World Fuel Services Q2 Bunker Volumes Flat, but Marine Income Slips

by Ship & Bunker News Team
Thursday July 28, 2016

World Fuel Services (WFS) Wednesday reported its 2Q 2016 financials, indicating its year-on-year bunker sales volumes were mostly flat, but gross profit for the segment slipped 5 percent.

Total bunker volumes for the three months ended June 30, 2016, were reported at 2,168.3 million gallons, or 8.2 million metric tonnes (mt), compared to 2,216.1 million gallons in the period last year.

The impact from a continued slide in oil and bunker prices was evident on the Marine segment revenues, which fell to $1.84 billion for the period compared to $2.80 billion in 2015, having stood at $3.37 billion for the three months in 2014.

The segment's gross profit of $39.7 million was a decrease of $2.1 million year-on-year, and translated into an income of $11 million, compared to a marine segment income of $13.6 million in 2015.

Overall, excluding the impact of certain non-recurring expenses, WFS said its adjusted second-quarter net income across marine, land, and aviation was $34.8 million, or $0.50 adjusted diluted earnings per share.

It represented an improvement over the adjusted net income of $30.5 million for the period last year.