World News
New Bunker Supplier TFG Marine Made Estimated $4 Million Profit in Q1
New bunker supplier TFG Marine appears to have made a profit of $4 million in the first quarter of this year, 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 estiimated profit for the first quarter was $400,000. Golden Ocean holds a 10% stake in the company.
For comparison, US-based World Fuel Services made a gross profit of $59.3 million from its marine division in the first quarter.
That amounted to a gross profit margin of about $12.10/mt on its marine fuel sales. If TFG Marine achieved similarly high margins, its sales for the period would be about 330,000 mt.
A spokeswoman for TFG Marine declined to comment on its earnings when contacted by Ship & Bunker Wednesday.
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Trafigura, Frontline and Golden Ocean joined forces to launch TFG Marine last year. Anders Grønborg, previously of World Fuel Services, joined the company as CEO in April.
TFG won its licence to operate as a physical supplier in April, and said it would start operations there from early this month.
The company plans to announce 'further developments' in its physical supply footprint in Asia, Europe and the Americas, it said at the time.
About Jack Jordan
Jack Jordan is the Managing Editor of Ship & Bunker, the world’s most read marine fuel-focused publication.
He is an experienced financial editor and reporter with a first-class degree in Arabic and Russian, a postgraduate diploma in newspaper journalism and several years' history of covering the oil and shipping industries and capital markets.
Jack is based in London, UK.
About Ship & Bunker
Ship & Bunker is the world's most read publication focused on the marine fuel markets. Completely independent, it is the leading industry authority providing comprehensive daily news, exclusive in-depth features and analysis, along with daily & historical bunker price indications.
To contact the editor responsible for this story email us at editor@shipandbunker.com
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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