World Fuel Services 2011 Annual Report Download - page 13

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Fueling Marine Relationships
Volume of Fuel Sold
Volume in Millions (Metric Tons)
2009 2010 2011
21.1
23.7
26.1
World Fuel Services (WFS) is one of the largest marine
fuel logistics providers. Our global team of local
professionals places 35,000 transactions annually in more
than 1,000 sea ports around the world. WFS customers
include container ships, tanker ships and mega yachts.
Continuing the trend of the last three years, the
operating environment was difficult in 2011. The industry
continued to face reduced demand and unprecedented
economic challenges. Our core competency of credit
risk management enabled us to successfully navigate
a volatile marketplace. Despite market instability, WFS
was able to increase both volumes and profitability, while
increasing market share. Total tons delivered and gross
profit were at the highest levels since 2008.
The marine segment relied on decades of experience and
went back to basics. One key to our profitable growth
was our continued emphasis on collaboration, integrating
our global culture and standard of service excellence
through a network of local professionals with unique
regional experience. Our global marine team successfully
expanded into new markets in Europe and Asia and
further expanded our presence in the specialized mega
yacht industry. Our global supply team expanded our
capabilities in fuel sourcing, self-supply, marine lubricants
and offshore logistics.
Marine remains committed to providing value by delivering
financial strength and innovation to our customers. We
look to utilize our market position, market knowledge,
balance sheet and risk management expertise to position
ourselves for growth in the future.
9