Global energy management company World Fuel Services (WFS) on Thursday (28 October) recorded 73.5% lower net income on year for the third quarter (Q3) of 2021.
The company posted net income of USD 21.7 million in Q3 2021 compared to USD 82.0 million in Q3 2020. Revenue in Q3 2021 was USD 8.35 billion, 86.4% higher than revenue of USD 4.48 billion in Q3 2020.
“A strengthening economy combined with easing global travel restrictions contributed to another strong year-over-year increase in aviation activity,” states Michael J. Kasbar, chairman and CEO of WFS.
“Despite lingering effects of the pandemic and ongoing supply chain disruptions, we are well positioned to drive growth in our core business activities while serving the evolving energy requirements of our customers.”
“Our marine segment generated gross profit of $21.9 million, a decrease of 32% year-over-year, driven by a decline in average margins in the core resale business,” added Kasbar.
Revenue of the marine fuels segment was $2.10 billion in Q3 2021, higher than revenue of 1.24 billion recorded in Q3 2020, while income from the segment was $3.6 million in Q3 2021, lower than income of $8.2 million in the similar period last year.
WFS sold 4.8 million metric tonnes (mt) of bunker fuel in Q3 2021, more than the 4.4 million mt delivered during Q3 2020.
Reports of WFS previous year financial performance are as follows:
Related: WFS net income rebounds to $17.6 million in Q2 2021; marine posts $22.7 million gross profit
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: 1 November, 2021
Purchases at least 75% of produced fuel from Eskilstuna Biogas which will develop a new biogas plant producing around 5,000 tonnes of LBG annually.
IBIA Bunker Licensing & MFM Working Group will continue to push for adoption of bunker licensing and uptake of MFM in other areas, especially major bunkering hubs.
DWM crew members onboard the 40,230 GT bulk carrier M/V Protefs failed to document oily bilge water in the vessel’s oil record book, according to attorney’s office statement.
Creditors to send in their names and addresses and particulars of their debts or to Baker Tilly Singapore on or before 21 February 2022.
‘What TECO 2030 is doing is pioneering work that has the potential to change shipping, cut emissions and create new jobs in northern Norway,’ says Minister of Trade and Industry.
Supply contract was signed with Ningbo Xinle Shipbuilding Group and New Dayang Shipping in June while vessels' shipowner is X-Press Feeders.
‘Economics of the shipping market will be the key driver enabling methanol to be adopted at a higher pace going forth over next couple years as market begins to return to more normal rates,’ states COO.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
Livestock carrier also involved in earlier bunker claim with Glander International Bunkering due to remaining unpaid fuel bill of approximately USD 116,000, according to court documents obtained by Manifold Times.
A blend of standard MGO and biodiesel, MGO B20 is distributed at the company’s floating kiosk CNC 5 which is located off the buoy of West Coast Pier; PS Energy has been stamped with globally recognised ISCC.
