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Gas station for ships
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zhuge_liang
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11-May-2007 20:47
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Chemoil Energy Ltd. said on Friday that its quarterly net profit rose 25% due to strong sales of marine fuels. The San Francisco-based firm, which describes itself as a "gas station for ships", earned US$17.9 million in the Jan-Mar period, against US$14.2 million a year ago. Sales volume rose 18.7% to 3.57 million metric tonnes while margins improved to US$10.11 per metric tonne from US$9.51 a tonne a year earlier, it said. Chemoil said overall revenue rose by 5.7% to $1.02 billion in the first quarter. Robert V. Chandran, Chemoil's CEO, said in a statement the company plans to expand its business by investing in companies in related sectors and will acquire tankers to improve its logistics business. The firm, with a stock market value of US$1.2 billion, is acquiring a 448,000 cubic metre fuel storage terminal, currently under construction on Jurong Island. The terminal will be operational in early '08. In Feb, Chemoil announced a joint venture agreement to establish a bunkering presence in the port of Fujairah, United Arab Emirates. The firm sold 13 million tonnes in fuels last year. |
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