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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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LNG Bunkering

Singapore: Eastern Pacific Shipping hits 700 LNG bunkering milestone

Since commencing LNG bunkering operations in November 2020, the company said it has completed a total LNG bunkering volume of 2,920,191 cubic metres.

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Singapore: Eastern Pacific Shipping hits 700 LNG bunkering milestone

Singapore-based shipping firm Eastern Pacific Shipping (EPS) on Monday (17 August) said the company has successfully completed its 700th LNG bunkering operation, carried out for vehicle carrier Lake Victoria in Emden, Germany.

Since commencing LNG bunkering operations in November 2020, the company said it has completed a total LNG bunkering volume of 2,920,191 cubic metres (m3).

“Reaching 700 LNG bunkering operations reflects not only the scale of our investment in alternative-fuel capabilities, but also the experience, coordination and commitment of our teams at sea and ashore,” EPS said in a social media post. 

“As we continue to grow and diversify our fleet, every operation adds to the practical experience needed to support shipping’s energy transition.”

Manifold Times previously reported the company completed a total of 530 LNG bunkering operations with over 2.4 million m3 of LNG bunkered, from the start of recorded data to 31 Dec 2025. 

In its 2026 ESG Report, EPS said its fleet is among the largest dual-fuel fleets in the industry, with over 170 vessels designed to operate on alternative fuels.

In 2025, 25% of the fuel consumed by EPS fleet were alternative marine fuels, including LNG, LPG, ethane, and biofuels.

Related: 2026 ESG Report: Singapore-based EPS completes 530 LNG bunkering operations

 

Photo credit: Eastern Pacific Shipping
Published: 18 August, 2026

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LNG Bunkering

Yang Ming dual-fuel vessel completes first SIMOPS LNG bunkering operation in Shanghai

“YM Willpower” successfully received around 2,000 mt of LNG alongside active cargo handling, significantly enhancing operational efficiency during the port call.

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Yang Ming dual-fuel vessel completes first SIMOPS LNG bunkering operation in Shanghai

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) on Monday (17 August) said its 15,500 TEU LNG dual-fuel vessel, YM Willpower, successfully completed its first-ever LNG bunkering operation via SIMOPS (Simultaneous Operations) at the Port of Shanghai.

Through close collaboration with Shanghai International Port (Group) and SIPG Energy Shanghai, the vessel successfully received around 2,000 metric tonnes (mt) of LNG alongside active cargo handling, significantly enhancing operational efficiency during the port call.  

With LNG dual-fuel technology, the company said it is continuing to expand alternative-fuel bunkering capabilities, enhance operational flexibility and efficiency and advance lower-carbon shipping solutions.  

Manifold Times previously reported YM Willpower completing its first bunkering operation in Singapore.

In 2026, Yang Ming will progressively introduce newly built 15,500 TEU class container vessels primarily fueled by liquefied natural gas (LNG) into its operating fleet. 

The lead vessel, YM Willpower, completed partial LNG bunkering at the shipyard prior to delivery and was officially deployed on 8 February into Yang Ming’s Far East–Mediterranean MD2 service. 

Related: Yang Ming’s new boxship completes first LNG bunkering operation in Singapore

 

Photo credit: Yang Ming Marine Transport Corporation
Published: 18 August, 2026

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Methanol

Fratelli Cosulich launches methanol-ready bunker tanker in China

Designed with MarineLINE-coated cargo tanks and methanol readiness from the outset, “Carlotta Cosulich” combines operational flexibility with future-fuel readiness.

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Fratelli Cosulich launches methanol-ready bunker tanker in China

Genoa-based marine fuel supplier Fratelli Cosulich on Monday (17 August) announced the launch of its new methanol-ready bunker IMO II tanker, Carlotta Cosulich.

The launch of Carlotta Cosulich, the third of four sister vessels, took place at Taizhou Maple Leaf Shipyard in China, bringing together the project team, partners and stakeholders.

Silvia Bordon, General Manager, served as the vessel’s godmother during the ceremony.

“Designed with MarineLINE-coated cargo tanks and methanol readiness from the outset, Carlotta Cosulich combines operational flexibility with future-fuel readiness,” the company said in a statement. 

Equipped with a five-tonne cargo crane and dedicated arrangements for Single Point Mooring (SPM) operations further enhances her versatility across a wider range of bunkering operations.

“Following the successful delivery of her two sister vessels, she brings us one step closer to completing this four-vessel programme and reinforces Fratelli Cosulich Group’s commitment to safety, innovation, sustainability and operational excellence,” the company added.

 

Photo credit: Fratelli Cosulich
Published: 18 August, 2026

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