World News
World Fuel Services Q3 Bunker Profits Fall 25%
The marine segment of World Fuel Services Corp. [NYSE:INT] (WFS) took a dive in the third quarter of 2013, with its gross profit falling 25 percent year-over-year, or 23 percent sequentially, to $40.2 million, the company reports.
The division's revenues slipped to $3.58 billion from Q3 2012's $3.63 billion and income from operations dropped to $17.0 million from $27.3 million.
Overall, the company's profits held steady year-over-year at $51.5 million, while revenues rose 6 percent to $10.3 billion, as the company's largest segment, aviation, increased its revenues and profits.
"Considering current market conditions, our overall performance in the third quarter was strong," said President and CEO Michael J. Kasbar.
"Our global team remains focused on growing our value proposition in the fuel, services and billing and payment sectors, across all three of our business segments, driving greater value for our customers and suppliers."
In the previous quarter, the marine division's revenues grew 5 percent year-over-year, and Kasbar said the company was "especially" pleased with the segment's performance.
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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