World News
World Fuel Services' Bunker Business Grows 37%
Global marine fuel supplier World Fuel Services Corporation (WFS) has reported the 2012 Q1 year-on-year gross profit for its marine segment grew $14.9 million, or 37%, to $55.1 million.
The news marks an increase of approximately $0.9 million, or 2%, on the previous quarter.
The Miami, Florida, based business, who are also engaged with aviation and land fuel products, said first quarter net income across all segments was $46.4 million, a gain of $5.3 million from $41.1 million in Q1 2011.
The gains equated to diluted earnings per share of $0.65, compared to $0.58 diluted earnings per share in the first quarter of 2011.
Non-GAAP (generally accepted accounting principles in the United States) net income and diluted earnings per share for the period were $52.9 million and $0.74 respectively, compared to $46.8 million and $0.66 in 2011.
“By delivering on our strategy, we continue to validate our growing importance to the energy and transportation marketplaces.” WFS chief executive officer Michael J. Kasbar stated in the company's news release.
Ira M. Birns, executive vice president and chief financial officer said the company generated $49 million of operating cash flow "despite challenging market dynamics", and that it was the "second consecutive quarter of positive operating cash flow".
The Fortune 500 fuel firm finished the period with cash and cash equivalents of a little under $242.6 million.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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