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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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Shipping Corridor

Singapore, LA and Long Beach unveil Partnership Strategy for Pacific Ocean green and digital shipping corridor

Ports and C40 have commissioned a study to analyse trade flows and vessel traffic between the three locations as well as estimate quantity of near-zero/zero-emission bunker fuels required for this traffic.

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Singapore, LA and Long Beach unveils Partnership Strategy for Pacific Ocean green and digital shipping corridor

The Maritime and Port Authority of Singapore (MPA), Port of Los Angeles (POLA) and Port of Long Beach (POLB) on Wednesday (6 December) unveiled a Partnership Strategy for a green and digital shipping corridor (GDSC) across the Pacific Ocean at the 28th United Nations Climate Change Conference.

The release of the Partnership Strategy follows the signing of a memorandum of understanding (MoU) by MPA, POLA and POLB during Singapore Maritime Week in April 2023. The MoU formalised the partnership, which is supported by C40 Cities, with the aim of establishing a GDSC connecting the three global hub ports.

The scope of cooperation through the Partnership Strategy and success indicators specified within build upon the MoU signed in April 2023 and reaffirm the corridor partners’ commitment to drive global action to digitalise and decarbonise the shipping industry and improve efficiencies.

The GDSC Strategy outlines steps to accelerate decarbonisation of the maritime shipping industry by enabling first mover organisations to achieve net-zero greenhouse gas emissions by the earliest feasible date, in support of the goals defined by the 2023 International Maritime Organization’s Strategy on Reduction of GHG Emissions from Ships. The ports and C40 will work together and with value-chain stakeholders from the fuel and maritime sectors to:

● Coordinate decarbonisation efforts: GDSC partners will help to catalyse and coordinate efforts to enable ships calling at the Port of Singapore, Port of Los Angeles and Port of Long Beach to achieve net-zero greenhouse gas emissions by the earliest feasible date. 

● Build consensus on green shipping best practices: GDSC partners will seek to establish consensus around green shipping best practices and standards.

● Improve access to and adoption of technology and digital solutions: To enhance supply chain efficiency, resilience and decarbonisation while reducing costs and improving reliability, GDSC partners will work to develop and deploy innovative technology and digital solutions.

● Leverage networks: GDSC partners will work with stakeholders involved in other green shipping initiatives, including those established by the three ports and other parties, to scale the uptake of zero and near-zero emission technologies, fuels and energy sources.

To achieve these aims, a partnership structure and governance mechanism have been developed to provide clarity on the roles and responsibilities of GDSC partners. The strategy also outlines processes for onboarding new participants, financial management, confidentiality and decision-making.

As next steps, the ports and C40 have commissioned a study to analyse trade flows and vessel traffic between Singapore, Los Angeles and Long Beach. The study will estimate the quantity of near-zero and zero-emission fuels required for this traffic, and guide implementation by identifying opportunities for collaboration to advance the development of the GDSC.

The founding partners will now engage stakeholders from across the shipping and fuel supply value chains that share the GDSC's vision and aims, with the intention of onboarding new corridor participants in 2024. 

Mr Teo Eng Dih, Chief Executive of MPA, said: “We are excited to see this partnership grow from strength to strength with the Green and Digital Shipping Corridor Partnership Strategy. We have embarked on evaluating the various digital solutions and zero and near-zero fuels options that could be trialled along the route between Singapore and the San Pedro Bay Port Complex. We look forward to the support of all the corridor stakeholders over the coming months to conduct trials and potentially scale them for wider adoption.”

"This Partnership Strategy document is the foundation upon which we'll build the future of maritime shipping,” Port of Los Angeles Executive Director Gene Seroka said. “Our success requires the resolve and dedication of the three partnering ports as well as our industry partners. Together, we will model the collaboration necessary to achieve our climate and efficiency goals." 

“Over the last two decades, we've learned that collaboration between maritime industry partners is the key to making meaningful progress in reducing emissions and cleaning the air,”Port of Long Beach CEO Mario Cordero said. “This trans-Pacific green shipping corridor takes this concept global. The strategies we develop here can be used as a roadmap by a larger network of seaports and supply chain companies to invest in programs, technologies, software and infrastructure to decarbonize international trade everywhere.”

C40 Executive Director Mark Watts, said: "C40 is proud to support our port partners in delivering this Partnership Strategy. The advancement of this Green and Digital Shipping Corridor brings the shipping sector one step closer to a 1.5°C-aligned trajectory. Green shipping is only achievable through collaboration because no one stakeholder can afford to move unless they know others are likely to follow. That’s where C40 is delighted to help, bringing our network of world-leading cities, which include most of the world’s largest and most forward-looking ports."

Note: The Partnership Strategy document can be viewed here

Photo credit: Maritime and Port Authority of Singapore
Published: 7 December, 2023

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Business

Liberia-flagged bulker “Eleen Armonia” placed under Sheriff’s arrest

Ship was added to list of vessels under Sheriff’s arrest in Singapore’s court system and it is currently held at Eastern Bunkering Anchorage; arrest was made on behalf of Allen & Gledhill LLP.

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RESIZED SG bunker tanker

Liberia-flagged bulk carrier Eleen Armonia was arrested in Singapore waters on Monday (4 December). 

The 55,522 DWT vessel was added to the list of vessels under Sheriff’s arrest in Singapore’s court system. 

According to the list, the vessel was arrested at 12.25pm and the arresting solicitor listed was law firm Allen & Gledhill LLP. The ship is currently held at the Eastern Bunkering Anchorage. 

No details regarding the reason behind the arrest were provided in the list. 

Photo credit: Manifold Times
Published: 7 December, 2023

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Biofuel

PIL and DP World embark on biofuel bunkering trials at Jebel Ali Port

Both parties will collaborate on trial shipments between Jebel Ali Port in Dubai and destinations within PIL’s network in near term which will include shipments on PIL’s vessels powered by a biofuel blend.

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PIL and DP World embark on biofuel bunkering trials at Jebel Ali Port

Singapore-based container operator Pacific International Lines (PIL) on Wednesday (6 December) said it signed a Memorandum of Understanding (MOU) with DP World, which handles around 10% of the world’s container trade, to jointly develop green solutions to decarbonise global supply chains.

In the near term, both parties will collaborate on trial shipments between Jebel Ali Port in Dubai and destinations within PIL’s network, with initiatives to reduce the shipments’ GHG footprint. This will include shipments on PIL’s vessels powered by a biofuel blend, biofuel bunkering, and deploying container handling equipment at terminals that run on renewable energy to handle the shipments.

Over the longer term, the companies will explore expanding this partnership to include other ports within DP World’s global network, and using other alternative bunker fuels, such as e-LNG, green methanol or green ammonia in PIL’s vessel operations and bunkering.

It was signed by Mr Lars Kastrup, Chief Executive Officer, PIL and Mr Tiemen Meester, Group Chief Operating Officer, Ports & Terminals, DP World, at the UN Climate Change Conference (COP28) in Dubai, United Arab Emirates (UAE), conveying their commitment to combating climate change and the collective goal of achieving net zero greenhouse gas (GHG) emissions by 2050 or earlier.

Mr Lars Kastrup, Chief Executive Officer, PIL said: “Supply chain resilience and sustainability is the bedrock of global trade growth. With the renewed commitment by the International Maritime Organisation (IMO) this year to take a significant step forward to decarbonise the shipping industry, we at PIL are responding actively to IMO’s call and working to invest in and implement green solutions to achieve our target of achieving net zero by 2050. In this regard, we are pleased to have DP World joining us on our sustainability journey. Capitalising on the combined strengths of our two organisations, we can both augment our sustainability efforts as we co-develop solutions to decarbonise our supply chains.”

Mr Tiemen Meester, Group Chief Operating Officer, Ports & Terminals, DP World, said: “Decarbonisation is the single biggest concern for DP World outside the constraints and the physical movement of goods. So, we are transforming our business and the impact global trade has on the climate. We have already committed to becoming carbon-neutral by 2040 and achieving net-zero carbon emissions by 2050. But we must explore partnerships with companies that share our ambitions and technology to be deployed right now for quicker results.”

Photo credit: DP World
Published: 7 December, 2023

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