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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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Business

Oilmar appoints Shawn Ho to senior bunker trading role in Singapore

Ho has been appointed as the Senior Manager, Business Development and Bunker Trading in Oilmar’s Trading Department.

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Oilmar appoints Shawn Ho to senior bunker trading role in Singapore

UAE-based marine fuel and petroleum products trader Oilmar on Monday (13 July) announced the appointment of Shawn Ho as Senior Manager, Business Development and Bunker Trading in its Trading Department in Singapore.

Ho has more than 15 years of experience in the petroleum industry, including 11 years at Toyota Tsusho Petroleum and four years at Adani Global. His experience covers bunker trading, operations, market analysis and risk management.

“His extensive expertise in commercial trading, strategic negotiations, and developing strong partnerships with suppliers and customers makes him a valuable addition to our team,” the company said in a social media post. 

“As Oilmar continues to expand its global presence and strengthen its position in the marine fuels market, Shawn’s experience, industry insight, and commercial leadership will play an important role in driving our continued growth and delivering value to our customers.”

 

Photo credit: Oilmar
Published: 14 July, 2026

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Business

Seascale Energy hires Soo Yong Koo as Business Development Director in Singapore

In her new role, Koo will focus on supporting customer growth, strengthening commercial partnerships, and helping customers navigate an increasingly complex marine fuels landscape.

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Seascale Energy hires Soo Yong Koo as Business Development Director in Singapore

Seascale Energy, a bunker procurement joint venture of Cargill’s Pure Marine Fuels and Hafnia’s Bunker Alliance, on Friday (10 July) announced the appointment of Soo Yong Koo as the Business Development Director of the company. 

Based at Seascale Energy’s Singapore hub, Koo has more than 25 years of experience in the maritime and energy trading sectors, with expertise in marine fuels, commercial management, business development and customer relations.

She has held senior commercial roles at Trafigura, Mabanaft and BP, with experience spanning physical bunker operations and global sales.

Koo is an active contributor to the marine fuels industry, having served as a Board Member of the International Bunker Industry Association (IBIA), Asia, a member of the Working Group for Marine Fuels under the Singapore Chemical Industry Council (SCIC), and as a member of the Singapore Shipping Association’s (SSA) Marine Fuels Committee.

In her new role, Koo will focus on supporting customer growth, strengthening commercial partnerships, and helping customers navigate an increasingly complex marine fuels landscape. 

The company added that her experience across both conventional and emerging marine fuels aligns closely with Seascale Energy’s ambition to deliver transparent, scalable, and future-ready fuel procurement solutions.

“Soo Yong is highly respected in marine fuels, with 25 years of commercial and operational experience and a strong industry footprint across the IBIA, SCIC and SSA. Her appointment reflects our commitment to strengthening how we serve customers in Asia and beyond as the fuels landscape continues to evolve,” said Peter Grünwaldt and Olivier Josse, Co-CEOs, Seascale Energy.

 

Photo credit: Seascale Energy
Published: 14 July, 2026

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Alternative Fuels

Port of Santos hosts Brazil’s first bioethanol bunkering of deep-sea containership

Copersucar, CMA CGM Group, AGEO Terminais, Santos Brasil and Bunker One completed a bioethanol bunkering operation for “CMA CGM IRON”, the first 13,000 TEU tri-fuel certified engine containership.

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Port of Santos hosts Brazil's first bioethanol bunkering of deep-sea containership

Sugar and bioethanol trading company Copersucar on Monday (13 July) said the company and its partners successfully completed a bioethanol bunkering operation for the CMA CGM IRON, the first 13,000 TEU tri-fuel certified engine containership, at the Port of Santos on 12 July.

The partners are CMA CGM Group, AGEO Terminais, the largest liquid bulk storage operator at the Port of Santos; Santos Brasil, the biggest container terminal in Brazil; and Bunker Holding subsidiary Bunker One. 

Copersucar said the operation represents a major milestone for the decarbonisation of maritime transport, positions Brazil among the countries capable of carrying out this type of bunkering operation, and reinforces bioethanol as a readily available solution to reduce greenhouse gas emissions from the shipping sector.

The bioethanol supplied by Copersucar benefits from a certified supply chain. Sugarcane expansion takes place mainly on degraded pastureland, while Brazil’s RenovaBio program establishes stringent sustainability and zero-deforestation requirements.

The bunkering required logistical and operational coordination among multiple stakeholders across the value chain, involving the transport of bioethanol to the Port of Santos, its storage in dedicated infrastructure, and its transfer to the vessel via a specialized barge.

“The operation provides practical evidence that bioethanol offers the attributes needed to accelerate the decarbonisation of maritime transport,” the company said. 

Beyond this first demonstration, the Port of Santos and Santos Brasil container terminal are positioning themselves and Brazil as a future low-carbon marine fuels hub for South America. As the continent’s largest port and a major gateway for global trade, Santos has the potential to connect Brazil’s renewable energy resources with international shipping demand. 

The CMA CGM IRON, delivered in 2025, is the Group’s first vessel in a series of twelve 13,000 TEU containerships, equipped with the world’s first tri-fuel engine certified to operate on bioethanol: Everllence-B&W G95ME-C10.5-LGIM.

“Together with our partners, we have shown that innovation can move from the laboratory to real maritime operations. The certification of our first tri-fuel vessel is a major technological milestone for CMA CGM. It opens the way for the broader use of lower-carbon fuels and gives us new options to accelerate the decarbonisation of our shipping activities” said Christine Cabau Woehrel, Executive Vice President Assets & Operations, CMA CGM.

“This operation demonstrates Copersucar’s ability to connect production, logistics and markets to enable bioenergy solutions at scale. More than a pioneering bunkering operation, we are creating the conditions for bioethanol to become a competitive component of the maritime energy mix, further strengthening Brazil’s leadership in the transition to a low-carbon economy,” said Tomás Manzano, CEO of Copersucar.

“This operation can be considered a milestone in the global maritime industry’s energy transition, as the sector begins to adapt to this new model. Today, Around 70 vessels of the global fleet are capable of operating on methanol and, consequently, with bioethanol. Over the next few years, however, an additional 400 vessels are expected to be delivered from shipyards ready to sail using a non-fossil fuel,” said Flavio Ribeiro, CEO of Bunker One.

 

Photo credit: Copersucar
Published: 14 July, 2026

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