World News
WFS Marine Segment Q3 Profit Up to $54 Million
World Fuel Services Corp. [NYSE:INT] (WFS) said its marine segment year-on-year profits rose 8 percent to $54 million in the third quarter of 2012 from reduced revenues of $3.6 billion, down 10 percent from $4.0 billion in the same period last year.
Overall, the Q32012 profits for the company were slightly down at $51.5 million from revenues of $9.9 billion in the quarter, compared with profits of $52.7 million and revenues of $9.5 billion last year.
"Our market expertise and value-added service offerings continue to differentiate World Fuel as a solid counterparty to our customers and suppliers worldwide," said Michael J. Kasbar, president and chief executive officer of World Fuel.
"We were pleased to complete the CarterEnergy acquisition and look to continue to grow our business across all of our segments organically and through further strategic investments."
World Fuel completed the acquisition of the wholesale motor fuel distribution company in September.
WFS' aviation segment held steady at $84.2 million and its land segment grew 16 percent to $8.6 million, it said.
"Our strong balance sheet, solid liquidity profile and strong risk management discipline should continue to serve us well as we navigate the volatile global marketplace," said Ira M. Birns, executive vice president and chief financial officer.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 596.50 | 0.50 | 688.00 | 1.00 |
| Rotterdam | 523.00 | 2.50 | 677.00 | 1.00 |
| Houston | 550.50 | 0.00 | 676.50 | 8.00 |
| Fujairah | 582.00 | 2.50 | 758.50 | 5.50 |
| Global 20 Ports Average | 599.50 | 0.50 | 757.50 | 2.00 |
| Global 4 Ports Average | 563.00 | 1.50 | 700.00 | 4.00 |
| Global Average Bunker Price | 644.50 | 1.50 | 813.50 | 0.50 |
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