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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 financial year 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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Milestone

Singapore retains titles as Best Global Seaport and Best Seaport in Asia

Port of Singapore has been named the “Best Global Seaport” for the third consecutive year and the “Best Seaport in Asia” for the 35th time at the 2023 AFLAS Awards.

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Singapore retains titles as Best Global Seaport and Best Seaport in Asia

The Maritime and Port Authority of Singapore on Friday (29 September) said the Port of Singapore has been named the “Best Global Seaport” for the third consecutive year and the “Best Seaport in Asia” for the 35th time at the 2023 Asian Freight, Logistics and Supply Chain (AFLAS) Awards.

These accolades recognise the contributions by the Port of Singapore serving as a key node in the global supply chain, and Singapore’s leadership in driving maritime decarbonisation and transformation.

The annual AFLAS Awards is organised by freight and logistics publication, Asia Cargo News, to honour leading service providers in the supply chain community for demonstrating leadership as well as consistency in service quality, innovation, customer relationship management and reliability. Winners were determined by votes cast by readers of the publication.

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Mr Chee Hong Tat, Acting Minister for Transport and Senior Minister of State for Finance, said: “Singapore is honoured to be named the Best Global Seaport and Best Seaport in Asia. These awards are the result of the shared effort and strong collaboration between the Government, industry, unions and workers. We will continue to grow our port as an efficient, sustainable, and trusted node in global supply chains.”

Mr Teo Eng Dih, Chief Executive of MPA, said: “These awards are testament to the partnership and collaboration between Maritime and Port Authority of Singapore (MPA) with industry and international partners, the research and enterprise community, as well as unions. MPA remains committed to fostering an environment that encourages enterprise, innovation, and talent development.”

“We will continue to work with our partners to enhance Singapore’s connectivity, advance digitalisation efforts, and accelerate the decarbonisation of international shipping in line with the 2023 IMO strategy on reduction of GHG emissions from ships.”

Photo credit: Maritime and Port Authority of Singapore 
Published: 29 September, 2023

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Employment

Melvin Lum appointed as KPI OceanConnect Global Accounts Commercial Director in Singapore 

Lum will take on the position of Commercial Director from Thomas Lee who was recently promoted to Head of APAC in a management restructure within KPI OceanConnect.

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Melvin Lum appointed as KPI OceanConnect Global Account Commercial Director in Singapore

Global marine energy solutions provider KPI OceanConnect on Thursday (28 September) announced the appointment of Melvin Lum as Commercial Director for its Global Accounts team in Singapore.

Lum will take on the position of Commercial Director from Thomas Lee who was recently promoted to Head of APAC in a management restructure within KPI OceanConnect. 

The Global Accounts team is an expert unit within KPI OceanConnect, specialised in providing long-term, tailored fuel strategy solutions to a portfolio of Key Accounts on a global scale. Dedicated regional teams located in London, Houston and Singapore work seamlessly across the world and around the clock to support their clients.

Lum joined KPI OceanConnect in 2021 as Senior Key Account manager and has made a significant contribution to the development of the team and optimisation of the daily operations of the unit in Singapore. Lum has vast experience across the supply chain and previously worked with TotalEnergies, Glencore and Global Energy Group prior to joining KPI OceanConnect.

Henrik Zederkof, Head of Global Accounts at KPI OceanConnect, said: "It is always a pleasure to witness the growth of our team members, and Melvin's progression is no exception. I have full confidence in Melvin's expertise, ability to lead the unit and dedication to his team. I look forward to seeing the progress of Melvin and his team, which will undoubtedly bring significant value to our numerous partners and the wider organisation.”

"Melvin will assume a pivotal role within the Global Accounts management team, leveraging his extensive experience in supply chain management and profound insight into emerging technologies. In his new role, Melvin will further enhance our team's skill set, aligning them with our ongoing objectives of supporting our partners in their green transition and digitalisation endeavours."

Melvin Lum, Commercial Director of KPI OceanConnect Global Accounts in Singapore, said: "I am very appreciative of the support and confidence from our management team as I take on this exciting new role. I am enthusiastic to work with the team as we continue to deliver an exceptional experience to our partners and stakeholders with dedication, innovation and passion."

Photo credit: KPI OceanConnect 
Published: 29 September, 2023

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Biofuel

TotalEnergies Marine Fuels renews ISCC EU certification for bio bunker fuel  

Firm’s operations teams in Singapore and Geneva successfully renewed its ISCC EU sustainability certification for the supply of biofuel bunkers, says Louise Tricoire, Vice President.

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TotalEnergies Marine Fuels renews ISCC EU certification for bio bunker fuel

Louise Tricoire, Vice President of TotalEnergies Marine Fuels recently said the firm’s operations teams in Singapore and Geneva successfully renewed its International Sustainability and Carbon Certification (ISCC) EU sustainability certification for the supply of biofuel bunkers.

“This means that TotalEnergies Marine Fuels can continue sourcing and supplying marine biofuels in accordance with EU renewable energy regulations ensuring the highest sustainability standards,” she said in a social media. 

“It's the third year in a row that we have successfully renewed this certification, after a deep and comprehensive audit which showed zero non-conformity.”

She added marine biofuels have grown in demand among shipping companies that want to cut greenhouse gas emissions immediately. 

“TotalEnergies Marine Fuels offers marine biofuels commercially in Singapore and we are starting in Europe. This certification enables us to accompany our customers in their decarbonisation journey with the best standard solutions available today.”

Photo credit: TotalEnergies Marine Fuels
Published: 29 September, 2023

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