Thu 28 Jul 2011, 07:58 GMT

Higher bunker costs hit Canadian firm


Year-on-year logistics costs rise as a result of higher bunker prices.



Vancouver-based Methanex Corporation has revealed that its logistics costs rose during the second quarter and first half of 2011 in a comparison with the corresponding periods in 2010, mainly due to higher bunker costs.

In its latest financial results, methanol supplier Methanex reported that for the second quarter of 2011 and the six month period ended June 30 2011, year-on-year logistics costs were higher by $5 million and $14 million, respectively, due primarily to higher marine fuel prices.

Logistics costs were said to be similar for the second quarter of 2011 in a comparison with the first quarter of 2011.

The table below shows how the monthly global bunker average has risen since January 2010. Prices are in US$ per metric tonne.

Month BIX Average +/- ($) +/- (%)
June 2011 823.19 +1.11 +0.01%
May 2011 822.08 -24.57 -2.9%
Apr 2011 846.65 +46.40 +5.8%
Mar 2011 800.25 +71.17 +9.8%
Feb 2011 729.08 +62.34 +9.3%
Jan 2011 666.74 +29.67 +4.7%
Dec 2010 637.07 +20.86 +3.4%
Nov 2010 616.21 +16.06 +2.7%
Oct 2010 600.15 +27.50 +4.8%
Sep 2010 572.65 -7.99 -1.4%
Aug 2010 580.64 +9.87 +1.7%
Jul 2010 570.77 -4.84 -0.8%
Jun 2010 575.61 -15.48 -2.6%
May 2010 591.09 -0.58 -0.1%
Apr 2010 591.67 +24.99 +4.4%
Mar 2010 566.68 +17.45 +3.2%
Feb 2010 549.23 -18.82 -3.3%
Jan 2010 568.05 +17.30 +3.1%


Net income attributable to shareholders for the period was $40.5 million ($0.43 per share on a diluted basis) compared to $34.6 million ($0.37 per share on a diluted basis) for the first quarter of 2011.

Methanex is the world's largest supplier of methanol to major international markets and a publicly traded company.

Shares of Methanex are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX", on the NASDAQ Global Market in the United States under the trading symbol "MEOH", and on the foreign securities market of the Santiago Stock Exchange in Chile under the trading symbol "Methanex".

Canada 

Proteus Supply and Trading and Propeller Fuels logo. Propeller Fuels and Proteus Supply and Trading form commercial partnership to expand Americas coverage  

US-based Proteus and UK-based Propeller Fuels unite operations across the Americas and beyond.

Kasif Kalkavan vessel. Turkon Line’s LNG-powered Kaşif Kalkavan makes maiden call at Marport  

Türkiye’s largest domestically built LNG-fuelled container ship has docked at Marport for the first time.

Vinoth Kumar, Flex Commodities. Flex Commodities appoints Vinoth Kumar as general accountant  

Dubai-based bunker trader strengthens finance team with new accounting hire.

Kota Elok vessel. PIL's first LNG dual-fuel boxship receives cybersecurity certification on Singapore maiden call  

Pacific International Lines' 13,000-teu vessel Kota Elok becomes the first PIL ship certified to IACS cyber-resilience standards.

Princess cruise ship. Wärtsilä and Carnival Corporation sign 8-year lifecycle agreement for LNG-fuelled cruise vessels  

Deal covers four vessels across the Princess Cruises and Carnival Cruise Line fleets.

Antwerpen vessel. Exmar vessel completes first commercial voyage on ammonia dual-fuel  

Antwerpen sailed from China to India using ammonia in dual-fuel mode during commercial service.

Keel-laying ceremony of vessel with builder's hull no. CHB3016. Changhong International launches ninth LR2 tanker in Navios series  

Vessel includes future methanol and LNG conversion capability as well as shore power provision.

ECSA logo. European shipowners back EU ETS revenue earmarking but warn proposal falls short on clean technology support  

ECSA welcomes fuel support and revenue earmarking but calls for broader technology eligibility and a clear IMO withdrawal clause.

World Shipping Council logo. WSC backs EU ETS fuel revenue reinvestment but warns over port competitiveness rules  

The World Shipping Council welcomes proposed ETS fuel mechanism changes but flags concerns over neighbouring port proposals.

Green methanol bunkering vessel render. Western Baltic Engineering unveils green methanol bunkering vessel concept for Klaipėda  

Concept vessel design features an 800-tonne capacity and annual supply potential of 250,000 tonnes.