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Fratelli Cosulich posts 74.5% on year increase in net profit, bunkering segment leads revenue generation

‘Another year has concluded, and I would like to use just one word to describe it: success. I want to be clear,’ states Stefano Abate, CFO of Fratelli Cosulich Group.

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Genoa-based international shipping, shipments and logistics company Fratelli Cosulich Group on Monday (24 July) posted a 74.5% on year increase in net profit during its financial year that ended 31 December 2022 (FY 2022). 

It recorded EUR 52.2 million (USD 57.8 million) of net profit in FY 2022 from EUR 29.9 million in FY 2021, according to latest financial figures. 

Total group revenue was EUR 2.2 billion in FY 2022, up 46.7 % from revenue of EUR 1.5 billion in FY 2021. 

Notably, revenue from the group’s bunkering business, specifically ‘Bunker trading revenues and bunker fees’ segment recorded revenue of EUR 1.8 billion for FY 2022; up 50% from revenue of EUR 1.2 billion for FY 2022. 

Net profit of the group’s bunkering business in FY 2022 was recorded at EUR 12.6 million. 

“The 2022 outstanding results [for the marine fuel and LNG segment] are directly linked to the capabilities of our team to transform this concept in a mantra for their daily operations,” explained the group. 

“The financial performance of our business unit has been the best to date, with a Gross Profit that more than doubled compared to the previous year. 

“Due to the significant price increase during 2022, our efforts have been to optimise our credit lines while focusing on those transactions making the best economic contribution.” 

The group, similar to FY 2021, experienced positive performance in its bunker trading segment. 

“With regard to bunker trading, which during 2021 had repositioned itself to values in line with the average of past years, during 2022 it experienced again, as happened in 2020 with the shock generated by the introduction of the VLSFO on the market, a moment unpredictable increase in margins caused by the increase in the price of crude oil under the pressure of international tensions,” it explained. 

Stefano Abate, CFO of Fratelli Cosulich Group, was pleased with the results. 

“Another year has concluded, and I would like to use just one word to describe it: success. I want to be clear. I use this concept with great consciousness borrowing its old meaning from the Latin "succedere", namely 'coming close after'. And 2022 was more than ever the result of the two previous years. A year in which we came close to, met, and exceeded all of our business and, more significantly, our financial goals,” he said.

Manifold Times previously reported the Group announcing the christening and launch of its second small-scale LNG bunkering vessel Paolina Cosulich

The company also recently signed a long-term time charter agreement with Titan for its LNG bunker vessel Alice Cosulich. It also announced it became the first supplier in Italy and one of the first in Europe to deliver bio-VLSFO (Very Low Sulfur Fuel Oil) in February 2023.

In April, International Bunker Industry Association announced Timothy Cosulich, Board Member of Fratelli Cosulich would continue his role as Chair of IBIA.

Related: Fratelli Cosulich launches second LNG bunkering vessel “Paolina Cosulich” at Chinese shipyard
Related: Fratelli Cosulich charters LNG bunker vessel “Alice Cosulich” to Titan
Related: Fratelli Cosulich completes first biofuel blend delivery to Hapag-Lloyd containership in Genoa
Related: SeaTech Solutions, Fratelli Cosulich obtain RINA AiP for ammonia-fuelled bunker tanker
Related: IBIA: New members join IBIA Board for 2023
Related: Fratelli Cosulich launches LNG bunker vessel “Alice Cosulich” in China
Related: China: LNG bunker tanks hoisted onto Fratelli Cosulich bunker tanker newbuilding
Related: Fratelli Cosulich obtains USD 29.3 mil loan to finance LNG bunker tanker
Related: Fratelli Cosulich Bunkers Singapore, CIMC SOE collaborate to build ammonia bunker tanker
Related: Fratelli Cosulich welcomes “Margherita Cosulich” to Singapore bunkering fleet
Related: Fratelli Cosulich: Timothy Cosulich named as IBIA Chairman, starts role effective April

Photo credit: Fratelli Cosulich
Published: 25 July, 2023

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Biofuel

GCMD concludes its final biofuel blend supply chain trial with Hapag-Lloyd

bp provided the B30 biofuel blend to the “TIHAMA”, a 19,870 TEU container vessel operated by Hapag-Lloyd in final trial; marks the end of a series of trials initiated in July 2022.

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GCMD concludes its final biofuel blend supply chain trial with Hapag-Lloyd

The Global Centre for Maritime Decarbonisation (GCMD) on Thursday (18 July) said it has successfully completed its final supply chain trial for biofuel blended with very low sulphur fuel oil (VLSFO). 

This marks the end of a series of trials initiated in July 2022 as part of a larger pilot to develop a framework to provide quality, quantity and GHG abatement assurances for drop-in fuels.

In this final trial, bp provided the B30 biofuel blend to the TIHAMA, a 19,870 twenty-foot equivalent unit (TEU) container vessel operated by Hapag-Lloyd.

The biofuel component used is certified to the International Sustainability & Carbon Certification (ISCC) standard – a multistakeholder certification scheme for biobased materials. The biofuel component comprised neat Fatty Acid Methyl Ester (FAME) produced from food waste.

Authentix, a tracer solutions provider, supplied and dosed the FAME with an organic-based tracer at the storage terminal outside the Netherlands. The dosed FAME was then transported to the Port of Rotterdam for blending with VLSFO to achieve a B30 blend, before the blend was bunkered onboard the TIHAMA.

Similar to previous trials, GCMD engaged fuel testing company Veritas Petroleum Services (VPS) to witness the operations at all stages – from biofuel cargo transfer to bunkering. VPS also collected and conducted extensive laboratory tests on samples of the biofuel and biofuel blend collected at pre-determined points along the supply chain to assess quality per Standards EN 14214 and ISO 8217.

With well-to-wake emissions of 13.74 gCO2e/MJ, the neat FAME presented a 85.4% emissions reduction compared to the emissions of the fossil marine fuel. The reduced emissions complies with the MEPC 80, which requires a minimum emissions reduction of 65% in order for biofuels to be classified as sustainable.

GCMD and Hapag-Lloyd determined that consumption of the 4,500 MT B30 blend of FAME and VLSFO resulted in 27.9% emissions reduction compared to sailing on VLSFO.

A newly developed tracer deployed with this supply chain

GCMD collaborated with Authentix to develop and deploy a new organic-based tracer to authenticate the origin and verify the amount of FAME present in the blend. The proprietary tracer blended homogeneously with FAME and was detected at expected concentrations at all sampling points along the supply chain.

This trial marks the first deployment of this tracer in a marine fuel supply chain. Previously, similar tracers were used to authenticate and quantify biofuels in road transport and LPG supply chains.

Development of a comprehensive biofuels assurance framework underway

With the completion of this trial, GCMD has deployed a diverse range of tracer technologies, including synthetic DNA and element-based tracers, in addition to the organic-based tracer used in this trial. The trials have also included the development of a chemical fingerprinting methodology and the evaluation of lock-and-seal and automatic identification systems (AIS) as additional solutions to ensure the integrity of the biofuels supply chain.

Learnings on tracer limitations and benefits will be incorporated into a framework that recommends appropriate use to ensure consistent and robust performance. This effort will complement existing ISCC by providing additional supply chain assurance through physical traceability.

The insights from these trials will be shared in a series of reports covering issues, such as traceability, biofuel degradation, supply chain optimisation and abatement costs. These findings will culminate in a comprehensive assurance framework to provide guidance on biofuels use, slated for release in the fourth quarter of 2024.

 

Photo credit: Global Centre for Maritime Decarbonisation
Published: 19 July 2024

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Ammonia

MPA, ITOCHU and partners sign MoU on ammonia-fuelled bulk carriers study

As a government agency, MPA,will review and provide their views to the designs of the ammonia-fuelled ships to ensure their safe operations, says ClassNK.

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Classification society ClassNK on Thursday (18 July) said it signed a Memorandum of Understanding (MoU) with ITOCHU Corporation, Nihon Shipyard Co., Ltd., and Maritime and Port Authority of Singapore (MPA) regarding a joint study for the design and safety specifications of ammonia-fuelled ships which are under development by ITOCHU and partners.

“The discussion for a specification of ammonia-fuelled ships with a governmental body related to their operation is essential for a social implementation of ammonia-fuelled ships,” ClassNK said. 

“As one of parties of the MoU, MPA, a government agency overseeing the world’s busiest bunkering hub, will review and provide their views to the designs of the ammonia-fuelled ships to ensure their safe operations.”

The MoU is based on the premise that 200,000 deadweight ton class bulk carriers will be built by Nihon Shipyard with an ammonia dual-fuelled engine.

“The necessary clarifications of the specification for the ammonia-fueled ship to carry out ammonia bunkering in Singapore will be conducted among parties of this MoU, for the commercialisation of ammonia-fuelled ships,” ClassNK added.

 

Photo credit: Venti Views on Unsplash
Published: 19 July 2024

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Biofuel

“K” Line to use biofuel on three Gram Car Carriers-chartered vessels in Singapore

Biofuel will be supplied to the sister vessels “Viking Ocean”, “Viking Diamond” and “Viking Coral” while bunkering in Singapore, says Gram Car Carriers.

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“K” Line to use biofuel on three Gram Car Carriers-chartered vessels in Singapore

Norwegian transportation firm Gram Car Carriers (GCC) on Thursday (18 July) said Kawasaki Kisen Kaisha (“K” LINE) will use biofuel on three vessels chartered from GCC from July onwards. 

“The biofuel will be supplied to the sister vessels Viking Ocean, Viking Diamond and Viking Coral while bunkering in Singapore, an Asian hub for marine biofuels,” GCC said on its social media. 

“The use of biofuel is a key environmental initiative to reduce emissions across the entire value chain (well-to-exhaust) and an effective way of transitioning to low-carbon marine fuels amid globally tightening environmental regulations.”

“We support the green mobility shift. This means that GCC commit to supporting the transition of both vehicles and their logistic chain towards a zero-emission future in close cooperation with leading customers such as K-Line,” said Georg A. Whist, CEO of GCC.

 

Photo credit: Gram Car Carriers
Published: 19 July 2024

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