World News
KPI OceanConnect Reports 2% Gain in Profits in 2021/22
Marine fuels trading firm and brokerage KPI OceanConnect has reported a 2% gain in profits over the past year as revenues jumped.
The firm saw pre-tax earnings of $15.4 million in the year to April 30, it said in an emailed statement on Tuesday, up from $15.1 million the previous year. Revenues were $2.94 billion, up from $2 billion a year earlier.
In terms of bunker volumes, the company reported it had 'maintained its market share', without revealing outright numbers or the global percentage change. Volumes in Hong Kong and mainland China surged by 63% and 20%, respectively.
"This year's performance demonstrates the company's continuing leadership credentials within the market, its financial strength, and its ability to effectively deliver the solutions partners need in a rapidly transitioning marine fuels market," the company said in the statement.
"The organisation also enhanced its counterparty assessment in light of the volatility within the market."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.50 | 1.00 | 770.00 | 3.50 |
| Rotterdam | 601.50 | 2.50 | 754.00 | 2.00 |
| Houston | 619.00 | 11.50 | 795.50 | 3.00 |
| Fujairah | 651.50 | 1.00 | 895.00 | 2.00 |
| Global 20 Ports Average | 664.00 | 1.50 | 856.50 | 2.00 |
| Global 4 Ports Average | 630.00 | 3.00 | 803.50 | 2.50 |
| Global Average Bunker Price | 718.00 | 0.50 | 914.50 | 0.50 |
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