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WFS marine segment gross profit jumps 24% on year for Q3 2019

Marine segment saw ‘strongest results’ in last five years due to seasonality and tight bunker market in Singapore.

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New York-listed oil and bunker trading firm World Fuel Services (WFS) on Wednesday (30 October) posted a 24.5% increase in net profit on year for the third quarter (Q3) of 2019 on the back of strong performance from its marine segment.

The company recorded net profit of USD 48.2 million in Q3 2019, compared to net profit of USD 38.7 million in Q3 2018.

Total revenue was USD 9.32 billion in Q3 2019, a 10.6% decrease from USD 10.43 billion in Q3 2018.

“Our Marine segment generated strongest results in nearly five years, driven by seasonality and a tight high sulphur fuel oil market in Singapore, which was generally the result of supply disruptions caused by the oilfield attacks in Saudi Arabia,” said Michael Kasbar, Chairman and CEO of WFS, in a recent earnings call.

“While these conditions seem to be moderating, the potential for market volatility and rising prices for low sulphur fuel oil, which will become the principal fuel used by the shipping industry come January, could provide similar profit opportunities as the IMO 2020 regulations go into effect.”

Specifically, revenue from the marine segment was USD 2.02 billion in Q3 2019, a 20% fall from revenue of USD 2.55 billion in Q3 2018. Gross profit for the similar segment was USD 53.4 million in Q3 2019, an increase from USD 43.0 million in Q3 2018.

WFS’ sales volume for the marine segment was 5.5 million mt in Q3 2019, compared to 6.0 million mt in Q3 2018.

“The Marine segment generated third quarter gross profit of $53 million. That's a $10 million, or 24% year-over-year increase, representing the highest of quarterly marine gross profit since the first quarter of 2015,” added Kasbar.

“The year-over-year increase was driven by continued strength in our core resale business as well as additional activity in Asia, principally resulting from the drone strikes in Saudi Arabia, which created significant disruptions in exports of high sulphur fuel oil to Singapore in the latter part of the third quarter.

“This resulted in supply shortages, which drove increased volumes and profitability to Asia during the quarter. It is possible that the timing of such disruption in advance of the upcoming IMO 2020 low sulphur regulations going into effect also contributed to the increase.”

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

Photo credit: World Fuel Services
Published: 1 November, 2019
 

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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.

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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

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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.

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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

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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.

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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

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