World Fuel Services Corporation (NYSE:INT) was founded in 1984 and is headquartered in Miami, Florida, USA, with 5,000 full-time employees. It is a company engaged in fuel and related products and services in the aviation , maritime and land transportation industries worldwide. Of the distribution company.
World Fuel Services Corporation (INT):
World Fuel Services Corporation is an energy, goods and services company based in Miami, Florida. In 2018, World Fuel Services Corporation ranked 91st in the “Largest US Companies” in the latest Fortune 500 list and 351st in the Fortune Direct 500 (402 in 2017).
World Fuel Services (WFS) mainly provides energy procurement consulting services, supply fulfillment, and transaction and payment management solutions for commercial and industrial customers in the aviation, maritime and land transportation industries. WFS focuses on the marketing, trade and financing of aviation, maritime and ground transportation fuel products and related services. In 2013, WFS entered the field of natural gas and electricity.
As a global leader in marine refueling, WFS (Global Fuel Services Corporation) sold a record 21 billion gallons of fuel in 2018, with revenue of $39.8 billion. World Fuel operates under an asset-light business model, and competitors try to imitate this model.
Global fuel service companies are divided into three departments: Aviation, Marine, and Land.
- Aviation -for commercial airlines, second and third-tier airlines, cargo companies, regional and low-cost airlines, airports, fixed operators, corporate fleets, some operators, private jets, military fleets, US and foreign governments And intergovernmental organizations provide fuel and related products and services. The department also provides fuel management, price risk management, ground handling and dispatch services, and international travel planning services such as flight planning, weather reports and overflight permits.
- Marine -The maritime sector sells fuel, lubricants and related products to international container and tanker fleets, commercial cruise lines, yacht and time charter operators, offshore rig owners and operators, US and foreign governments, and other fuel suppliers And service. Its marine fuel-related services include fuel procurement management services, cost control, quality control, claims management, and card payment and related processing services. The department is also engaged in ship refueling and the transportation and delivery of fuel and fuel-related products.
- Land ——Provide fuel, heating oil, propane, natural gas, lubricants and related products and services for petroleum distributors and retail petroleum operators as well as industrial, commercial, residential and government customers. The department also provides management services for fuel procurement and price risk management; consulting and fulfillment solutions related to electricity, natural gas and other energy products; and card payment solutions, government payment systems for fuel procurement, and merchant processing services , Toll payment solutions and commercial payment procedures.
History of World Fuel Services Corporation (INT):
- In 1984, Paul Stebbins and Michael Kasbar established Trans-Tec Services, Inc., a marine fuel brokerage company. Headquartered in New York City. Over the next ten years, they developed the company and established a global office network.
- In 1984, International Recovery Corporation was established in Miami and listed on the New York Stock Exchange (NYSE:INT) in 1986.
- In 1995, International Recovery Corporation acquired Trans-Tec Services from Stebbins and Kasbar, and the company changed its name to World Fuel Services. Stebbins and Kasbar serve as board members and manage the ship business.
- On July 6, 2013, the Lac-Mégantic train in Quebec derailed and caused multiple deaths. World Fuel Services became a co-defendant in multiple lawsuits due to ownership of the railway and crude oil. Before the accident, WFS was hailed as the only company that grew faster than the technology giant Apple in a decade .
Global fuel services World Fuel Services Corporation (INT) acquisition:
Since 2010, World Fuel has made a series of transformational acquisitions in the fields of software, financial technology, natural gas, power and energy management:
- In 2012, it acquired Multi-Service Technology Solutions, a B2B gas card and payment solutions company that manages AIR&SEA cards for the Ministry of Defense.
- In 2013, the acquisition of US Energy Services expanded the World Fuel business to natural gas, power and energy management. US Energy Services is a petroleum products supplier through which World Fuel has made six acquisitions to expand its business. This also pave the way for the newly established Kinect Energy Group division, Kinect Energy “provides energy management consulting and services in more than 30 countries/regions, and provides energy in almost every language and currency in more than 150 countries/regions.” report.”
- In 2014, Global Fuel Services acquired Avinode, which is an on-demand aircraft leasing company similar to a mobile transportation network company.
- Other acquisitions between 2010 and 2014 include: Carter Energy, Western Petroleum, Lakeside Oil, Petro Air Corp, Watson Fuels, Ascent Aviation, Hiller Group, South Minnesota Lubes (South Minnesota Lubes), Indianhead Oil, Nordic Camp Supply, Shell Oil Gibraltar, MH Aviation Services Pty, Yacht Fuel Services and Colt International.
- In 2014, WFS divested its interest in the Bakken Crude Oil Transshipment and Trading Company in North Dakota. During the initial Bakken boom, there were no pipelines to the area, and most products had to be transported by rail. The joint venture has 1,100 railcars that transport 20 Mb per day, as this is one of only six options for producers to transport crude oil out of the region. In 2018, two years after the launch of the freight forwarding division under Multi Service, WFS quickly divested it to BAMFi. In 2019, World Fuel sold its Multi-Service subsidiary.