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Financial Result

Fratelli Cosulich calls 2023 its ‘second-best year ever’ despite 42% drop in net profit

‘Group Net Result was EUR 30.2 million, a 42% decrease from our best-ever year result, but resulting in our second-best year ever yet,’ says Stefano Abate, CFO of Fratelli Cosulich Group.

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Fratelli Cosulich calls 2023 its ‘second-best year ever’ despite 42% drop in net profit

Genoa-based international shipping and logistics company Fratelli Cosulich Group on Wednesday (3 July) said despite a 42% drop in net profit during FY 2023, it was still the “second-best year ever”. 

It recorded a net profit of EUR 30.2 million (USD 32.6 million) in 2023, a drop from EUR 52.2 million (USD 57.8 million) of net profit in FY 2022.

“The Group Net Result was EUR 30.2 million, a 42% decrease from our best-ever year result, but resulting in our second-best year ever yet,” said Stefano Abate, CFO of Fratelli Cosulich Group said in the firm’s preview of 2023 Annual Report, which will be published later this month. 

Despite the challenges of higher interest rates and stable low freight rates, bunker fuel and steel prices, the CFO said the financial performance for 2023 remained “robust”.

He said the group’s turnover, at EUR 1.9 billion, saw a 14% decrease, primarily due to these macroeconomic factors. 

“However, this was not a decline in our activities, but a testament to our ability to navigate through adverse conditions,” he said. 

Abate added its EBITDA, at EUR 49.9 million, showed a 27% decrease, reflecting the impact of investments and macroeconomic factors on the outcome. 

“Yet, it also underscored the effectiveness of our strategy,” he said. 

Abate highlighted that the firm made significant investments in four vessels in 2023, including two Dry Cargo vessels and two new Bunker Tankers Vessels, totaling almost EUR 50 million in assets. 

Additionally, it concluded six merger and acquisition (M&A) operations across all business units and established six new companies to expand its market presence.

Fratelli Cosulich Group Chairman, Augusto Cosulich, said: “These numbers prove the power of our strategy, which translated into investments, especially in a year marked by new geopolitical and macroeconomic challenges, such as the conflict in Eastern Europe, tensions in the Far and Middle East, and the rise of interest rates.”

“We must sustain business ideas. We have always prioritised our customers over a battle with competitors, ensuring that our services meet their evolving needs and create deeper relationships.”

“The acquisition of new assets and M&A actions in 2023, 16 in total, which translates to more than one per month, show that the Fratelli Cosulich Group is built on people.”

The group said its Marine Energy Business Unit made significant progress toward reducing emissions and increasing sustainability. 

“Four of our bunker trading companies have obtained ISCC certification, with three more expected to complete the process by 2024. We also set up our Carbon Desk and registered to trade EU ETS carbon allowances, successfully completing our first EUA transaction in January 2024,” it said. 

It also highlighted that FEMO Bunker, its specialised bunker trading company in the yachting sector, began providing biofuel solutions and it is planning for methanol deliveries in the near future.

“As we continue to manage our fleet of bunker tanker vessels, our internal ship-management team remains proactive in providing top-tier service to major oil companies,” the group said.

“Our team in China has been diligently overseeing the construction of the first two Italian-flagged LNG Bunker Tanker Vessels, which were delivered in Q3 2023 and Q1 2024 respectively.”

​​Related: Fratelli Cosulich posts 74.5% on year increase in net profit, bunkering segment leads revenue generation
Related: Fratelli Cosulich orders its first methanol dual-fuelled bunker tanker to serve Singapore
Related: Genova headquarters of Fratelli Cosulich attains International Sustainability and Carbon Certification

 

Photo credit: Fratelli Cosulich Group
Published: 4 July, 2024

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Financial Result

ZeroNorth achieves first operating profit in Dec with nearly USD 40 mil revenue in 2024

Firm achieved its first month of positive earnings before EBITDA in December 2024, after four and a half years of operations and reached just under USD 40 million in annual recurring revenue for 2024.

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ZeroNorth achieves first operating profit in Dec with nearly USD 40 mil revenue in 2024

Digital bunkering platform solutions provider ZeroNorth on Thursday (30 February) said it achieved its first month of positive earnings before interest, taxes, depreciation, and amortisation (EBITDA) in December 2024, after four and a half years since its launch. 

The firm said the achievement comes on the back of significant growth, with the company reaching just under USD 40 million in annual recurring revenue (ARR) for the year, a 38% increase from 2023.

“This marks an important milestone for ZeroNorth, particularly at a time when rising interest rates have put increasing pressure on startups and scaleups to prioritise financial sustainability over top-line growth. Despite the challenging economic climate, ZeroNorth has managed to balance growth and profitability, showing its ability to adapt to changing financial conditions,” the company said.

Founded in 2020, ZeroNorth has rapidly become a leader in the maritime industry’s digital transformation, helping more than 230 shipping and energy companies navigate the energy transition with solutions that optimise fuel consumption and reduce emissions. 

ZeroNorth has scaled from a team of six to 600 employees across 10 global locations and completed six strategic acquisitions, including joining forces with Singapore-based Alpha Ori Technologies in February 2024. 

Powered by AI-driven technologies developed in-house, the company has built a unified platform with a significant impact on sustainability and efficiency for customers. In 2024 alone, it optimised 72,000 voyage legs by generating 1.5 million routes, reducing more than one million metric tonnes of CO2 emissions.

ZeroNorth expects to achieve positive EBITDA for the full year 2025, while continuing to execute its growth strategy.

Søren Meyer, CEO of ZeroNorth, said: “Achieving operating profit is an important milestone for ZeroNorth and a reflection of the dedication of our team and the trust of our customers. Reaching this point highlights our ability to build a sustainable business model while scaling rapidly.” 

“More importantly, it reflects the critical role of data and technology as the shipping industry tackles the complexities of the energy transition.”

“With this foundation, we are strongly positioned to accelerate our growth, and continue to enable our customers to make informed decisions, boost efficiency and cut emissions.”

Related: ZeroNorth and Singapore-based Alpha Ori Technologies close deal to merge

 

Photo credit: ZeroNorth
Published: 4 February, 2025

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Business

Marine fuels trading, broking firm Uni-Fuels Holdings files for IPO on Nasdaq

Uni-Fuels Holdings plans to offer 3 million shares at a price range of between USD 4 to USD 5 per share; leading it to raise between USD 12 to USD 15 million for the IPO.

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Uni-Fuels logo

Uni-Fuels Holdings (Uni-Fuels), the ultimate parent of Singapore-based marine fuels trading and brokerage firm Uni-Fuels Pte Ltd, on Friday (25 October) announced plans for an initial public offering (IPO) on Nasdaq Capital Market.

In a filing with the United States Securities and Exchange Commission (SEC), the firm said it intends to offer 3 million shares at a price range of between USD 4 to USD 5 per share; leading it to raise between USD 12 to USD 15 million for the IPO.

It expects a market capitalisation of around USD 150 million after listing.

In the SEC filing, Uni-Fuels said it is a service provider of marine fuels solutions headquartered in Singapore. The Group’s history can be traced back to October 2021 when its operating subsidiary, Uni-Fuels Pte Ltd, was established in Singapore.

The company markets, resells and brokers marine fuels products such as very low sulphur fuel oil (VLSFO), high sulphur fuel oil (HSFO), and marine gas oil (MGO). It offers these products to shipping companies and marine fuels suppliers worldwide in-port and offshore.

Uni-Fuels operates an integrated business model where it serves customers through two operating models, sales of marine fuels solutions and brokerage (i.e. acting as intermediary between marine fuels suppliers and customers for a commission).

In the sales model, it controls and manages the customer relationship throughout the entire transaction and provides value-added solutions such as trade credit, financing, risk management, market intelligence and operational expertise.

In the broker model, the company refers the customer to a third-party supplier in exchange for a brokerage fee. In a sales transaction, it manages and guarantees the supply of marine fuels to the customer while it procures the marine fuel, including its delivery, from a third-party supplier. In a brokerage transaction, the third-party supplier will manage and guarantee the supply of marine fuels to the customer.

During the two years ended December 31, 2023, the company have arranged for marine fuel supply, under both its reselling and brokerage business, at 103 geographical ports worldwide, of which 35.9% of the supplies were carried out in South East Asia, 27.2% in North East Asia, 8.7% in South Asia, 8.7% in North America, 7.8% in Europe, 3.9% in South America, 3.9% in Middle East, 2.9% in Africa and 1.0% in Central America.

During the two years ended December 31, 2023, Uni-Fuels arranged for marine fuel supply to 88 customers, of which 77.3% are based in South East Asia, 15.9% in North East Asia, 4.6% in Europe and 2.3% in Middle East.

“Our customers are mainly shipping companies operating in market sectors such as bulk, tanker, offshore, container, general cargo, tug and barge, car carrier, cruise, yacht and dredging. Our customers also include other marine fuel suppliers operating in similar capacity as our Group,” it said in the filing.

The company recorded a net income of USD 1.2 million and USD 2 million for the years ending on December 31, 2023 and December 31, 2022 respectively.

Sales of marine fuels increased by approximately USD 40.6 million, or 137%, from approximately USD 29.6 million for the year ended December 31, 2022, to approximately USD 70.2 million for the year ended December 31, 2023.

“This increase was due to our strategic efforts to enhance our core business activities within the sales sector. We successfully expanded our team by increasing the number of employees in our sales and marketing department to conduct sales of marine fuels using our own resources, which led to a significant expansion of our customer base and an increase in the number of ports served during the year ended December 31, 2023,” the company said in the filing.

“The number of customers and ports related to the sales of marine fuels increased significantly from 13 customers and 30 ports in the year ended December 31, 2022 to 83 customers and 51 ports during the year ended December 31, 2023.”

“Our successful expansion into new customer base and supply ports led to in an increase in the number of customers and ports where we arrange marine fuels supply for our customers, and resulted in a substantial increase in our revenues.”

 

Photo credit: Uni-Fuels Holdings
Published: 4 November, 2024

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Financial Result

World Kinect marine fuels segment gross profit up 7% on year for Q3 2024

Marine segment generated gross profit of USD 37.2 million in Q3 2024, an increase of 7% on year from USD 34.6 million in Q3 2023, principally due to a higher profit contribution from company’s resale businesses.

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RESIZED Shaah Shahidh on Unsplash

New York-listed global energy management company World Kinect Corporation on Thursday (24 October) recorded a 4% on year decrease in net income for the third quarter (Q3) of 2024.

The company posted net income of USD 33.5 million in Q3 2024, 4% lower than net income of USD 34.9 million seen during Q3 2023.

Revenue for its combined aviation, land and marine segments in Q3 2024 was USD 10.49 billion, a 0.09% decrease from revenue of USD 12.25 billion in Q3 2023.

Specifically, the marine segment generated gross profit of USD 37.2 million in Q3 2024, an increase of 7% on year from USD 34.6 million in Q3 2023, principally due to a higher profit contribution from the company’s resale businesses.

In total, WFS sold 4.0 million metric tonnes (mt) of bunker fuel during Q3 2024, marking no changes from 4.1 million mt of marine fuels during the similar period of last year.

"We delivered solid results in the third quarter, with our aviation business delivering strong seasonal performance," said Michael J. Kasbar, Chairman and Chief Executive Officer. 

"Looking forward, we remain dedicated to driving growth in our core business activities, worldwide, while continuing to refine our land portfolio, which should further enhance our operating efficiencies and improve returns."

 

Photo credit: Shaah Shahidh on Unsplash
Published: 25 October 2024

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