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Lower volumes hit World Fuel Services

Cruise industry shutdown contributes to drop in sales as effects of Covid-19 bite

Major global fuel company World Fuel Services (WFS) reported a total gross profit of US$214.0 million in Q3, 2020, down 30% year-over-year.

The Koningsdam in Venice before Covid-19 brought the cruise industry to a halt. ©Carnival Corp
The Koningsdam in Venice before Covid-19 brought the cruise industry to a halt. ©Carnival Corp

Its marine segment generated gross profit of $32.0 million, a decrease of 40% year-over-year, principally attributable, WFS said, “to lower volume and profitability due to a decline in demand as a consequence of the pandemic and lower average fuel prices”.

 

Commenting on the effect of Covid-19, WFS said in statement: “Beginning in the first quarter of 2020, the aviation, marine and land transportation industries, along with global economic conditions generally, have been significantly impacted by the coronavirus pandemic.

A large number of our customers in these industries have experienced substantial reductions in their operations, especially commercial airlines and cruise lines, which have been particularly impacted by ongoing travel restrictions. Customers in our marine and land segments have also been adversely affected by these restrictions and the reduction in operations of various businesses in affected regions.”

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