Americas News
World Fuel Services to Close Connecticut Office: Sources
World Fuel Services (WFS) [NYSE:INT] is closing its office in Greenwich, Connecticut, a source understood to be familiar with the matter has told Ship & Bunker.
WFS has not yet publicly commented on the closure, and could not be reached for comment late Thursday, but it is understood that staff have been informed of the move in an internal memo.
Sources have told Ship & Bunker that until October 1 the staff located in Greenwich have an opportunity to move to WFS' New Jersey office, but there will be no positions available in Connecticut after that date.
While the reason for the closure is unclear, earlier this year chief executive Michael Kasbar said that following continued weakness in the shipping industry "we're focused on reducing our cost structure to be aligned with the current realities."
In July WFS reported slightly lower income from mostly flat Q2 bunker sales of 8.2 million metric tonnes.
