World News
WFS 'Especially' Pleased With Marine Segment's Q2 Results
World Fuel Services Corp. [NYSE:INT] (WFS) said revenues for its marine operations in the second quarter of the year grew 5 percent year-over-year to $4.0 billion, while the segment's gross profit rose 1 percent to $52.3 million.
"We are pleased with our overall performance especially in our marine segment," said President and CEO Michael J. Kasbar.
"We are confident that we will continue to capitalize on our unique business model in this ever changing marketplace."
Overall, the company, which also operates in aviation and land fuel markets, reported a profit of $51.0 million on revenues of $10.5 billion, up from a $48.6 million profit and revenues of $9.6 billion in Q2 2012.
"While many of the markets we serve remain challenging, our profitability and cash flow generation are strong, providing us with opportunities to fund both organic growth activities and strategic investments," said Ira M. Birns, executive vice president and CFO.
"We are confident that we will continue to capitalize on our unique business model in this ever changing marketplace," Kasbar said.
WFS reported that it earned record revenues of $38.9 billion in 2012, and it has been the fastest growth of any Fortune 500 company over the past decade.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 4.50 | 617.00 | 5.50 |
| Rotterdam | 457.50 | 2.50 | 623.50 | 6.50 |
| Houston | 469.00 | 3.50 | 623.00 | 2.00 |
| Fujairah | 494.50 | 6.50 | 715.50 | 5.50 |
| Global 20 Ports Average | 526.00 | 3.00 | 712.50 | 11.50 |
| Global 4 Ports Average | 481.00 | 4.00 | 645.00 | 4.50 |
| Global Average Bunker Price | 569.00 | 2.00 | 750.00 | 5.50 |
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