Connect with us

Business

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.

Admin

Published

on

world fuel services

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

Continue Reading

Milestone

China: Xiamen port records 16.37% jump in bunker sales volume in 1H2025

Total of 416 international ships, an increase of 6.12% on year, received marine fuel in bunkering operations during the same period.

Admin

Published

on

By

Xiamen port bunkering

The Port of Xiamen recorded bonded bunkering volume of 274,500 metric tonnes (mt) in the first half (1H) of 2025, representing a jump of 16.37% on year, reported Xiamen Daily on Thursday (10 July).

A total 416 international ships, an increase of 6.12% on year, received marine fuel in bunkering operations during the same period.

The report noted Xiamen Port to be increasing bunker players while optimising its bonded marine fuel supply chain system in recent years.

Before February 2025, there were only two bonded bunker fuel suppliers with national licenses operating at Xiamen Port.

The port welcomed Xiamen Kunlun Fuel Oil [厦门昆仑燃料油] as a new marine fuel supplier on 1 February; the company was awarded the first Xiamen local license by both Xiamen Customs and the local government.

Followingly, Xiamen Kunlun Fuel Oil performed its first bonded bunkering operation at Xiamen port on 26 February.

Xiamen Port earlier launched a pilot programme called “two warehouse functions superposition” which combines the functions of both bonded oil storage warehouse and export supervision warehouse into one unit.

Using just a single oil storage tank allows bunker fuel suppliers at Xiamen to save on renting tanks, reduce time spent on tank unloading, improve utilisation rates, and shorten bunker delivery times.

Related: PetroChina subsidiary wins first bonded bunkering licence in Xiamen

 

Photo credit: Xiamen Port Authority, China
Published: 11 July 2025

Continue Reading

Newbuilding

China: Steel cutting ceremony for methanol bunkering tanker “Lucia Cosulich” held

A steel cutting ceremony was held for the 7,999 DWT IMO Type 2 chemical bunker tanker at Taizhou Maple Leaf Shipyard, China.

Admin

Published

on

By

Lucia Cosulich

Fratelli Cosulich Marine Energy on Wednesday (9 July) announced the steel cutting ceremony of Lucia Cosulich, a 7,999 DWT IMO Type 2 chemical bunker tanker – the second vessel in a series of four – at Taizhou Maple Leaf Shipyard, China.

“This milestone marks another bold step in our Marine Energy business unit’s commitment to clean fuel readiness and operational excellence,” said the company.

The vessel will be fully methanol-ready, capable of carrying, burning, and bunkering methanol safely and efficiently, with full regulatory compliance standards.

It will feature an integrated Nitrogen Generator System, ensuring safe and inert tank operations at all times. Equipped with advanced safety systems specifically engineered for low-flashpoint fuel handling, the vessel sets a new benchmark in future fuel readiness.

A complete methanol bunkering setup will come as standard, including the Quick Connect/Disconnect Couplings (QCDC), dedicated transfer lines and comprehensive monitoring and control systems to ensure efficient and secure fuel handling.

“Built on state-of-the-art architecture, she is designed not only to meet but to exceed the evolving demands of tomorrow’s energy supply chain,” noted the firm.

Lucia Cosulich embodies our vision to lead the transition within the maritime fuel landscape.”

 

Photo credit: Fratelli Cosulich
Published: 11 July 2025

Continue Reading

Financial Result

Glander International Bunkering reports EBT of USD 22 million for FY2025

‘This fiscal year, we focused on staying close to our clients, while adapting to a fast-changing market,’ says CEO Carsten Ladekjær.

Admin

Published

on

By

Glander Result 2024 2025 MT

Global bunker trading and energy solutions provider Glander International Bunkering on Thursday (10 July) posted financial results for the year ended on April 30, 2025 – reflecting stable performance amid ongoing changes in global maritime and regulations.

The company reports a turnover of USD 3 billion and earnings before tax (EBT) of USD 22 million, including a non-recurring item.

“These results demonstrate consistent performance compared to the previous fiscal year, as the company continues to focus on conventional fuels, new fuels, risk management and extensive global reach,” CFO David Varghese comments.

Navigating change in maritime

Throughout the 2024-25 fiscal year, the bunker industry faced critical challenges including the escalation of the US-China trade conflict, ongoing Red Sea and Suez Canal security risks, and the first full-year impact of the EU Emissions Trading System (EU ETS) for maritime shipping.

Compliance with IMO CII measures and the uptake of new fuel products also influenced bunker demand patterns and pricing strategies.

“This fiscal year, we focused on staying close to our clients, while adapting to a fast-changing market,” says CEO Carsten Ladekjær. “In a time of uncertainty and transformation, we focused on staying agile, supporting customers with conventional fuels, and laying the groundwork for new fuel solutions.”

New fuels and other key achievements

Glander International Bunkering made significant progress in 2024-25: completing bioLNG deliveries, expanding biofuel supply, and launching a compliance calculator to help customers navigate FuelEU Maritime. Compared to the previous fiscal year, the company achieved a 71% increase in biofuel volume and 85% increase in LNG volume, along with the sale of nearly 100,000 EUAs.

Other achievements throughout the year include the renewal of its ISCC certifications, membership in the Smart Freight Centre, and Great Place to Work certification for the 7th consecutive year.

Looking ahead, Ladekjær says, “We will do what we have always done since 1961– adapt to new changes and be there for our clients.” He added that Glander International Bunkering is prepared for the next phase of change in global shipping, as decarbonisation, regulatory expansion and geopolitical developments continue to shape the bunker fuel market.

 

Photo credit: Glander International Bunkering
Published: 11 July 2025

Continue Reading
Advertisement

OUR INDUSTRY PARTNERS



Trending