Chemoil

Chemoil: FY12 revenues increased 25% to US$13.6b, earnings increased 231% to US$153.2m; due mainly to the gain in the sale of its terminal assets in Singapore. Excluding its one-off terminal asset sale, Group made a loss of US$24m in FY12, vs a US$34.6m profit in FY11. The leading supplier of marine fuel stated that demand for marine fuel oil is weak as a result of slow economic growth, weak shipping markets and more widespread slow-steaming by ship-owners to save fuel. Continuing weakness in its customer base as well as narrow spreads in the fuel oil markets during 2012, impacted its margins per ton.