World News
Glencore Revenues Up on Oil Sales in 2012
Commodities giant Glencore International PLC [LON:GLEN] (Glencore), the majority stakeholder of marine fuels supplier Chemoil Inc., reports its revenues rose 15 percent to $214.4 billion in 2012, helped by higher volumes of bunkers and other oil products.
Despite the revenue increase, net income dropped 75 percent to $1.0 billion.
"[D]espite highly accommodative global monetary policy, commodities experienced a relatively lacklustre year with average prices down 10-20% year on year," said CEO Ivan Glasenberg.
"We are therefore particularly pleased that Glencore's results proved to be far more robust than the sector."
Traded oil volumes for the company jumped 39 percent, to 3.2 million barrels per day (mbpd), with Chemoil providing half the gain, and the other half coming from higher crude oil volumes, particularly from Russia.
Chemoil announced last month that its sales for 2012 were up 16 percent year-on-year to 20.3 million metric tonnes (mt).
Events affecting the company over the year included the decision to merge with Xstrata, a deal that the company now expects to complete in April, the acquisition of Canadian agricultural business Viterra, and Chemoil's sale of the Helios Terminal in Singapore.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 7.00 | 617.00 | 6.00 |
| Rotterdam | 455.00 | 8.00 | 619.50 | 4.00 |
| Houston | 467.00 | 4.50 | 625.00 | 2.50 |
| Fujairah | 495.00 | 6.00 | 712.50 | 1.50 |
| Global 20 Ports Average | 524.50 | 4.50 | 710.50 | 4.00 |
| Global 4 Ports Average | 479.50 | 6.50 | 643.50 | 3.50 |
| Global Average Bunker Price | 570.50 | 2.00 | 747.50 | 5.50 |
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