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World Kinect marine fuels segment gross profit down 6.9% on year for Q1 2024

Gross profit decrease was driven principally by reduction in market volatility when compared to what firm experienced through 2022 and into the first quarter of 2023, says Michael Kasbar, Chairman and CEO.

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World Kinect marine fuels segment gross profit down 6.9% on year for Q1 2024

New York-listed global energy management company World Kinect Corporation on Thursday (26 October) recorded a 20.2% on year decrease in net income for the first quarter (Q1) of 2024.

The company posted net income of USD 27.4 million in Q1 2024, higher than net income of USD 22.8 million seen during Q1 2023.

Revenue for its combined aviation, land and marine segments in Q1 2024 was USD 10.9 billion, a 13% decrease from revenue of USD 12.5 billion in Q1 2023.

Specifically, the marine segment generated gross profit of USD 48.4 million in Q1 2024, down 6.9% on year from USD 52 million in Q1 2023.

In total, WFS sold 4.3 million metric tonnes (mt) of bunker fuel during Q1 2024, marking no changes from 4.3 million mt of marine fuels during the similar period of last year.

“In Marine, volumes were up slightly both sequentially and year-over-year. Gross profit, however, decreased 7%, driven principally by the reduction in market volatility when compared to what we experienced through 2022 and into the first quarter of 2023,” Michael Kasbar, Chairman and CEO, said in a recent earnings call as quoted by Seeking Alpha.

“Sequentially, however, gross profit was up 10%, demonstrating our team's continued focus on driving solid returns in the current interest rate environment.”

“As we look to the second quarter, while we expect Marine gross profit to decline sequentially, principally driven by seasonality, year-over-year comparisons start to normalise, as market volatility tapered off by the second quarter of last year. So, we are expecting second quarter results for Marine to be generally in line with the prior year based on what we've seen quarter-to-date.”

 

Photo credit: World Kinect Corporation
Published: 29 April 2024

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Bunker Fuel

Island Oil records USD 29.0 million net profit in FY 2023, second-best year in 30-year history

Total comprehensive income for FY 2023 was USD 32.5 million, down 25% from USD 43.2 million in FY 2022, showed financial figures.

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Island Oil and Island Petroleum receive ISCC EU certification for bio bunker fuels

Editor’s note: Manifold Times on Tuesday (16 July) released a report detailing financial figures of Island Oil Holdings calculated under guidelines from international ESG reporting standards that also assesses the cost of non-financial items such as emissions, social contributions, etc.

The report has been updated on Friday (19 July) with figures based on the entity’s actual financial results calculated using standard accounting practices.

Cyprus-based Island Oil (Holdings) Limited, which principal activities include marine fuel trading and physical bunkering operations, recorded its second-best year in its 30-year history for the financial year ended 31 December 2023.

The group posted net profit of USD 29.0 million in FY 2023, a 29% decrease over net profit of USD 41.0 million in FY 2022.

Total comprehensive income for FY 2023 was USD 32.5 million, down 25% from USD 43.2 million in FY 2022.

Revenue was USD 1.40 billion in FY 2023, 23% lower from revenue of USD 1.82 billion in FY 2022.

“The Group’s development to date, financial results and position as presented in the consolidated financial statements, are considered satisfactory,” stated Chrysostomos S. Papavassiliou, Chief Executive Officer/Chairman of the Board of Directors.

“The bunkering industry has become very competitive, and the Group has developed its pricing policy accordingly in an effort to further penetrate the market.”

Papavassiliou acknowledged an imperative for sustainable practices in the industry and noted the Group is poised to implement an ESG and decarbonisation strategy.

“This ambitious initiative aligns with our dedication to environmental stewardship and underscores our role in contributing to a low-carbon future. We are also committed to environmental responsibility in our operations, aiming to enhance our energy efficiency and decrease our Greenhouse Gas (GHG) emissions,” he shared.

“The Group recognises the maritime industry’s ongoing transition to alternative fuels, driven by international and EU regulations, including the EU Emissions Trading System (EU ETS). Proactively responding to this shift, the Group has obtained in 2023 the International Sustainability and Carbon Certification (ISCC EU) as recognised biofuel traders, enabling the Group to engage in the trading of marine biofuels.”

In 2023, two subsidiary companies of the Group obtained the International Sustainability and Carbon Certification (ISCC EU), as recognised Traders of biofuels. In particular, Island Oil Limited, the Group’s marine fuels trading arm, has attained certification as Trader of biofuels.

Additionally, Island Petroleum Limited, which offers physical supply of marine fuels, has achieved the same certification, as Trader with Storage of biofuels.

The Group is also involved in two projects funded by its Research and Innovation Fund including a pilot initiative on using biomethane as a drop-in marine biofuel.

“This pilot initiative aims to demonstrate an up to 80% reduction in lifecycle GHG emissions using BioMethane as a marine biofuel. Leveraging innovative technologies, the team has established a virtual gas grid with a mobile biogas Upgrading, Storage, and Refueling Unit (USRU),” the company said in the report.

“Successful evaluation would lead to scaling up the model, integrating local biogas production, BioMethane upgrading, and utilisation in PetroNav Ship Management’s fleet,” it said. PetroNav Ship Management is one of the Group’s subsidiaries.

Related: Island Oil and Island Petroleum receive ISCC EU certification for bio bunker fuels
Related: Island Oil eyes Korean market with new Seoul office
Related: Island Oil continues expansion into Chinese markets with new Hong Kong trading office

 

Photo credit: Island Oil
Published: 23 July 2024

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Bunker Fuel

Dan-Bunkering achieves strong EBT of USD 47 million for FY 2023/2024

‘In a year characterised by geopolitical tensions and shifting demands across shipping segments, we are immensely proud of the results we have achieved,’ says Claus Bulch Klausen, CEO of Dan-Bunkering.

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Dan Bunkering

Dan-Bunkering on Tuesday (9 July) announced its 2023/2024 financial result with an EBT of USD 47 million, up from USD 46 million last financial year. 

Revenue reached USD 3.8 billion, which is Dan-Bunkering’s second highest revenue over the past five-year period, and with this year’s result Dan-Bunkering continues to build on strong financial performances of the past fiscal year.

“In a year characterised by geopolitical tensions and shifting demands across shipping segments, we are immensely proud of the results we have achieved. They are a testament to the great work from the teams around the world in navigating these challenges,” said Claus Bulch Klausen, CEO of Dan-Bunkering.

“The past financial year saw an increased focus on the transition towards decarbonisation. We have put increased effort into assisting our clients and suppliers in adapting to the recently implemented environmental regulations, such as the EU ETS scheme, and demands within for instance the alternative fuels space.”

“We are therefore investing time and resources to assist our partners with finding the best way forward.”

In May 2023, Dan-Bunkering launched an ambitious strategy "Ride the Next Wave" and since its launch, Dan-Bunkering’s main focus has been on integrating and promoting this strategy and its core purpose: pioneering the next wave of fuel solutions.

Dan-Bunkering has invested in educating its employees on topics surrounding the transition towards decarbonisation and is constantly developing new initiatives creating added value for its business partners.

“At Dan-Bunkering, we have always embraced the pioneering spirit. Therefore, Ride The Next Wave which was partly initiated by changing dynamics within the maritime industry, customer demands, and an increasing emphasis on decarbonisation, is a journey that our employees have been eager to join. So far, the strategy has resulted in a pipeline of several initiatives, engaging the entire organisation,” said Claus Bulch Klausen.

Dan-Bunkering’s Annual Report will be submitted to the Danish Business Authority later in July, once it has been finally approved by the boards and shareholders.

Related: Dan-Bunkering achieves positive EBT of USD 46 million for FY 2022/2023

 

Photo credit: Dan-Bunkering
Published: 10 July, 2024

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Bunker Fuel

Glander International Bunkering pre-tax profit drops by 45.8% from previous year

Firm reported a turnover of USD 3.23 billion and an Earnings Before Tax of USD 22.17 million for 2023/2024, down by 45.8% from USD 40.9 million a year earlier.

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Glander International Bunkering pre-tax profit drops by 45.8% from previous year

Bunker trading firm Glander International Bunkering on Thursday (4 July) reported a turnover of USD 3.23 billion and an Earnings Before Tax of USD 22.17 million for 2023/2024, down by 45.8% from USD 40.9 million a year earlier. 

The company boasted a 25% return on equity and 21% solvency ratio.

Last year, the firm reported a record-breaking year despite market volatility and geopolitical turmoil. 

Glander International Bunkering said it delivered a robust financial performance and industry milestones during its fiscal year 2023/2024.

“Throughout the year, we maintained a strong focus on facilitating global trade, with teams around the world dedicated to supporting our clients,” CEO Carsten Ladekjær said.

Reflecting on 2022/23, he said it was marked by extreme volatility, price hikes and supply disruptions due to political turmoil compared to 2023/24, when shipping and bunkering experienced a notable return to normalisation with energy prices dropping to stable levels.

Demand was affected due to prevailing and continuously increasing sanctions on specific shipping trades. Ladekjær mentioned the role that Glander International Bunkering plays during such critical trade disruption was to guide clients affected by routes in the Red Sea and the Panama Canal.

CFO David Varghese, said: “Despite a turbulent energy sector, we demonstrated our ability to navigate dynamic market conditions, while delivering new products and new value to our stakeholders.”

“As shown by our numbers, we were able to maintain a financially healthy organisation because of our resilience, adaptability and commitment to our maritime partners.”

As the shipping industry shifts focus to decarbonisation, Glander International Bunkering said it has been facilitating the transition to new fuels. 

Ladekjær said: “While we continue to fuel vessels with traditional products, we are proud to be involved in significant milestones and firsts for the new fuels industry.”

Glander International Bunkering’s achievements during the past year include:

  • Six ISCC certified offices
  • Hamina’s first-ever terminal to ship LNG bunker supply
  • B100 HVO for seismic survey vessel in coordination with CEPSA
  • Kokkola port’s first LNG supply
  • The first biofuel supply for an asphalt tanker client.
  • EUA procurement and advisory services with the onset of EU ETS in January 2024

Glander International Bunkering also initiated strategic partnerships with clients, encompassing digital tracking and documentation of bunker procurement, onboard fuel saving measures and bunker planning and management. 

The company also played a more significant advisory role, especially on new regulations affecting the maritime industry globally such as EU ETS, Fuel EU Maritime and IMO targets.

Ladekjær concluded: “Our commitment to decarbonisation, innovation and regulatory guidance is not just a strategy, it’s a fundamental part of our business ethos. It’s an opportunity to lead as a partner that facilitates and simplifies the way for clients and suppliers.”

 

Photo credit: Glander International Bunkering
Published: 5 July, 2024

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