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Leading marine, aviation and land fuel specialist, World Fuel Services Corporation (WFS), yesterday released detailed information regarding the performance of its marine segment in 2015.

In its 103-page annual report to the United States Securities and Exchange Commission (SEC), WFS outlined the following information (below) on its performance relating to the sale of marine fuels and lubricants.

Revenue for the marine segment was $9.4 billion - a decrease of $4.5 billion, 32.3%, compared to 2014. Of the decline in marine segment revenue, WFS explained that $8.2 billion was due to a drop in the average price per metric tonne sold as a result of lower average marine fuel prices in 2015 as compared to 2014, which was partially offset by $3.7 billion due to increased volume attributable to new and existing customers.

Marine segment gross profit for 2015 was $189.6 million - a fall of $16.0 million, or 7.8%, compared to 2014. Of the decrease in marine segment gross profit, $71.2 million was due to lower gross profit per metric tonne sold in 2015 as compared to 2014. This was said to be due to "fluctuations in customer mix", which was partially offset by $55.2 million in increased volume attributable to new and existing customers.

Marine segment income from operations for 2015 was $73.0 million, which was a fall of $17.0 million, or 18.9%, compared to 2014. This decrease resulted from $16.0 million in lower gross profit and a $1.0 million increase in operating expenses.

2014 compared to 2013

Marine segment revenue for 2014 was $13.8 billion - a decline of $0.9 billion, or 6.4%, compared to 2013. Of the decrease in marine segment revenue, $0.5 billion was due to lower volume and $0.4 billion was due to a fall in the average price per metric tonne sold in 2014 as compared to 2013, WFS said.

Marine segment gross profit for 2014 was $205.6 million - up $28.5 million, or 16.1%, compared to 2013. Of the increase in marine segment gross profit, $35.0 million was due to improved gross profit per metric tonne sold. This was said to be principally due to "certain higher margin business activity", which was partially offset by $6.5 million due to decreased volume.

Marine segment income from operations for 2014 was $90.0 million - a rise of $16.2 million, or 21.9%, compared to 2013. This increase resulted from $28.6 million in higher gross profit, which was partially offset by a $12.3-million jump in operating expenses. The rise in marine segment operating expenses was said to be mainly due to compensation and employee benefits.

Key figures: marine segment summary

Revenue:
2015: $9,367.2 million
2014: $13,843.3 million
2013: $14,790.3 million

Gross Profit:
2015: $189.6 million
2014: $205.6 million
2013: $177.1 million

Income from operations:
2015: $73.0 million
2014: $90.0 million
2013: $73.8 million

Capital Expenditure:
2015: $8.0 million
2014: $13.9 million
2013: $17.3 million

Total Assets:
2015: $1,165.6 million
2014: $1,483.0 million

Depreciation and amortization:
2015: $6.4 million
2014: $5.6 million
2013: $5.4 million

Goodwill:
2015: $71.4 million
2014: $73.1 million

Identifiable intangible assets, net:
2015: 6.0 million
2014: 7.2 million