Chemoil

Chemoil: 3Q12 results. Net revenue at US$3.35b, +25% yoy, driven by higher volumes at 5.2m mt, +27% yoy, mainly attributable to increased bunker sales from the bunker trading business, increased ex-wharf sales in Asia and Europe and increased cargo sales in the Americas. Oil prices were flat. Net profit at US$7.7m, 212% yoy, mainly due to tax credits of US$1.9m, compared to tax charges of US$2.5m yoy. Mgt notes margins as well as demand for marine fuel are likely to be affected by the general sluggishness of the Eurozone and weakness in the shipping mkts; adds future trends remain uncertain. The stock trades at 18.3x annualized 9M12 P/E, 1.3x P/B.