Asian bunker sales help boost Chemoil

Singapore: Improved marine fuel sales in Asia helped boost bunker supplier Chemoil back to the black in the second quarter. Singapore-listed Chemoil reported a second quarter net profit of $3.2m. "Despite the difficult economic conditions, there are signs of gradual improvement in certain ports on our footprint. Our retail marine fuel sales improved in Asia and select ports in the Americas, and we also recorded a rise in cargo and ex-wharf sales volumes," said Mike Bandy chairman and ceo of Chemoil. Chemoil is undertaking a number of cost cutting measures to try and streamline its operations. "These measures include assessing our storage and barging efficiencies, reducing overheads, and managing our inventory held. This process is ongoing and we expect further results to materialize in the succeeding quarters," said Jerome Lorenzo, chief financial officer of Chemoil. [11/08/10]