WFS Reports Third Consecutive Quarter of Record Bunker Sales Volumes

by Ship & Bunker News Team
Monday November 2, 2015

World Fuel Services (WFS) saw another quarter of record bunker sales volume, with the marine segment posting a volume of 8.6 million metric tonnes (mt) in the three months ending September 30, 2015, according to the company's most recent earning statement. 

The company had previously reported volumes of 8.4 million mt in the second quarter and 7.7 million in the first quarter, both of which were also records at the time.

"We were pleased with our results this quarter as we experienced strong seasonality in our aviation business as well as a rebound in both our marine and land segments' profitability," said CEO Michael J. Kasbar.

"Our core businesses remain solid and we continue to focus on our long-term strategy to drive growth and deliver value to our customers, suppliers and shareholders."

However, both revenues and net income at the company slid from its figures this time last year, with revenues having fallen to $7.8 billion from $11.7 billion, and net income falling slightly to $49.6 million from $55.7 million. 

Instead, the company pointed to its strong cash flows, with net cash from operating activities having soared to $325 million year to date, compared to $129 million in the first nine months of 2014. 

Earlier this year, Kasbar also denied speculation that WFS' rise in sales volume was due to the collapse of OW Bunker late last year, having commented the impact was "pretty drastically exaggerated."

Ship & Bunker News Team
To contact the editor responsible for this story email us at editor@shipandbunker.com