Colombo-listed John Keells Holdings PLC, the parent firm of Colombo-based bunker supplier Lanka Marine Services (LMS), posted a 26% decrease in net profit for its first quarter ended 30 June (Q1) of 2018.
It recorded net profit of LKR 2.22 billion (USD $13.97 million) in Q1 2018, a decrease from net profit of LKR 3.02 million in Q1 2017, according to its financial statement.
Revenue in Q1 2018 was LKR 30.16 billion, 12% more than revenue of LKR 26.82 billion in Q1 last year.
Its transportation business, which includes LMS, posted profit of LKR 826.02 million in Q1 2018, an increase of 4% over LKR 773.08 million during the first quarter of the previous financial year.
“The increase in profitability is mainly attributable to the performance of the Group’s Bunkering, and Ports and Shipping businesses,” said Chairman Susantha Ratnayake.
He noted the Port of Colombo witnessing a year-on-year growth of 15% and South Asia Gateway Terminals (SAGT) recording a growth in throughput of 25% during the comparative period.
“Profitability of the Group’s Bunkering business, Lanka Marine Services, increased as a result of a volume growth of 20% and improved margins,” he added.
“During the quarter, LMS commissioned “MT Amelia”, further enhancing LMS’s overall storage capacity and delivery efficiency.”
LMS pointed out of “strong opportunities for private bunkering service providers” at the port of Hambantota in a separate presentation.
“The Port will occupy an area of 1,815 hectares and have a capacity to accommodate 33 vessels at a time,” it explains.
“[It is also] Positioned within 10 nautical miles of the world’s busiest shipping lanes in which 200 to 300 ships sail through on a daily basis.”
Elsewhere, the group’s leisure and property businesses posted respective net loss of LKR 276.33 million and loss of LKR 5.86 million during Q1 2018.
Related: Sri Lanka: JKH posts double digit growth in bunkering
Published: 31 July, 2018
Bunker fuel prices have been unstable since the implementation of IMO 2020 and with it, the premium for scrubber-fitted bulk carriers, says shipbroking firm.
22-year bunker player Gilbert Goh joins Argus Media’s bunker price assessment team as Consultant.
Gazpromneft Ocean CCL40 is available at 16 ports in South Korea, and the first few supplies have already been carried out at the ports of Busan, Masan and Incheon.
GP Global’s Hamriyah bitumen plant was sold to Dubai-based firm ARIA Commodities at a price indicated in the USD 10-20 million range, reports Argus Media .
Application was made in February so the company can restructure without creditors being able to take independent action, reports The Straits Times.
The application was filed by OCBC bank in July this year and Seshadri Rajagopalan and Paresh Jotangia will be the joint judicial managers for Xihe Holdings.
Additional topics of bunker contamination and OCM services discussed at VPS’ Fuel Management Challenges – The Year of 2021 & Beyond webinar on 23 September; Manifold Times summarises the session.
‘The JMs have failed to discharge their duties by blindly helping the Banks mount a false case against the Defendant,’ wrote defence lawyers representing former IPP Director Dr Goh Jian Hian in court statement.
Lead prosecutor Andreas Myllerup Laursen aims for a fine and a prison sentence in the so-called Syria case scheduled to commence in Odense, Denmark on 26 October, writes the Danish publication.
In a modern re-telling of the story of David versus Goliath, local bunker barge owners/charterers successfully resisted claims brought in the Singapore courts by Phillips 66 for misdelivery of bunkers.
Bunker barge owners and operators; traders and suppliers; banks, including players in other countries, will have to re-examine respective operations, advises Helmsman Associate Director Jonathan Tan.
Vopak BL was a non-essential document with no contractual force and had no effect as a contract of carriage or as a document of title, states written Judgement issued by Singapore Court of Appeal.
