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Leading marine, aviation and land fuel specialist World Fuel Services Corporation has announced that its board of directors has declared a quarterly cash dividend of $0.0375 per share payable on April 8, 2010 to shareholders of record on March 19, 2010.

Earlier this month World Fuel Services reported a $12.1 million, or 12 percent, rise in net income in 2009 to $117.1 million, or $1.96 per share, compared to $105.0 million, or $1.80 per share in 2008.

Fourth quarter 2009 net income rose by 20 percent, or $5.8 million, to $34.5 million, or $0.57 per share, compared to $28.7 million, or $0.49 per share, in the fourth quarter of 2008.

During this 3-month period the company's marine segment generated gross profit of $41.3 million, an increase of $1.1 million or 3 percent sequentially, but a decrease of 30 percent from the previous year's results.

Commenting on the results at the time, Paul H. Stebbins, chairman and chief executive officer said: "Our superior value proposition and expertise in the marketplace allowed us to continue to perform well in a difficult operating environment. We continue to deliver solid results while managing risk in what remain soft market conditions and we are well positioned to benefit as the economy recovers."