• 2014 October 23 15:25

    OW Bunker posts Q3 2014 Interim Financial report

    OW Bunker issued Q3 2014 Interim Financial report.

    CEO Jim Pedersen commented:
    "Overall the third quarter result was very disappointing. The fall in the oil price in particular in September was exceptional and led to a USD 24.5 million unrealised risk management loss. The margin pressure seen in the second quarter continued, but seems to have stabilised. We reduce our full-year volume forecast in a move to focus on higher margin business."

    Third quarter 2014 highlights
     Due to the slide in oil price, in particular in September, risk management resulted in an unrealised loss of USD 24.5 million, USD 2.5 million higher than estimated in Company Announcement 22/2014 on October 7 2014.
     Since a jump in the oil price to a 9-month high of above USD 115 (Brent) in the second half of June 2014, the oil price dropped around 20% in Q3 2014 to the lowest level in over two years. This steep fall led to market disruptions in September, and negatively affected the risk management as well as other parts of the business.
     The oil price development included a structural change in the oil futures market from backwardation to contango. Backwardation is the predominant market structure, and the sudden structural change in late September had a negative effect on risk management.
     Marine fuel transaction volume rose 2% to 8.01 million tonnes (Q3 2013: 7.82 million tonnes). 9M 2014 volume was 22.88 million tonnes against 21.27 million tonnes in the same period 2013, an increase of 8%. Volume growth in the third quarter was below expectations, but satisfactory in a difficult market affected by a steep decline in the oil price.
     Gross profit fell to USD 29.0 million (Q3 2013: USD 59.8 million), mainly driven by the unrealised risk management loss of USD 24.5 million. 9M 2014 gross profit was USD 143.7 million against USD 155.7 million in the same period 2013.
     Gross profit per tonne fell to 3.62 USD (Q3 2013: USD 7.65 per tonne). Excluding the unrealised risk management loss gross profit per tonne was USD 6.67 in Q3 2014. 9M 2014 gross profit per tonne was USD 6.28 against USD 7.32 in the same period 2013. Excluding the unrealised risk management loss, 9M 2014 gross profit per tonne was USD 7.35. Gross profit includes interest income from trade credit.
     Profit before tax (EBT) before special items fell to USD -6.2 million (Q3 2013: USD 26.7 million). 9M 2014 EBT before special items was USD 36.7 million, down from USD 56.5 million in the same period 2013.
     Profit for the period before special items and tax effect hereof was USD -5.8 million (Q3 2013: USD 20.7 million). 9M 2014 profit for the period before special items and tax effect hereof was USD 27.6 million against USD 44.0 million in the same period 2013.
     Return on equity before special items and tax effect hereof was -10% (Q3 2013: 34%). 9M 2014 return on equity before special items and tax effect hereof was 15% against 24% in 9M 2013.
     OW Bunker reduces its expected full-year 2014 volume growth to around 6% compared to 2013 from previously approx. 10% in a move to focus on higher margin business. Company Announcement 22/2014 on October 7, 2014, implied a full-year net profit before special items of approx. USD 55 million. This included a possible reduction of the risk management loss, assuming unchanged or higher oil prices. Excluding the possible reduction of the unrealised risk management loss, net profit before special items is expected around USD 44 million. See further details of the full-year 2014 outlook on page 8.

    About OW Bunker A/S
    OW Bunker is a leading global independent marine fuel (bunker) company founded in Denmark in 1980 with operations in 29 countries, including the world's busiest and most important ports. OW Bunker acts as a physical distributor as well as reseller of marine fuel, and operates a global fleet of approx. 30 bunker vessels. OW Bunker also provides advanced risk management solutions aimed at controlling costs, minimising risk and protecting against market fluctuations. Headquartered in Nørresundby, Denmark, OW Bunker is listed on the NASDAQ OMX Copenhagen and has over 600 employees globally.

2020 January 26

16:34 Harley Marine Services changes name to Centerline Logistics Corp
15:13 Island Class ferries move to Point Hope Maritime in Victoria
14:16 Wärtsilä integrated solutions will deliver efficiency and sustainability to three new short-sea vessels
13:32 USCG suspends search for missing person near Dauphin Island
12:03 Fincantieri strengthens the strategic partnership with Qatar
11:39 New LINKSPAN 7 arrives in Dublin Port
10:47 DOF Subsea awarded contracts in Australia

2020 January 25

16:11 “Flower Power” from Sanmar and Robert Allan Ltd. – 200 Tugs and Counting
15:27 USCG Cutter Polar Star arrives in Antarctica
13:11 TORM orders two scrubber-fitted LR2 newbuildings
12:47 USCG opens Blue Technology Center of Expertise
10:47 Hamburg Süd’s COO Frank Smet to step down
08:31 NORDEN signs charter for more women in shipping

2020 January 24

18:07 Port of Hamburg not expecting reduction in container throughput caused by liner service changes announced by Ocean Alliance and Maersk
17:42 First ship-to-ship LNG bunkering operation in the Port of Rostock
17:40 Engineering troops to develop a plant for desalination of water in the Arctic
17:16 Gasum completes 200th ship-to-ship LNG bunkering
16:52 Carnival Mardi Gras floated out at Meyer Turku shipyard
16:51 Former COO of Stanlow refinery: “The first step of the digitalization is underway”
16:27 Tallink’s vessel Silja Europa to be renewed at Turku Repair Yard in Naantali, Finland
16:04 United Heavy Lift GmbH Hamburg takes over a modern Heavy Lift fleet of nine eco-friendly F900 newbuildings
16:03 CMA CGM announces FAK rates from West Med, Adriatic, Black Sea and East Med to Far East, Middle East Gulf and Red Sea
15:32 First Deputy PM Andrey Belousov held meeting with senior executives of RF Transport Ministry
15:03 Dublin Port Company christens its new Pilot Boat, DPC Tolka
14:30 Sergey Sapegin takes the helm of Kaliningrad Railway
14:03 The Grande Houston delivered to the Grimaldi Group
13:25 Port of Guayaquil inaugurates deepened maritime access channel
12:58 Bunker prices are table at the port of Saint-Petersburg, Russia (graph)
12:01 CMA CGM announces PSS for reefer exports from Ecuador to Europe, Baltic, Mediterranean, Middle East & Asia
11:00 MAN Energy Solutions wins contract to supply the main propulsion engines for two patrol vessels
10:33 The ShipFC project to convert offshore vessel to run on ammonia-powered fuel cell
10:22 MABUX: Bunker market this morning, Jan 24
09:31 Brent Crude futures price is up 0.35% to $62.26, Light Sweet Crude – up 0.4% to $55.81
09:14 Baltic Dry Index is down to 576 points

2020 January 23

19:00 Chembulk Tankers announces management changes
18:27 KOTUG provides salvage assistance to MV EM-OINOUSSES
18:07 Ocean Installer awarded contract with Dana Petroleum
17:42 Almost 290 cruise liners will call at Ports of Stockholm in 2020
17:37 NYK-operated coal carrier Sunshine Pride enters service for Joban Joint Power
17:19 Throughput of port Helsinki (Finland) in 2019 fell by 2% to 14.42 million tonnes (table)
16:48 Draft Strategy for Development of Russia’s Arctic Zone to be ready by 20 March 2020
16:05 The AUTOSHIP project receives funding of almost Euro 20.1 mln
15:21 probunkers signs LOI with Hyundai for the construction of two LNG bunker vessels
15:16 Perspectives for containers and ro-ro market discussed in Berlin
14:40 New intermodal train connection arranged from Luxembourg
13:37 Container Terminal Saint-Petersburg spent RUB 11 million under its social and charity programmes in 2019
13:03 Global Ports Group to renew handling equipment
12:29 Russia's Main Department of State Expertise approves reconstruction at the port of Petropavlovsk-Kamchatsky
12:05 Port of Long Beach moves more than 7.6 million TEU in 2019
11:48 Croatian DIV Group in process to take-over Kleven Verft
11:00 Austal awarded A$15.5m contract for a 41 metre high speed catamaran ferry for SGTM Mauritius
10:56 MABUX: Bunker market this morning, Jan 23
10:27 ABS marks record-setting three years without a work-related lost time injury
10:25 IBIA: IMO 2020 preparations pay off
10:03 Brent Crude futures price is down 0.4% to $64.33, Light Sweet Crude – down 0.48% to $58.1
09:46 TransContainer dispatched test train with hazardous cargo in reefers from Korea to Poland
09:24 Baltic Dry Index is down to 623 points
09:08 Swissterminal and DP World enter strategic partnership

2020 January 22

18:37 BunkerTrace secures first commercial partnership with Marfin Management