Global energy management company World Fuel Services (WFS) on Thursday (29 July) posted a net income of $17.6 million for the three months ended 30 June (Q2 2021) due to increasing volumes across the business.
“As travel and economic activity continue to recover, we have seen volumes improve across our businesses and are optimistic about increasing demand for the balance of the year,” stated Michael J. Kasbar, chairman and CEO of WFS.
“We have also been positioning ourselves to best serve the needs of our customers as they navigate the ongoing evolution of energy consumption.”
The company recorded net income of $17.6 million for Q2 2021, compared to losses of 10.2 million during Q2 2020.
Specifically, its marine fuels segment generated gross profit of $22.7 million in Q1 2021, a decrease of 39% year-over-year, principally attributable to lower profitability as compared to Q2 2020.
The development was due to volatility arising from the implementation of the IMO 2020 regulations, as well as competitive market conditions and limited price volatility, it said.
Revenue of the marine fuels segment was $1.82 billion in Q2 2021, higher than revenue of 0.94 billion recorded in Q2 2020, while income from the segment was $4.8 million in Q2 2021, lower than income of $13.3 million in the similar period last year.
WFS sold 4.6 million metric tonnes (mt) of bunker fuel in Q2 2021, more than the $4.0 million mt delivered during Q2 2020.
Reports of WFS previous year financial performance are as follows:
Related: WFS marine segment generated gross profit of $25.4 million, down 57% on year in Q1 2021
Related: WFS 2020 marine segment gross profit down by 17% on year due to Covid-19 factors
Related: WFS marine segment gross profit down 40% on year to $32 million during Q3 2020
Related: WFS Q2 2020 results report operating segments ‘negatively impacted’ by Covid-19
Related: WFS marine segment posts highest level of quarterly gross profit in more than five years
Related: WFS marine sales volume approximately 12% down in FY 2019
Photo credit: World Fuel Services
Published: 2 August, 2021
Winding up application directed to be heard before the court sitting of the High Court of the Republic of Singapore at 10:00am on 27 March.
The system would be overseen by the IMO and would involve charging a levy on carbon-intensive fuels and subsidising low- and zero-carbon fuels, it said.
BunkerTrace tracks marine fuel using synthetic DNA markers at specific points of the supply chain and records each transaction in a blockchain-based solution.
‘I had given instructions to the finance department to prepare the accounts without showing the losses and that I would be responsible if anything went wrong,’ states HLT founder.
Argus contract will be based on a bunker index whereas the Platts contract will be based on a cargo index.
Some collaborations include streamlining and enabling payment transactions in maritime services to expedite end-to-end payment life cycles in the MOU, it said.
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.
