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World Fuel Services (WFS) says it aims to reduce costs in its marine business during the course of this year.

Speaking during the company's fourth-quarter (Q4) earnings call, Executive Vice President and Chief Financial Officer Ira Birns noted that the company aims to drive down marine expense ratios "by a minimum of 3 percent to 4 percent in 2018".

"For marine, reflecting our continued effort to rationalize spending to adjust to the realities of this business today... we are focused on making greater strides and integration, reducing inefficiencies and driving stronger profitability," Birns remarked.

In 2017, operating expenses rose by $176.5 million, or 24.9 percent, to $886.6 million compared to the previous year, whilst non-operating expenses were up by $20.0 million, or 42.8 percent, to $66.7 million.

Operating expenses in Q4 jumped $149 million, or 75.2 percent, to $347.2 million in a year-on-year (YoY) comparison. Non-operating expenses during the same three-month period dipped $2.6 million, or 11.8 percent, to $19.4 million.

As previously reported, the marine division of WFS posted a 15.7 percent decline in gross profit in 2017 at $126 million, which was said to be mainly driven by "the continued weakness in the maritime environment".

Gross profit also fell in Q4 - by $4.5 million, or 13.4 percent, to $29.0 million - as bunker sales decreased YoY by 19.7 percent, to 6.1 million tonnes. Full-year volumes, meanwhile, were 15.6 percent lower at 26.5 million tonnes.

During the latest performance analysis, Birns said the 2017 sales volume decline was mainly due to decisions made to exit markets or scale down activities.

"The largest drivers of the volume reduction relate to our operations in the Asia-Pacific region and our decision to exit certain markets [where] we have seen continued market pressure and weakness as well as our continuous efforts to reduce activity in regions where we have not been achieving satisfactory returns on capital," Birns said of the Q4 volume reduction, whilst also noting that there was a further decline in profits from the sale of price risk management products.