WFS records lower marine fuel sales for Q3

World Fuel Services (WFS), global supplier and broker of fuel products, has reported lower marine fuel sales and gross profit for its marine segment for the third quarter ended 30 September 2016.

WFS sold 7.8m metric tonnes of marine fuels in the three-month period, compared sales of 8.6m metric tonnes in the same period of 2015.

The group’s marine segment posted gross profit of $37.2m for the quarter, down 23.5% from $48.6m in the year-ago period. Revenue for the marine segment also fell by 19.7% year-on-year to $1.92bn.

WFS is also involved in the distribution of fuel and related services in the aviation and land transportation industries.

Meanwhile, WFS has secured amendments to its credit facility, increasing the size of the facility by approximately $500m to $2.1bn. The facility includes a revolving credit facility and term loan. WFS also extended the term of the credit facility to October 2021.

“Execution of this amendment to our credit facility, including more favorable terms, will further enhance our liquidity profile for the next five years, providing even greater flexibility to invest in strategic growth initiatives,” said Ira Birns, executive vice president and chief financial officer of WFS.

Posted 28 October 2016

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Lee Hong Liang

Asia Correspondent

Read more stories like this...

Sign up to the Seatrade Maritime Newsletter and get stories like this delivered to your inbox.

Subscribe Now >

ShipTech Storybox

Seatrade ShipTech Middle East

23 – 24 September 2019 | Madinat Jumeirah, Dubai

The knowledge hub of technological advancements for the shipping sector. Learn, discover and experience new technologies and optimise operational efficiencies.

View 2019 programme >