TFG's profits appear to be slipping. File Image / Pixabay
New global bunker supplier TFG Marine appears to have seen profits drop by 25% in the second quarter from the previous three months, according to data from one of its shareholders.
In an earnings statement released this week, shipping company Golden Ocean reported its share of TFG's estimated profit for the second quarter was $300,000.
Earlier this year Golden Ocean said its first-quarter share was $400,000. The company holds a 10% stake in TFG, implying total profits for the marine fuel supplier have slipped to $3 million in the second quarter from $4 million in the preceding three months.
A spokeswoman for TFG Marine declined to comment on its earnings when contacted by Ship & Bunker Wednesday.
Trafigura, Frontline and Golden Ocean joined forces to launch TFG Marine last year.