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Mike Bandy News

07 Jan 2011

Chemoil Acquires Oceanconnect’s Marine Fuel Group

Tom Reilly

SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI), supplier of marine fuel, announced its acquisition of OceanConnect Holding’s (OCH), marine fuel business. The purchase price as agreed by both parties is expected to be approximately $25m and took into account factors such as the marine fuel business’ historical and future earnings potential. The deal includes the acquisition of OCH’s marine fuel business, its independent online bunker auction portal, and a team of experienced bunker brokering and trading employees and staff in the United States…

25 Feb 2010

Chemoil Q4 & FY2009 Report

SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI) reported a net profit attributable to equity holders of $11.5 million for the year ended December 31, 2009 (FY2009) and a net profit attributable to equity holders of $2.9 million for the fourth quarter of 2009 (4Q2009). Reflecting Chemoil’s continued strong presence in retail shipping sales, fuel deliveries rose by 5% to 4 million metric tons for 4Q2009 compared with 3.8 million metric tons for 4Q2008. Supported by strong retail volumes in Asia, retail marine fuel sales rose by 6% for FY2009 – accounting for 59% of all volumes throughout the year. Furthermore, Chemoil’s continued dedication to cultivating strategic partnerships…

07 Aug 2009

Chemoil Continues Trend of Profitability

SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI) announced that its profit attributable to equity holders for the second quarter of the 2009 financial year (FY2009) was $12.2m leading to 1st half results of $21.1m. Profit for 2Q2009 increased 38.6% from the $8.8m recorded in 1Q2009. Chemoil’s retail volumes grew by 11% despite an overall reduction of sales volume by 15%. Gross contribution per metric ton (GCMT), a key performance indicator, was $11.61 in 2Q2009, which represents a 10.4% increase over 2Q2008 GCMT of $10.52 and a 32.8% increase over 1Q2009 GCMT of $8.74.

19 May 2009

Chemoil Increased Profits for Q1

SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI) today that its profit after tax and minority interests for the first quarter of 2009 was $8.8m, up from $2.3m in the first quarter of 2008, or an increase of 283%. Amid the global economic slowdown, ship owners have increasingly turned to direct physical suppliers, a factor that has enabled the company to maintain profitability and increase our retail volumes by 16% to 2.17 million metric tons in 1Q2009. A decline of 23% in Chemoil’s total sales volumes in 1Q2009 to 3.76 million metric tons from 4.88 million metric tons in 1Q2008 is attributed to lower cargo and ex-wharf volumes, which was driven by prevailing market conditions.