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WFS 2022 marine fuels segment records 155% on year increase in annual gross profit

Firm attributes rise primarily to impact of higher bunker fuel prices and rising interest rates, leading to an increasingly constrained credit environment, as well as higher market volatility.

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Global energy management company World Fuel Services (WFS) on Thursday (27 October) recorded an annual gross profit of USD 256 million in its marine segment for 2022 - an increase of 155% year-on-year.

The increase was primarily attributed to the impact of higher bunker fuel prices and rising interest rates, leading to an increasingly constrained credit environment, as well as higher market volatility.

The company posted net income of USD 114 million in 2022, higher than net income of USD 73.7 million seen in 2021. 

Revenue for its combined aviation, land and marine segments in 2022 was USD 59 billion, a 88% jump from revenue of USD 31 billion in 2021.

The company also posted a sharp rise in its net income in its fourth quarter (Q4) of 2022 with USD 20.9 million, an increase of 36% from 15.4 million during the same period in 2021. 

“We delivered solid results across all of our businesses, despite continued global macroeconomic uncertainty,” stated Michael J. Kasbar, chairman and chief executive officer. 

“We continue to focus on leveraging our technical expertise and global logistics and distribution capabilities to satisfy our customers’ core energy requirements, as well as support their growing needs in achieving their carbon reduction goals.”

“In the third quarter, all of our business segments performed exceptionally well, resulting in record quarterly gross profit and adjusted EBITDA and the highest level of quarterly earnings per share in more than two years,” said Ira M. Birns, executive vice president and chief financial officer. 

“We have further strengthened our balance sheet and liquidity profile, benefiting from strong operating cash flow generation during the quarter, while enhancing returns to shareholders with our previously announced 17% quarterly dividend increase.”

‘“The adaptability of our diversified portfolio of complementary businesses enabled us to successfully navigate an increasingly turbulent market in 2022 to produce a solid full year result,” stated Michael J. Kasbar, chairman and chief executive officer. 

“We have established a strong foundation for ratable growth and will leverage our global expertise to provide an expanding suite of products and services, including our evolving sustainability offerings, to deliver long-term value to our customers, suppliers and shareholders.”

“In 2022, our Adjusted EBITDA improved significantly year-over-year,” said Ira M. Birns, executive vice president and chief financial officer. 

“Despite higher energy prices in 2022, our strong EBITDA performance further enhanced our liquidity profile which provides greater capacity to invest in growth opportunities, while also continuing to return capital to shareholders through share buybacks and dividends.”

 

Photo credit: World Fuel Services
Published: 27 February, 2023

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LNG Bunkering

Singapore: Pavilion Energy supplies LNG to TFG Marine dual-fuel bunker tanker

“MT Diligence” was refuelled with 34 cubic metres of LNG bunker fuel, supplied by Pavilion Energy, marking the first LNG bunkering of TFG Marine’s bunker vessel.

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Singapore: Pavilion Energy supplies LNG to TFG Marine bunker tanker

Global marine fuel supply and procurement firm TFG Marine on Monday (20 May) announced the completion of the first liquefied natural gas (LNG) refuelling of its dual-fuel bunker tanker MT Diligence this week in Jurong Port, Singapore.

The 34 cubic metres (m3) of LNG to power the MT Diligence was supplied by the Marine division of Singapore-headquartered Pavilion Energy. 

“Deploying a vessel that can be powered by LNG as well as conventional low sulphur marine fuels helps TFG Marine to meet its licence requirement with the Maritime and Port Authority of Singapore (MPA),” TFG Marine said in a social media post.

Singapore: Pavilion Energy supplies LNG to TFG Marine dual-fuel bunker tanker

“Built and operated for TFG Marine by CBS Ventures Pte Ltd, the 5,000 dwt MT Diligence has been designed to our technical specifications, including stringent safety considerations and has joined our supply fleet this year in the major bunkering centre of Singapore.”

Manifold Times previously reported TFG Marine christening the first LNG dual-fuel bunker tanker to join its fleet.  

The newbuild vessel, MT Diligence, has joined the company's low sulphur fuel oil and biofuel supply operations in the major bunkering centre of Singapore.

Related: LNG dual-fuel bunker tanker “MT Diligence” joins TFG Marine fleet for Singapore ops

 

Photo credit: TFG Marine
Published: 21 May 2024

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Winding up

Singapore: Liquidators schedule final meeting for Sejahtera Shipping and related companies

Final meetings will be held at 9 Raffles Place, #19-21 Republic Plaza Tower 2, Singapore 048619 for Sejahtera Shipping, Molek Shipping and Madu Shipping.

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The final meetings of Sejahtera Shipping Pte Ltd and its related companies have been scheduled to take place on 21 June, according to the company’s liquidators on a notice posted on Monday (20 May) on the Government Gazette.

The other companies are Molek Shipping Pte Ltd and Madu Shipping Pte Ltd. 

The meetings will be held at 9 Raffles Place, #19-21 Republic Plaza Tower 2, Singapore 048619 at the following times:

  1. Sejahtera Shipping at 11am
  2. Molek Shipping at 10.30am
  3. Madu Shipping at 10am

They will be held for the purposes of having accounts laid before the meeting showing the manner in which the winding-up has been conducted and the property of the company disposed of, and of hearing any explanation that may be given by the liquidator.

The details of the liquidators are as follows:

Cheng Sam Tai Catherine
Liquidator
c/o Crowe Horwath First Trust Corporate Advisory Pte. Ltd.
9 Raffles Place, #19-20 Republic Plaza Tower 2, Singapore 048619

A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote in his stead. A proxy need not be a member of the company. The instrument appointing a proxy must be deposited at the Registered Office of the company not less than 48 hours before the time set for holding the meeting.

Related: Singapore: Sejahtera Shipping and related companies to be wound up voluntarily

 

Photo credit: Benjamin-child
Published: 21 May 2024

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Bunker Fuel

Island Oil eyes Korean market with new Seoul office

New office marked the company’s latest expansion within Far East and Southeast Asia markets, following the opening of the company’s Hong Kong office last year.

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International marine fuel trading firm Island Oil on Monday (20 May) announced it has established an office in Seoul.

This marked the company’s latest expansion within the Far East and Southeast Asia markets, following the opening of the company’s Hong Kong office last year. 

Additionally, Island Oil has several years of established presence in Singapore, along with a representative office in Shanghai. 

Mr. Yongje (Jayden) Choi will be heading the Seoul office as Business Development Manager. 

Jayden

Mr. Yongje (Jayden) Choi

“We welcome Jayden to the Island Oil family”, said Mr. Michell Kamphorst, Head of International Trading, Asia at Island Oil.  

“His expertise in the Korean market will provide an immediate impact as we inaugurate our Seoul office, marking another significant milestone in our Asia expansion.”

“Stepping into Island Oil, I am impressed by their dedication to maintaining a culture of dignity and respect for all team members, as well as their strong commitment to fairness and transparent communication”, said Choi.

“I am excited to be a part of Island Oil's journey towards greater growth and prosperity”, he concluded.

Note: Enquiries can be sent to Island Oil’s Seoul office via email at [email protected]

Related: Island Oil continues expansion into Chinese markets with new Hong Kong trading office
Related: Island Oil and Island Petroleum receive ISCC EU certification for bio bunker fuels

 

Photo credit: TANIM MUNSHI on Unsplash / Island Oil
Published: 21 May 2024

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