World News
WFS Posts Annual Loss for 2017
Marine and aviation fuel trading company World Fuel Services (WFS) [NYSE:INT] made a loss last year.
The company moved $170 million into the red in 2017 having been in profit in the previous year.
Income from operations fell from $189 million in 2016 to $46 million in 2017.
The company incurred $60 million in restructuring charges and $92 million in goodwill and other impairments relating primarily to its marine segment in 2017.
The marine markets were showing a growing weakness compared to last year, the company said. In addition, it noted "further decline in demand for price risk management products".
Overall revenue was up over the period was up, from $27 billion in 2016 to $34 billion last year.
Bunker volumes sold in 2017 were down.
In fourth quarter results released at the same time, WFS posted $193 million loss in the last quarter of 2017 having made a small profit in the same quarter in 2016
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 629.00 | 2.00 | 738.00 | 1.00 |
| Rotterdam | 572.50 | 6.50 | 740.00 | 13.50 |
| Houston | 593.50 | 6.00 | 753.50 | 11.00 |
| Fujairah | 626.50 | 4.50 | 885.00 | 3.50 |
| Global 20 Ports Average | 646.00 | 0.50 | 825.50 | 1.50 |
| Global 4 Ports Average | 604.00 | 2.50 | 784.00 | 4.50 |
| Global Average Bunker Price | 700.00 | 3.50 | 883.00 | 3.00 |
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