Most bunker companies will have seen their earnings sharply reduced this year. File Image / Pixabay
New bunker supplier TFG Marine appears to have gone through its first quarterly loss of 2020, according to information from one of its owners.
In an earnings statement released this week, shipping company Golden Ocean reported its share of TFG brought it a loss of $300,000. Earlier this year the company said it saw profit of $300,000 from its share in the second quarter and $400,000 in the first quarter.
The company holds a 10% stake in TFG, implying earnings for the marine fuel supplier have slipped to a $3 million loss in the third quarter from a $3 million profit in the preceding three months.
Golden Ocean paid $22.2 million to TFG in the third quarter for its bunker requirements, it said in the earnings release, almost double the $12.6 million it paid in the second quarter.
A spokeswoman for TFG Marine declined to comment on its earnings when contacted by Ship & Bunker Friday.
Trafigura, Frontline and Golden Ocean joined forces to launch TFG Marine last year.