Chemoil Reports Increase in Q2 Revenues

Chemoil has reported a 96 percent increase in revenues to $2.5b for the second quarter of 2008, compared to $1.3 billion for the second quarter of 2007. This was driven by an increase in energy prices and sales volume growth by 15% compared to the same period in 2007.

Chemoil's revenue for the first half of 2008 increased 102% to $4.67 billion, compared to $2.31 billion for the first half of 2007.

For the second quarter of 2008, profit after tax was $22 million, compared to $0.6 million in the previous year. Profit after tax for the first half of 2008 increased by 32% to $24.3 million, compared to the first half of 2007. Positive margins from strong demand within the bunker market, combined with operational efficiencies realized through Chemoil's integrated supply chain, contributed to the earnings increase.

Gross contribution per every million tonne (MT) increased by 112% to $10.52 for the second quarter of 2008, compared to $4.98 during the second quarter of 2007, partly due to the adjustments made by the company to its hedging positions in light of the volatile oil markets.

Chemoil's product volume increased 15% in the second quarter of 2008 to 4.3MT from 3.8MT in the second quarter of 2007, and 19% to 8.7MT for the first half of 2008, compared to 7.3MT in the first half of 2007.