WFS Sees Benefit from OW Bunker Collapse, Plans to be "a Little Bit More Aggressive" in 2015

"We are sticking to our knitting and picking up some business," said Kasbar.

World Fuels Services Corp. (WFS) Chairman and CEO Michael Kasbar Thursday told investors that the company had benefited, and should continue to benefit, from November's collapse of rival OW Bunker, while his company would be "more aggressive" in 2015.

A 39 percent jump in the company's marine segment profitability for the fourth quarter (Q4) of 2014 was "principally driven by increased volatility during the quarter as well as some well-publicized competitive dynamics which have provided us with an opportunity to increase market share," said Kasbar.

Although the company has not entered new markets, as such, he said "we are sticking to our knitting and picking up some business."

Kasbar said that WFS was seen as a "rock solid counterparty" for suppliers and customers alike, meaning that, as confidence was at an ebb following the fall of OW Bunker, WFS was well placed to attract business previously handled by the Danish company.

"So certainly we benefited from, as I said, some amount of volatility and some amount of both suppliers and customers looking for a place to place their business and we picked up some of that," he said.

In addition, the collapse of OW Bunker gave WFS an opportunity to hire new personnel to bolster its teams.

"We managed to pick up a bunch of talented folks in the industry," said Kasbar.

And the beneficial impact of OW Bunker's exit from the market will continue to show in 2015 results, he said.

More aggressive in 2015

"We expect that we will grow our volume in our marine business in 2015.

"Some of that is going to be related to OW, some of it is going to be related to just more of a commitment to be a little bit more aggressive in the marketplace and leverage what we think is a fantastic global platform."

Kasbar also said that "the opportunity certainly to grow our business within the marine is there" and stressed repeatedly that the company was "focused" on growing its marine business.

"In the past it's possible that we were a little overly conservative."

But, while explaining the benefits of OW Bunker's collapse to WFS, Kasbar also sounded a note of sympathy with some of those affected negatively.

"I don't want to sound glib about it.

"A lot of good people lost their jobs working for the company."

On Thursday, WFS reported "record" 2014 profitability, saying fourth quarter (Q4) numbers had returned to peak 2008 levels for its marine fuels segment.