Chemoil's full year earnings down on lower bunker salesChemoil's full year earnings down on lower bunker sales

The Singapore-listed bunker supplier posted a net profit of $100.99m in the year ended 31 December 2013, down 34% compared to a profit of $153.16m in 2012.

Revenue was recorded at $12.96m, down 5% year-on-year to reflect a small reduction in trading volumes and sales value.

“This year, our profitability was driven by strong fuel operations in North America and by our global biodiesel business. Start-ups such as Chemoil Energy, which sells diesel to the fracking industry in the US have turned profitable and have begun to contribute to our success,” said Tom Reilly, ceo of Chemoil.

Chemoil sold a total of 19.9m metric tonnes of bunker fuel last year, down 2% from 20.3m metric tonnes sold in 2012. It attributed the decline to sluggish retail and cargo sales in the first half of the year in the Americas.

The bunker supplier added that bunker prices were lower by 3% for the full year 2013 with average sales value at $646 per metric tonne compared to $668 per metric tonne in the fourth quarter of 2012.