Marine fuel trader Chemoil says to post loss in Q3

10 October 2009 @ 02:17 pm EDT

Marine fuel supplier Chemoil Ltd expects to post a net loss in the third quarter, hurt by weak fuel oil margins.

Oil storage tanks are seen at Chemoil's Helios terminal on Singapore's Jurong Island February 28, 2008. Chemoil Energy will launch its marine fuel business in Fujairah next month and will more than double the storage capacity within two years, as the company keeps its expansion on track after the death of its founder, its new chief executive Clyde Michael Bandy said on Wednesday.

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It said late on Friday that the business operations of the company have been negatively affected by unusually weak fuel oil margins in many of its market segments worldwide, while its oil hedging was less effective than previous quarters.

Chemoil said in June its majority shareholders are in talks with various parties for the possible sale of part or all of the company. [ID:nSIN491784]. The company will report earnings for the July-September quarter next month.

(Reporting by Saeed Azhar; Editing by Jerry Norton)

Marine fuel trader Chemoil says to post loss in Q3

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