World Fuel Services Corporation
History
World Fuel Services is an energy, commodities, and services Company. Paul Stebbins, along with Michael Kasbar, founded Trans-Tec Services, Inc. in 1984. It was then a marine fuel brokerage company headquartered in New York City. Later on, over the next 10 years, they expanded the company and moved towards building a global network of offices.
It was ranked no. 91 in the Fortune 500 list 2018 among the United States' most prominent corporations. Paul Stebbins and Michael Kasbar set up Trans-Tec Services Inc., a marine fuel brokerage company, in 1984 headquartered in New York City. The company grew rapidly, building offices around the world. Stebbins and Kasbar owners sold Trans-Tec to International Recovery Corporation in 1995, which later changed to World Fuel Services. International Recovery Corporation was founded in 1984, and it was listed on the New York Stock Exchange (NYSE) in 1986. World Fuel company has made a series of transformational acquisitions in software, financial technology, natural gas, and energy management.
This company created several acquisitions between 2010 to 2014, including Carter Energy, Western Petroleum, Lakeside oil, Petro Air group, Ascent Aviation, Hiller Group, South Minnesota Lubes, Indianhead Oil, Nordic Camp Supply, and Colt International. World Fuel could expand into natural gas and energy management by acquiring U.S. Energy Services in 2013. The following year, it acquired Avinode, an on-demand marketplace for aircraft charter. It offers its services in over 190 countries with 150 offices around the globe. World Fuel comprises 185+ subsidiaries, primarily in the U.S., U.K., Singapore, Netherlands, Sweden, and Costa Rica.
World Fuel supplies more than 5000 retail gas stations across the U.S., U.K., and Brazil through its subsidiaries. World Fuel's land-based customers are petroleum wholesalers, distributors, wind operators, industrial, commercial, residential, and government. A global energy management division, Kinect, offers commercial and industrial power, natural gas, and water. World Fuel offers marine services such as bunkering for the global maritime fleet, lubricants, and related products across 1200 major seaports. World Fuel's marine customers are tanker fleets, international containers, commercial cruise liners, yachts, time-charter, car carriers, military fleets, and other fuel suppliers. Moreover, the Compan serves the aviation segment by providing fuel and derivatives to commercial airlines, cargo carriers, airports, fixed-based operators, corporate aircraft fleets, government and military aircraft, and private general aviation aircraft.
Market share and Current Stage
World Fuel Services Corp(WFSC), the leading fuel services company, is well-known for distributing fuel and related products and services. It distributes several fuels like aviation fuel, heating oil, propane, natural gas, lubricants, biofuel, renewable diesel, and natural gas. While distributing these fuels, it offers services to industries such as aviation, defense, and military and marine sectors. Its revenue for the year 2022 was $54.8B.
Moreover, the board of directors declared a quarterly cash dividend of $014 per share. It is payable on Jan 6, 2023, to shareholders of record on Dec 23, 2022. Today, this company is a global management company involved in offering energy procurement advisory services and supply fulfillment, transaction and payment management.
Currently, the Company World Fuel Service includes a market cap of $1.88 billion, becoming the 3871st most valuable company in the World. This company sells fuel and delivers services to its clients at over 8 000 locations in 200-plus countries and territories across the World.
Competitor Analysis
World Fuel Services' main competitors and similar companies are Andeavor, PBF Energy, and HollyFrontier.
Comparing the results to this company's competitors, the Company World Fuel Services estimated a total revenue increase in the three quarters of 2022 by 87.54%, year on year. Also, its revenue growth was below this company's competitors" average revenue growth of 87.54 %, noted in the same quarter. Moreover, with a net margin of 0.28%, the company estimated lower profitability when compared to its competitors.
And in terms of Net Income comparison, the company's net income in the three quarters of 2022 increased year on year by 96.86 %, slower than the income growth of its competitors by 96.86%.
FAQ'S
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Company Name
World Fuel Services Corporation
Head Quarter
Doral, Florida, U.S.
Founders
Michael J. Kasbar
CEO
Michael J.Kasbar
Inception Date
1984
Total assets
US$5.688 billion (2018)