World News
Brightoil Expecting Bunker Performance to Help Lift 2H 2016 Profits
Citing growth in both bunker sales volume and margins, Brightoil Petroleum (Holdings) Limited (Brightoil) today announced that, for the six months ending December 31, 2016, the group is expected to record a year on year increase in profit.
"The growth in international trading and bunkering business sales volume and margin, as well as increase in upstream oil and gas assets production and the recovery of oil price have contributed to the increase in the Group’s profit as compared with the corresponding period of the previous year," explained Brightoil.
The company's announcement is said to be based on the preliminary review of the unaudited management accounts, which the group is working to finalise.
In September, Brightoil issued a profit warning for the period ending June 30, 2016, following what it described as "the significant drop of and the continuously low international crude oil price."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.50 | 1.00 | 770.00 | 3.50 |
| Rotterdam | 601.50 | 2.50 | 754.00 | 2.00 |
| Houston | 619.00 | 11.50 | 795.50 | 3.00 |
| Fujairah | 651.50 | 1.00 | 895.00 | 2.00 |
| Global 20 Ports Average | 664.00 | 1.50 | 856.50 | 2.00 |
| Global 4 Ports Average | 630.00 | 3.00 | 803.50 | 2.50 |
| Global Average Bunker Price | 718.00 | 0.50 | 914.50 | 0.50 |
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