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WFS records ‘better than expected performance’ in marine segment

Marine segment generated third quarter gross profit of $43 million, an increase of $13 million on year.

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New York-listed global transportation fuels distributor World Fuel Services (WFS) posted profit in the third quarter (Q3) of 2018, compared to losses during the similar quarter last year, it says.

The firm recorded net profit of USD $38.2 million in Q3 2018, against net loss of USD $38.5 million in Q3 2017.

Revenue was USD $10.4 billion in Q3 2018, higher than revenue of USD $8.5 billion during the similar period last year.

“Our third quarter results were highlighted by record profitability in our aviation segment as well as better than expected performance in our marine segment,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation.

“We continue to focus on operating efficiencies, portfolio refinement and organic growth initiatives, which has contributed to improved operating performance in 2018 and should position us well for growth in 2019 and beyond.”

Specifically, the company’s marine segment generated revenue of USD $2.5 billion in Q3 2018, higher than USD $2.1 billion in Q3 2017.

“Volume in our marine segment for the third quarter was 6 million metric tons down approximately 850,000 metric tons or 13% year-over-year principally due to discontinuing certain low margin activities during 2018,” said Ira Birns, Executive Vice President and Chief Financial Officer at WFS.

“Our marine segment generated third quarter gross profit of $43 million, that's an increase of $13 million or 41% year-over-year representing the highest level of marine gross profit in a single quarter since 2015.

“The significant year-over-year gross profit increase was principally related to stronger margins driven by the sharp rise in bunker fuel prices and an increasingly constrained credit environment which further enhances the value of our business model. Additionally, we benefited from certain higher margin seasonal business during the third quarter.”

Volume wise, the company sold a total of 5.97 million metric tonnes (mt) of marine fuels in Q3 2018, compared to 6.82 million mt in Q3 2017.

“Looking ahead to the fourth quarter, we expect marine results to decline driven principally by the drop off in seasonal activity. Therefore, we anticipate our marine results in the fourth quarter that would be in line with, with somewhat better than our second quarter results,” he adds.

“In closing, our business performed very well in the third quarter. Highlighted by record profitability in our aviation segment and better than expected results in our 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: 26 October, 2018

 

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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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