weeks, these prices remain substantially higher than the unit price for high sulphur fuel oil today.

“This should provide opportunities to again drive strong profitability in the first quarter, and we therefore, expect marine results to reflect significant year-over-year improvement, compared to the first quarter of 2019.”

Earlier reports of WFS’ financial performance are as follows:

Related: WFS marine segment gross profit jumps 24% on year for Q3 2019
Related: WFS Q2 profit increases by 29%, ‘extremely well prepared’ for IMO 2020
Related: WFS expands unsecured credit facility to $1.8 billion ahead of IMO 2020
Related: WFS posts ‘solid start to the year’ with 37% increase in Q1 profit
Related: WFS returns to profit for 2018 in ‘year of continuing transformation’
Related: WFS records ‘better than expected performance’ in marine segment
Related: WFS Q2 bunker sales volume 13% down on year
Related: WFS posts Q1 net profit on increase in oil prices, offset by lower volume
Related: WFS posts net loss of $142.0 million in 2017


Photo credit: World Fuel Services

Published: 28 February, 2020

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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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