Bunker supplier Chemoil Energy Limited (Chemoil) reports that for the third quarter of 2012 it more than tripled its after-tax profits to $7.7 million, compared with $2.5 million for Q3 2011, thanks to a 27% increase in the volume of marine fuel it sold, Ship & Bunker reports.
The company said it had total bunker sales of 5.2 million metric tonnes (mt) in the third quarter, compared to 4.1 million mt in the period last year.
The company's revenues rose 26% to $3.4 billion.
"Our third quarter results remained steady in a difficult environment for the shipping industry," said CEO Tom Reilly.
"As we maintain positive profit contributions from our core marine fuel business, we will continue to create opportunities for profit contribution from our new businesses such as aviation, diesel and renewables."
CFO Fred Bendle noted the "increased volumes led to a 25% improvement in overall gross contribution, although the per-unit margins remained flat," with gross contribution per metric tonne slipping slightly to $8.1 per tonne from $8.2 per tonne last year.
For the nine months to September 30, 2012 the average sales price for bunkers per metric tonne (pmt) for the supplier now stands at $687 pmt, up 14% from $601 pmt in the 9 months last year.
Chemoil, which owns and develops physical infrastructure, as well as bunker trading and brokering operations, has announced plans to grow and diversify.
Earlier this year, it bought 50 percent stakes in two base lube trading businesses for $16.4 million, and in October agreed to sell its Jurong Island, Singapore storage facility to Germany's Oiltanking GmbH for $285 million.
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