Portuguese Bunker Demand up as Galp Sees Strong Q2 Result

by Ship & Bunker News Team
Monday July 25, 2022

Portugal's Galp Energia has posted strong second quarter results across the board.

The 90% jump in adjust second-quarter profit has been driven by soaring oil prices and a sharp increase in its refining margin, Reuters reports. And the general bumper performance included an uptick in business at the oil company's bunkering department.

Speaking to Ship & Bunker, the department said that the last quarter had seen more ships calling at Lisbon and Sines for bunkers as well as vessels taking larger stems. The fuel sold is low sulfur fuel oil

"Owners and traders are starting to think about Lisbon and Sines as ports for bunkers only calls," the department said.

Galp's adjusted net profit was EUR 265 million ($270m) in the three months to June 30, up from EUR 140 million a year earlier while sales of refined products direct to clients rose 22% year on year to 1.9 million metric tonnes, according to the report.