Singapore-listed Chemoil, a supplier of marine bunker fuels, reported a net loss attributable to equity holders of US$12.6 million for the third quarter 2009, and a profit attributable to equity holders of US$8.5 million for the first nine months of 2009.
Sales volumes totalled 3.7 million tonnes, a 7.5 percent decrease from the third quarter of 2008.
In the third quarter of this year, retail fuel deliveries were 2.2 million tonnes, maintaining third quarter 2008 levels despite a downturn in the global shipping trade. Retail fuel sales have accounted for approximately 60 percent of Chemoil's volume since the start of 2009, with increases in the retail segments of Asia and Europe during the third quarter of 2009.
"We had positive performance from our US West Coast and logistics assets, along with many of our associates and joint ventures," Chemoil's Chairman and CEO, Mike Bandy, commented.
"However, a number of our port locations were negatively impacted by weak margins. The current fuel market has not been conducive to margin extraction, especially in Asia, Europe and the Middle East."
The company's associates and joint ventures contributed US$2.5 million in earnings in the third quarter of this year, 30 percent more than in the third quarter of 2008.
Mr Bandy added that the demand in the global shipping industry which drives the marine fuel market, was expected to remain weak over the next quarters. He said that Chemoil's strong customer relationships and operations in high growth regions would help keep the company competitive.
