Page 12 - Data Credit News Today

The total was dragged down on a monthly basis by HSFO sales after the contamination reported in Singapore in February and March.

The company reported net profit of $23.1 million from its marine division in the first quarter, up by 292% from the previous quarter and by 261% from Q1 2021.

The increase in quality problems may be related to the surge in bunker prices last month in the wake of Russia's war in Ukraine.

First-quarter conventional sales were up by 15.2% from the same period a year earlier and by 9.4% from the fourth quarter of 2021.

Total sales excluding marine lubricants advanced to 691,141 m3 in March, the most since December.

The total was down by 3.8% from a year earlier but up by 12.6% from February's level.

The total was down by 3% on the year and by 5.2% from January's level.

The average stem size dropped by 9.3% on the month to about 666 mt.

Total sales for 2021 were 18.4 million mt, a lift of 5% over the 17.5 million mt sold in 2020.

The company expects an improving outlook for its marine business this year, its managers said in a call with analysts.