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International bunker supplier Chemoil Energy Ltd. recorded a US$26.8 million decrease in pre-tax profits during the second quarter of 2011.

Profit before tax between April and June fell to US$4.7 million, down from the $31.5 million achieved during the first quarter of this year.

Sales volumes also declined during the three-month period to 4.2 million metric tonnes, down 0.4 million metric tonnes, or 8.7 percent, from 4.6 million metric tonnes in the previous quarter.

Gross contribution per tonne was US$6.30, down US$8.1, or 56 percent, from the US$14.40 recorded between January and March.

In an analysis of the first six months of 2011, profit attributable to shareholders was up to $24.3 million, compared to a loss of 10.3 million in the first half of 2010. The gross contribution per metric tonne - identified by the company as a 'key margin indicator' - was also up from US$3.40 to US$10.60.

Commenting on the results, Chemoil’s CEO Tom Reilly commented: "Having completed half a year as CEO of the Group, I am pleased to report a satisfactory performance for the first half of 2011.

"While the group registered its strongest quarterly result in the first quarter since going public, the second quarter presented a difficult market environment, but even in volatile times, Chemoil achieved profitability.

"Together with a new and energized leadership team, we remain committed to drive change through the organization and create sustainable businesses to deliver enduring shareholder value.'