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World Kinect marine fuels segment gross profit down 46.3% on year to USD 42 million

Decrease principally due to significant benefit from near record bunker fuel prices and heightened market volatility in the second quarter of 2022, says firm, previously known as World Fuel Services.

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New York-listed global energy management company World Kinect Corporation, which was previously known as World Fuel Services Corporation, recorded a 35.6% on year decrease in net income for the second quarter (Q2) of 2023 due to loss from its marine segment.

The company posted net income of USD 29.9 million in Q2 2023, an increase from the net income of USD 24.4 million seen during Q2 2022.

Revenue for its combined aviation, land and marine segments in Q2 2023 was USD 11 billion, a 35.7% decrease from revenue of USD 17.1 billion in Q2 2022.

Specifically, the marine segment generated gross profit of USD 42 million in Q2 2023, down 46.3% on year from USD 78.2 million in Q2 2022.

In total, WFS sold 4.2 million metric tonnes (mt) of bunker fuel during Q2 2023, a decrease of 14.2% on year from 4.9 million mt of marine fuels during the similar period of last year.

“Gross profit of USD 42 million, a decrease of 46% year-over-year, principally due to the significant benefit from near record bunker fuel prices and heightened market volatility in the second quarter of 2022,” the firm said in its report. 

According to its call presentation of Q2 2023 results, the bunker fuel volumes were down year-over-year primarily due to declines in activity in the container market but said margins ‘remain well ahead of historical averages’. 

For the 2023 outlook for its marine segment, the firm expects gross profit to be generally flat sequentially, and down year-over-year, similar to the decline experienced in the second quarter 2022 when bunker prices were record highs.

Manifold Times previously reported World Fuel Services Corporation changing its corporate name to World Kinect Corporation. The firm said the change is intended to better reflect the Company’s ongoing transformation into a more resilient, diversified energy and solutions provider. 

Related: World Fuel Services changes name to World Kinect, begins trading under new ticker symbol
Related: WFS marine fuels segment gross profit up 11% on year to USD 52 million
Related: WFS 2022 marine fuels segment records 155% on year increase in annual gross profit
Related: WFS Q3 2022 marine fuels segment gross profit up 241.6% on year to USD 74.8 mil
Related: WFS marine segment gross profit records 244% on year jump in Q2 2022
Related: WFS marine segment gross profit records 85% on year jump in Q1 2021
Related: WFS marine segment gross profit records 85% on year jump in Q1 2021

 

Photo credit: World Kinect Corporation
Published: 3 August, 2023

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Events

Singapore bunker firms band together to support 900 people of low-income groups

Cathay Marine Fuel Oil Trading, Trilogy Petroleum and Seven Seas Oil Trading were amongst sponsors for an event, spreading joy to 900 people from low-income groups and elderly communities.

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In the spirit of Chinese New Year, several bunkering companies in Singapore came together to support a Community Outreach Programme organised by Living Hope Evangelism by sponsoring an event on Saturday (15 February).

About 900 people from low-income groups and elderly in communities were treated to lunch, gift vouchers and souvenirs at the Bliss Garden Restaurant, Singapore Expo.

The guest of honour at the event was Mr Eric Chua, Senior Parliamentary Secretary for Culture, Community and Youth & Social and Family Development, while the special guest was Ms Tin Pei Ling, Adviser to MacPherson GROs.

Cathay Marine Fuel Oil Trading Pte Ltd, Trilogy Petroleum Pte Ltd and Seven Seas Oil Trading Pte Ltd were amongst sponsors for the event.

Trilogy Petroleum, is the exclusive agent for Singapore bunker supplier Cathay Marine Fuel Oil Trading Pte Ltd and bunker trader, Seven Seas Oil Trading Pte Ltd.

“Acts 20:35; it is more blessed to give than to receive,” shared Alex Ow Yong, PBM, BBM, Chairman of Trilogy Petroleum. “Giving always make you feel better than receiving.”

“Thumbs up to all the sponsors and well-wishers for their love, generosity, and kindness. Kudos to those who showed kindness to others, by giving and sharing freely, and by caring for people!”

A gallery containing highlights of the event is below:

Photo credit: Living Hope Evangelism
Published: 17 February 2025

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Bunker Fuel

Singapore: Bunker fuel sales down by 9.1% on year in January 2025

4.46 million mt of various marine fuel grades were delivered at the world’s largest bunkering port in January, a drop from 4.91 million mt recorded during the similar month in 2024, according to MPA data.

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Singapore: Bunker fuel sales down by 9.1% on year in January 2025

Sales of marine fuel at Singapore port decreased by 9.1% on year in January 2025, according to Maritime and Port Authority of Singapore (MPA) data.

In total, 4.46 million metric tonnes (mt) (exact 4,461,710 mt) of various marine fuel grades were delivered at the world’s largest bunkering port in January, a drop from 4.91 million mt (4,906,100 mt) recorded during the similar month in 2024.

Deliveries of marine fuel oil, low sulphur fuel oil, ultra low sulphur fuel oil, marine gas oil and marine diesel oil in January (against on year) recorded respectively 1.66 million mt (zero from 1.66 million mt), 2.43 million mt (-15% from 2.86 million mt), 900 (+100% from zero), 3,100 mt (-77% from 13,500 mt) and zero (from zero).

Singapore: Bunker fuel sales down by 9.1% on year in January 2025

Bio-blended variants of marine fuel oil, low sulphur fuel oil, ultra low sulphur fuel oil, marine gas oil and marine diesel oil in January (against on year) recorded respectively 16,000 (+100% from zero), 92,000 mt (+103% from 45,300 mt), zero (from zero), zero (from zero) and zero (from zero).

LNG and methanol sales were posted respectively at 6,600 mt (-36.5% from 10,400) and zero (from zero).

A complete series of articles on Singapore bunker volumes by Manifold Times in 2024 can be found below:

Related: Singapore: Bunker fuel sales down by 5.2% on year in December 2024
Related: Singapore: Bunker fuel sales gain by 4.6% on year in November 2024
Related: Singapore: Bunker fuel sales gain by 10.8% on year in October 2024
Related: Singapore: Bunker fuel sales continue to increase by 2.8% on year in September 2024
Related: Singapore: Bunker fuel sales increase by 7.2% on year in August 2024
Related: Singapore: Bunker fuel sales up by 3.3% on year in July 2024
Related: Singapore: Bunker fuel sales gain 8.7% in June 2024
Related: Singapore: Bunker fuel sales increase by 6.7% in May 2024
Related: Singapore: Bunker fuel sales down by 0.6% on year in April 2024
Related: Singapore: Bunker fuel sales increase by 6.4% on year in March 2024
Related: Singapore: Bunker fuel sales up by 18.8% on year in February 2024
Related: Singapore: Bunker fuel sales up by 12.1% on year in January 2024

 

Photo credit: Maritime and Port Authority of Singapore
Published: 14 February, 2025

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Bunker Fuel

Singapore-based Straits Bio-LNG aims to deliver 250,000 mt of bio-LNG bunker fuel per year

Firm is currently in advanced stage of testing breaking down Empty Fruit Bunch through an established biological process with high enzyme concentration in its R&D facility in Malaysia to produce bio-LNG.

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Singapore-based Straits Bio-LNG aims to deliver 250,000 mt of bio-LNG bunker fuel per year

Straits Bio-LNG, a privately owned supplier of bio-LNG, is aiming to deliver 250,000 metric tonnes (mt) of bio-LNG per year in Singapore, according to SEA-LNG on Thursday (13 February).

The Singapore-based company, led by SK Tan as CEO, is doing so in response to the growing demand for LNG. LNG bunkering volumes have grown significantly in key bunkering hubs as more LNG-fuelled vessels have entered into operation. 

The Maritime and Port Authority of Singapore (MPA) saw a dramatic four-fold increase in 2024 to almost 340,000 mt, SEA-LNG said in a statement announcing Straits Bio-LNG joining the coalition. 

Headquartered in Singapore, the company boasts a growing team led by SK Tan as CEO.  

Yiyong He, Director at Straits Bio-LNG, said: “We’re firmly convinced in the viability of the LNG pathway to decarbonise the shipping industry. With its very low carbon intensity and improving commerciality, liquified biomethane will be a critical piece of the puzzle for decarbonising the sector.”

“By joining SEA-LNG, we’re proud to be part of a collection of first movers making real strides to make the LNG pathway a tangible reality today.”

Straits Bio-LNG aims to reach its bio-LNG supply goal by using pioneering methods. It is currently in the advanced stage of testing breaking down Empty Fruit Bunch (EFB) through an established biological process with high enzyme concentration in its R&D facility in Malaysia. 

Both Palm Oil Mill Effluent (POME) and EFB are sustainable biomass resources listed in the “List of Materials Eligible for ISCC EU Certification” and are therefore compliant with the European Union’s Renewable Energy Directive (RED).

Peter Keller, chairman of SEA-LNG, added: “The Port of Singapore is the largest global bunkering hub. As seen in our View from the Bridge report, 2024 saw record growth in LNG and liquified biomethane bunkering, but we need more fuel to meet upcoming demand.”

“The use of liquefied biomethane as a marine fuel can reduce GHG emissions by up to 80% compared to marine diesel on a full well-to-wake basis. When produced from the anaerobic digestion of waste materials, such as manure, POME or EFB, methane that would otherwise be released into the atmosphere is captured, resulting in negative emissions of up to -190% compared with diesel."

An independent study by the Maritime Energy and Sustainable Development Centre of Excellence at Nanyang Technical University in Singapore found that pure bio-LNG could cover up to 13% of the total energy demand for shipping fuels in 2050, rising to 63% for a 20% blending ratio. 

SEA-LNG added MPA has firmly established itself as a leader in the LNG pathway, with suppliers such as Straits Bio-LNG reinforcing this position. 

Recently, the port launched an Expression of Interest (EOI) to explore scalable solutions for sea-based LNG reloading to complement the existing onshore LNG bunkering storage and jetty capacities and the supply of e/bio-methane as marine fuel in the Port of Singapore.

“Straits Bio-LNG will play a critical role in furthering the expansion of liquified biomethane at scale to meet the demand and continuing to showcase the LNG pathway as a practical and realistic solution for shipowners to decarbonise their operations, starting today,” it said. 

Related: Singapore: MPA launches EOI to expand LNG bunkering services amid growing demand

 

Photo credit: Straits Bio-LNG
Published: 14 February, 2025

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