World News
Fratelli Cosulich Reports 47.6% Drop in Marine Energy Profit in 2023
Global marine fuel and logistics firm Fratelli Cosulich Group saw a 47.6% drop in profits from its marine energy unit in 2023.
The marine energy unit reported a EUR 6.6 million ($7.2 million) net result for 2023, it said in its annual report on Friday, down from EUR 12.6 million the previous year.
EBITDA fell to EUR 17.1 million in 2023 from EUR 27.2 million the previous year.
The falls were from abnormally high levels of profit in 2022 as geopolitical turmoil led to higher bunker margins.
"In 2023 our Marine Energy Business Unit made significant progress toward reducing emissions and increasing sustainability," the company said in the report.
"Four of our bunker trading companies have obtained ISCC certification, with three more expected to complete the process by 2024.
"We also set up our Carbon Desk and registered to trade EU ETS carbon allowances, successfully completing our first EUA transaction in January 2024.
"In 2023, our Fratelli Cosulich France office completed its first full year of operations, expanding our footprint in Europe.
"Furthermore, FEMO Bunker, our specialized bunker trading company in the yachting sector, began providing biofuel solutions it is planning for methanol deliveries in the near future."
Fratelli Cosulich sold about 5.5 million mt of marine fuels in 2023, according to estimates in Ship & Bunker's 'Top Ten Bunker Companies for 2024' report, down from about 6 million mt the previous year.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 627.50 | 3.00 | 643.50 | 2.00 |
| Rotterdam | 530.50 | 3.00 | 636.50 | 3.50 |
| Houston | 526.00 | 0.00 | 665.00 | 0.50 |
| Fujairah | 608.50 | 8.00 | 778.50 | 2.00 |
| Global 20 Ports Average | 612.50 | 3.50 | 746.50 | 1.00 |
| Global 4 Ports Average | 573.00 | 5.00 | 681.00 | 3.00 |
| Global Average Bunker Price | 657.00 | 4.00 | 827.50 | 2.50 |
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