Category Archives: World Fuel Services

History of World Fuel Services Corporation

World Fuel Services began operations in 1984, as a used oil recycler in the South-East US. In 1986, World Fuel Services diversified its operations by entering, through an acquisition, the aviation fuel services business.
In 1995, the company further diversified its fuel services operations through the acquisition of the Trans-Tec Services group of companies.
In 1999, it acquired substantially all of the operations of the privately held Bunkerfuels group of companies.
The company downsized its non-core portfolio in 2000, when it sold its oil recycling business, International Petroleum Companies, to the Dallas-based EarthCare Company, for $28 million.
In 2001, World Fuel Services announced it had completed its acquisition of a 50% equity interest in Page Avjet Fuel from Signature Flight Support. In the same year the company announced it acquisition of selected assets of Norse Bunker, an Oslo, Norway based bunker services company and also acquired Marine Energy.This acquisition was followed with an expansion of the company’s operations of its aviation services with the establishment of a division that provided fuel-management services to the airline industry. In the same year, World Fuel Services signed an agreement to acquire the Oil Shipping Group of Companies.
In 2002, the company switched its fiscal year end from August to December. In the same year the company initiated a partnership with Jeppesen, a supplier of flight information and other services.
The company completed its purchase of the Tramp Oil Group for approximately $83 million in cash, in 2004.
In 2005, the board of directors announced an approval of a two-for-one split of its common stock. In the same year the company announced the pricing of its public offering of 4,000,000 shares of common stock at an offering price of $31.00 per share.
In April 2007 the company appointed Ira M. Birns as its Executive Vice President and Chief Financial Officer.
The company acquired AVCARD, a global provider of charge card services and contract fuel sales to the aviation industry in December 2007.

Business Description of World Fuel Services Corporation

World Fuel Services offers downstream marketing and financing of aviation, marine and ground transportation fuel products and related services. The company through its aviation, marine and ground business segments provides fuel and services to commercial and corporate aircraft, petroleum distributors and ships at more than 2,500 locations.
The company’s marine segment offers fuel and related services to customers, including international container and tanker fleets, and time-charter operators, as well as to the United States and foreign governments. It provides marine fuel and related services under the following trade names: World Fuel, Trans-Tec, Bunkerfuels, Oil Shipping, Marine Energy, Norse Bunker, Casa Petro and Tramp Oil. The company’s marine related services include management services for the procurement of fuel, cost control through the use of hedging instruments, quality control and claims management.
World Fuel’s aviation segment provides fuel and related services to commercial airlines, second and third-tier airlines, cargo carriers, regional and low cost carriers, corporate fleets, fractional operators, private aircraft, military fleets and to the United States and foreign governments.The aviation related services include fuel management, price risk management and ground handling arrangment and international trip planning, including flights plans, weather reports and overflight permits.The company provides aviation fuel and related services under the following trade names: World Fuel, Baseops, Airdata, PetroServicios de Mexico, and PetroServicios de Costa Rica.
World Fuel’s land segment offers fuel and related services to petroleum distributors operating in the land transportation market. The land related services include management services for the procurement of fuel, price risk management and financing. In this segment the company acts as a reseller where fuel is delivered to customers directly at designated tanker truck loading terminals commonly referred to as “racks.” These racks are owned and operated by suppliers or third-party consortiums of the company.

Key Facts of World Fuel Services Corporation

Head Office

World Fuel Services Corporation

9800 North West 41st Street

Suite 400

Miami

Florida 33178

USA

Phone

1 305 428 8000

Fax

1 305 392 5600

Web Address

http://www.wfscorp.com

Revenue / turnover (USD Mn)

10,785.1

Financial Year End

December

Employees

743

New York Ticker

INT

Company Overview of World Fuel Services Corporation

World Fuel Services is engaged in the downstream marketing and financing of aviation, marine and ground transportation fuel products and related services. The company segments are aviation, marine and ground business. The company primarily operates in the US. It is headquartered in Miami, Florida and employs 743 people.

The company recorded revenues of $10,785.1 million during the fiscal year ended December 2006, an increase of 23.5% over 2005.The operating profit of the company was $76.6 million during fiscal year 2006, an increase of 35.4% over 2005. The net profit was $63.9 million in fiscal year 2006, an increase of 61.4% over 2005.