World News
Endofa Reports "Successful" First Year of Operations
Bunker supplier and trader Endofa has reported a "successful" first year of operations, with a turnover of $235 million more than doubling its first-year projections, the firm said Monday in an emailed press release.
The firm made a loss of almost $500,000 for the period, an amount deemed "satisfactory" by the management team in light of 2013 being the first year of operations, as well as it having made "significant investments."
Endofa has offices in Houston and Dubai, and at the end of 2012 launched its first physical operations with an entrance into the West Africa market.
"Endofa has been well received in the competitive market in general and that has helped put our name on the map," said co-owner Kenn Soendergaard.
"Plus, strong support in our three physical operations has added greatly to the turnover."
Soendergaard also attributed the firm's first-year success to stronger cooperation from larger players in West Africa, the Far East, and the Persian Gulf.
Looking ahead, Endofa said it expects to expand on its current fleet of seven vessels, and projects a 2014 turnover of $350 million.
Endofa, who is owned and operated by three Danish partners, Kenn Soendergaard, Mads Borggaard, and Allan Frost, announced in December it had joined with Dan-Bunkering to launch Oleum DWC-LLC (Oleum), another physical supplier in the West African market.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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