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UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-K
(Mark One)
x |
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE FISCAL YEAR ENDED MARCH 31, 2002
¨ |
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE TRANSITION PERIOD
FROM TO
COMMISSION FILE NUMBER 1-9533
WORLD FUEL SERVICES CORPORATION
(Exact name of registrant as specified in its charter)
| Florida |
|
59-2459427 |
| (State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification
No.) |
| |
|
|
| 700 South Royal Poinciana Blvd., Suite 800 Miami Springs, Florida |
|
33166 |
| (Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s Telephone Number, including area code: (305) 884-2001
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class:
|
|
Name of each exchange on which
registered:
|
| Common Stock, par value $0.01 per
share |
|
New York Stock Exchange Pacific Stock
Exchange |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days. Yes x No ¨.
Indicate by check mark
if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definite proxy or information statements incorporated by reference in Part
III of this Form 10-K or any amendment to the Form 10-K ¨.
The aggregate market value of the voting stock (which consists solely of shares of common stock) held by nonaffiliates of the registrant was $189.1 million (computed by
reference to the closing sale price as of June 5, 2002).
The registrant had 10.4 million shares of common stock,
par value $.01 per share, net of treasury stock, issued and outstanding as of June 5, 2002.
Documents incorporated by
reference:
Part III-Definitive Proxy Statement for the 2002 Annual Meeting of Shareholders.
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i
PART I
World Fuel Services Corporation was incorporated in Florida in July 1984 and
along with its consolidated subsidiaries is referred to collectively in this Annual Report on Form 10-K as “we,” “our” and “us”. Our principal business is the marketing of marine and aviation fuel services. In our
marine fuel services business, we market marine fuel and related services to a broad base of international shipping companies and to the United States and foreign militaries. We offer 24-hour around-the-world service, credit terms, and competitively
priced fuel. In our aviation fuel services business, we extend credit and provide around-the-world single-supplier convenience, 24-hour service, and competitively priced aviation fuel and other aviation related services, including fuel management
services, to passenger, cargo and charter airlines, as well as to the United States and foreign militaries. We also offer flight plans and weather reports to our corporate customers.
Financial information with respect to our business segments and the geographic areas of our business is provided in Note 8 to the accompanying consolidated financial
statements.
This report and the information incorporated by reference
in it includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend the forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements in these sections. All statements regarding our expected financial position and operating results, our business strategy, our financing plans and forecasted demographic and economic trends relating to our
industry are forward-looking statements. These statements can sometimes be identified by our use of forward-looking words such as “may,” “will,” “anticipate,” “estimate,” “expect,” or
“intend” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the results, performance or
achievements expressed or implied by the forward-looking statements. We cannot promise you that our expectations in such forward-looking statements will turn out to be correct. Factors that impact such forward looking statements include, but are not
limited to, quarterly fluctuations in results; the management of growth; fluctuations in world oil prices or foreign currency; changes in political, economic, regulatory or environmental conditions; the loss of key customers, suppliers or members of
senior management; uninsured losses; competition; credit risk associated with accounts and notes receivable; and other risks detailed in this report and in our other Securities and Exchange Commission filings. A more detailed description of the
principal risks in our business is set forth in “Risk Factors”. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
Our executive offices are located at 700 South Royal Poinciana Boulevard,
Suite 800, Miami Springs, Florida 33166 and our telephone number at this address is (305) 884-2001. Our aviation fuel services business is conducted through ten subsidiaries, with principal offices in the United States, United Kingdom, Singapore,
Mexico, and Costa Rica. Our marine fuel services business is conducted through thirteen subsidiaries with principal offices in the United States, United Kingdom, Denmark, Norway, Costa Rica, South Africa, South Korea, Singapore, Japan, Hong Kong,
the Netherlands, and the United Arab Emirates. See “Item 2—Properties” for a list of principal offices by business segment and “Exhibit 21—Subsidiaries of the Registrant” included in Item 14 of this Annual Report on
Form 10-K for a list of our subsidiaries.
In 1984, we began our operations as a used oil-recycler in the
southeast United States. This segment of our business was exited in February 2000 through the sale of the stock of our International Petroleum Corporation subsidiaries, to Dallas-based EarthCare Company (“EarthCare”). For additional
information regarding this transaction, refer to Note 2 to the consolidated financial statements, included herein, and “Item 3—Legal Proceedings.”
In 1986, we diversified our operations by entering, through an acquisition, the aviation fuel services business. This segment of our business expanded from a business primarily concentrated in Florida
to an international sales company covering airports throughout most of the world. This expansion resulted from acquisitions and the establishment of new offices. In
1
December 2000, we acquired a 50% interest in PAFCO L.L.C. (“PAFCO”) from Signature Flight Support Services Corporation. PAFCO markets aviation fuel and related services. For additional
information on the PAFCO transaction, refer to Notes 1 and 7 to the consolidated financial statements included in this report.
In 1995, we further diversified our fuel services operations and entered the marine fuel business by acquiring the Trans-Tec Services group of companies. In 1999, we expanded our marine fuel business and our share of the world’s
marine fuel market with the acquisition of the Bunkerfuels group of companies. Since 1999, we have continued our expansion of the marine business through the acquisitions of Norse Bunkers, based in Oslo, Norway; Marine Energy, located in Dubai,
United Arab Emirates; and the Oil Shipping group of companies, with operations in Singapore, the Netherlands and Hong Kong. Since our entry into the marine fuel services business, we have opened various new offices in key strategic markets, such as
South Africa, Japan, Denmark, Greece, and Seattle, Washington. For additional information regarding our acquisitions since 1999, refer to Note 1 to the consolidated financial statements, included in this report.
Our principal business is the marketing of marine fuel
services to a broad base of international shipping companies and to the United States and foreign militaries, and of aviation fuel services to passenger, cargo and charter airlines, as well as to United States and foreign militaries. We currently
employ a total 362 people worldwide, of which 122 people are employed in our marine fuel business and 188 people are employed in our aviation fuel business.
We market marine fuel and services to a broad base of customers,
including international container and tanker fleets, time charter operators, as well as to United States and foreign military vessels. Marine fuel and related services are provided throughout most of the world.
Through our vast network of strategically located sales offices, we provide our customers global market intelligence and rapid access to
quality and competitively priced marine fuel, 24-hours a day, every day of the year. Our marine related services include management services for the procurement of fuel, cost control through the use of hedging instruments, quality control and claims
management. Our customers need cost effective and professional fuel services because the cost of fuel is a major component of a vessel’s operating overhead.
As an increasing number of ship owners, time charter operators, and suppliers continue to outsource their marine fuel purchasing and/or marketing needs, our value added services have become an integral
part of the oil and transportation industries’ push to shed non-core functions and reduce costs. Suppliers use our global sales, marketing and financial infrastructure to sell a spot or ratable volume of product to a diverse, international
purchasing community. End customers use our real time analysis of the availability, quality, and price of marine fuels in ports worldwide to maximize their competitive position.
In our marine operations, we act as a broker and as a source of market information for the end user, negotiate the transaction by arranging the fuel purchase contract
between the supplier and the end user, and expedite the arrangements for the delivery of fuel. For this service, we are paid a commission from the supplier. We also act as a reseller, when we purchase the fuel from a supplier, mark it up, and resell
the fuel to a customer.
We purchase our marine fuel from suppliers worldwide. Our cost of fuel is generally tied
to spot pricing, market-based formulas or is governmentally controlled. We are usually extended unsecured trade credit from our suppliers for our fuel purchases. However, certain suppliers require us to provide a letter of credit. We may prepay our
fuel purchases to take advantage of financial discounts, or as required to transact business in certain countries.
We utilize subcontractors to provide various services to customers, including fueling of vessels in-port and at-sea, and transportation of fuel and fuel products.
During fiscal 2002, 2001 and 2000, none of our marine fuel customers accounted for more than 10% of our consolidated revenue.
2
We market aviation fuel and services to passenger, cargo and
charter airlines, as well as corporate customers and the United States and foreign militaries. We have developed an extensive network that enables us to provide aviation fuel and related services to customers at airports throughout most of the
world. Our aviation related services include fuel management, flight plans, weather reports, ground handling, and flight permits.
In general, the aviation industry is capital intensive and highly leveraged. Recognizing the financial risks of the airline industry, fuel suppliers generally refrain from extending unsecured lines of credit to smaller airlines and
avoid doing business with smaller airlines directly. Consequently, most carriers are required to post a cash collateralized letter of credit or prepay for fuel purchases. This impacts the airlines’ working capital. We recognize that the
extension of credit is a risk, but also a significant area of opportunity. Accordingly, we extend unsecured credit to most of our customers.
We purchase our aviation fuel from suppliers worldwide. Our cost of fuel is generally tied to market-based formulas or is governmentally controlled. We are usually extended unsecured trade credit from
our suppliers for our fuel purchases. However, certain suppliers require us to provide a letter of credit. We may prepay our fuel purchases to take advantage of financial discounts, or as required to transact business in certain countries.
Outside of the United States, we do not maintain fuel inventory since we arrange to have the fuel delivered into
our customers’ aircraft directly from our suppliers. In the United States, fuel is delivered into our customers’ aircraft or designated storage directly from our suppliers or from our fuel inventory. Inventory is held at multiple locations
in the United States for competitive reasons and inventory levels are kept at an operating minimum. We have arrangements with our suppliers and other third parties for the storage and delivery of fuel, and related aviation services.
We utilize subcontractors to provide various services to customers, including into-plane fueling at airports, and
transportation and storage of fuel and fuel products.
During fiscal 2002, 2001 and 2000, none of our aviation
fuel customers accounted for more than 10% of our consolidated revenue.
Credit Losses. Our marine and aviation
fueling businesses extend unsecured credit to most of their customers. Our success in attracting business has been due, in part, to our willingness to extend credit on an unsecured basis to customers which exhibit a high credit risk profile and
would otherwise be required to prepay or post letters of credit with their suppliers of fuel and related services. We recognize that extending credit and setting the appropriate reserves for receivables is largely a subjective decision based on
knowledge of the customer and the industry. Active management of our credit risk is essential to our success. Although we generally do not insure our receivables, we are exploring the possibility of using credit insurance on a more widespread basis
within our marine segment. Diversification of credit risk is difficult since we sell primarily within the marine and aviation industries. Our sales executives and their respective staff meet regularly to evaluate credit exposure, in the aggregate
and by individual credit. Credit exposure also includes the amount of estimated unbilled sales. We also have a credit committee for each of our segments. The credit committees are responsible for approving credit limits above certain amounts,
setting and maintaining credit standards, and ensuring the overall quality of the credit portfolio. The level of credit granted to a customer is influenced by a customer’s credit history with us, including claims experience and payment
patterns. In our marine fuel services segment, we have extended lines of credit of at least $5.0 million to seven customers, and two of these customers have outstanding balances ranging from $9.0 to $10.0 million. In our aviation fuel services
segment, our largest credit exposure to a single customer is $3.0 million.
During fiscal 2002, world oil prices
continued to exhibit volatility. Fuel costs represent a significant part of a vessel’s and airline’s operating expenses; accordingly, the volatility in fuel prices has adversely affected our customers in the past, and we expect this to
continue in the future. Our credit losses are generally higher during times of rapidly increasing oil prices.
Although most of our transactions are denominated in U.S. dollars, many of our customers are foreign and may be required to purchase U.S. dollars to pay for our products and services. A rapid devaluation in currency affecting our
customers could have an adverse effect on our customers’ operations and their ability to convert local currency to U.S. dollars to make the required payments to us. This will in turn result in higher credit losses for us.
3
We may also incur credit losses due to other causes, including deteriorating
conditions in the world economy, or in the shipping or aviation industries. Any credit losses, if significant, will have a material adverse effect on our financial position and results of operations.
Senior Management. Our ability to maintain our competitive position is dependent largely on the services of
our senior management team. If we are unable to retain the existing senior management personnel, or to attract other qualified senior management personnel, our businesses will be adversely affected.
Revolving Line of Credit. Our revolving credit agreement imposes certain operating and financial
restrictions, including limitations on the amount of dividends that may be paid. Our failure to comply with the obligations under the revolving credit agreement, including meeting certain financial ratios, could result in an event of default. Such
an event of default, if not cured or waived, would permit acceleration of any outstanding indebtedness under the revolving credit facility, or impair our ability to receive advances, and issue letters of credit, and may have a material adverse
effect on us.
Market Risks. We are a provider of marine fuel and related services
to international container and tanker fleets, time charter operators, and the United States and foreign militaries. We also provide aviation fuel and related services primarily to secondary passenger and cargo airlines, as well as corporate
customers and United States and foreign militaries. Our fuel services are provided through relationships with the large independent oil suppliers, as well as government owned oil companies. We could be adversely affected by industry consolidation,
on the customer side, because of increased merger activity in the airline and shipping industries. On the supply side, we could be adversely affected because of increased competition from the larger oil companies who may choose to directly market to
smaller airlines and shipping companies or to provide less advantageous credit and price terms to us. Moreover, a rapid and sustained increase in fuel prices could affect the credit limits extended to us by our suppliers, potentially impacting our
liquidity and profitability. Conversely, a rapid decline in fuel prices could adversely affect our profitability because of the inventory held by us in the United States.
Competition. We are subject to aggressive competition in all areas of our business. Our competitors are numerous, ranging from large
multinational corporations to relatively small and specialized firms. We compete primarily on the basis of credit, price, reliability, customer service and support.
Environmental and Other Liabilities; Uninsured Risks. In the marine and aviation fuel segments, we utilize subcontractors to provide various
services to customers, including into-plane fueling at airports, fueling of vessels in-port and at-sea, and transportation and storage of fuel and fuel products. We are subject to possible claims by customers, regulators and others who may be
injured by a fuel spill or other accident. In addition, we may be held liable for damages to the environment arising out of such events. Although we generally require our subcontractors to carry liability insurance, not all subcontractors carry
adequate insurance. Our marine business does not have liability insurance to cover the acts or omissions of our subcontractors. None of our liability insurances cover acts of war and terrorism. If we are held responsible for any acts of war or
terrorism, accident or other event, and the liability is not adequately covered by insurance and is of sufficient magnitude, our financial position and results of operations will be adversely affected.
We have exited several businesses which handled hazardous and non-hazardous waste. We treated and/or transported this waste to various
disposal facilities. We may be held liable as a potentially responsible party for the clean-up of such disposal facilities, or be required to clean-up facilities previously operated by us, pursuant to current U.S. federal and state laws and
regulations. See “Regulation” and “Item 3—Legal Proceedings.”
We continuously review the
adequacy of our insurance coverage. However, we lack coverage for various risks, including environmental claims. An uninsured claim arising out of our activities, if successful and of sufficient magnitude, will have a material adverse effect on our
financial position and results of operations.
Our activities, including discontinued operations, are subject to
substantial regulation by federal, state and local government agencies, both in and outside the United States, which enforce laws and regulations governing the transportation, sale, storage and disposal of fuel and the collection, transportation,
processing, storage, use and disposal of hazardous substances and wastes, including waste oil.
4
The principal laws and regulations affecting our businesses and the markets it
serves are as follows:
The Comprehensive Environmental Response, Compensation and Liability Act of 1980
(“Superfund” or “CERCLA”) establishes a program for federally directed response or remedial actions with respect to the uncontrolled discharge of hazardous substances, pollutants or contaminants, including waste oil, into the
environment. The law authorizes the United States federal government either to seek a binding order directing responsible parties to undertake such actions or authorizes the United States federal government to undertake such actions and then to seek
compensation for the cost of clean-up and other damages from potentially responsible parties. The United States Congress established a federally managed trust fund, commonly known as the Superfund, to fund response and remedial actions undertaken by
the United States federal government. The trust fund is used to fund federally conducted actions when no financially able or willing responsible party has been found.
The Superfund Amendments and Re-authorization Act of 1986 (“SARA”) adopted more detailed and stringent standards for remedial action at Superfund sites,
and clarified provisions requiring damage assessments to determine the extent and monetary value of injury to the environment. SARA also provides a separate funding mechanism for the clean-up of underground storage tanks.
The Resource Conservation and Recovery Act of 1976 (“RCRA”) established a comprehensive regulatory framework for the
management of hazardous waste at active facilities. RCRA sets up a “cradle-to-grave” system for the management of hazardous waste, imposing upon all parties who generate, transport, treat, store or dispose of waste, above certain minimum
quantities, requirements for performance, testing and record keeping. RCRA also requires permits for construction, operation and closure of facilities and requires 30 years of post-closure care and monitoring. RCRA was amended in 1984 to increase
the scope of RCRA regulation of small quantity waste generators and waste oil handlers and recyclers; require corrective action at hazardous waste facilities (including remediation at certain previously closed solid waste management units); phase in
restrictions on disposal of hazardous waste; and require the identification and regulation of underground storage tanks containing petroleum and certain chemicals.
The Clean Water Act of 1972, as amended in 1987, establishes water pollutant discharge standards applicable to many basic types of manufacturing plants and imposes
standards on municipal sewage treatment plants. The act requires states to set water quality standards for significant bodies of water within their boundaries and to ensure attainment and/or maintenance of those standards. Most industrial and
government facilities must apply for and obtain discharge permits, monitor pollutant discharges, and under certain conditions reduce certain discharges.
The Safe Drinking Water Act, as amended in 1986, regulates public water supplies by requiring the EPA to establish primary drinking water standards. These standards are likely to be further
expanded under the EPA’s evolving groundwater protection strategy which is intended to set levels of protection or clean-up of the nation’s groundwater resources. These groundwater quality requirements will then be applied to RCRA
facilities and CERCLA sites, and remedial action will be required for releases of contaminants into groundwater.
The International Convention for the Prevention of Pollution from Ships (“MARPOL”) places strict limitations on the discharge of oil at sea and in port and requires ships to transfer oily waste to certified reception
facilities. The United States Coast Guard has issued regulations effective March 10, 1986 which implement the requirements of MARPOL. Under these regulations, each terminal and port of the United States that services oceangoing tankers or cargo
ships over 400 gross tons must be capable of receiving an average amount of oily waste based on the type and number of ships it serves. The reception facilities may be fixed or mobile, and may include tank trucks and tank barges.
The National Pollutant Discharge Elimination System (“NPDES”), a program promulgated under the Clean Water
Act, permits states to issue permits for the discharge of pollutants into the waters of the United States in lieu of federal EPA regulation. State programs must be consistent with minimum United States federal requirements, although they may be more
stringent. NPDES permits are required for, among other things, certain industrial discharges of storm water.
5
The Oil Pollution Act of 1990 imposes liability for oil discharges, or
threats of discharge, into the navigable waters of the United States on the owner or operator of the responsible vessel or facility. Oil is defined to include oil refuse and oil mixed with wastes other than dredged spoil, but does not include oil
designated as a hazardous substance under CERCLA. The act requires the responsible party to pay all removal costs, including the costs to prevent, minimize or mitigate oil pollution in any case in which there is a discharge or a substantial threat
of an actual discharge of oil. In addition, the responsible party may be held liable for damages for injury to natural resources, loss of use of natural resources and loss of revenues from the use of such resources.
State and Local Government Regulations. Many states have been authorized by the EPA to enforce regulations
promulgated under RCRA and other United States federal programs. In addition, there are numerous state and local authorities that regulate the environment, some of which impose stricter environmental standards than United States federal laws and
regulations. Some states, including Florida, have enacted legislation which generally provides for registration, record keeping, permitting, inspection, and reporting requirements for transporters, collectors and recyclers of hazardous waste and
waste oil. The penalties for violations of state law include injunctive relief, recovery of damages for injury to air, water or property and fines for non-compliance. In addition, some local governments have established local pollution control
programs, which include environmental permitting, monitoring and surveillance, data collection and local environmental studies.
Non U.S. Government Regulations. Many non-U.S. governments impose laws and regulations relating to the protection of the environment and the discharge of pollutants in the environment. Such laws and
regulations could impose significant liability on us for damages, clean-up costs and penalties for discharges of pollutants in the environment, as well as injunctive relief. In addition, some non-U.S. government agencies have established pollution
control programs, which include environmental permitting, monitoring and surveillance, data collection and environmental impact assessments.
U.S. Federal, State, and Non-U.S. Taxes on Fuel. Our marine and aviation fueling operations are affected by various U.S. federal and state taxes imposed on the purchase
and sale of marine and aviation fuel products. In the United States, federal law imposes a manufacturer’s excise tax on sales of marine and aviation fuel. Sales to aircraft and vessels engaged in non-U.S. trade are exempt from this tax. These
exemptions may be realized either through tax-free or tax-reduced sales, if the seller qualifies as a producer under applicable regulations, or, if the seller does not so qualify, through a tax-paid sale followed by a refund to the exempt user.
Several states, where we sell marine and aviation fuel, impose excise and sales taxes on fuel sales; certain sales of fuel by us qualify for full or partial exemptions from these state taxes. Non-U.S. jurisdictions also impose certain taxes on fuel,
such as VAT and excise taxes. We continuously review our compliance with U.S. and non-U.S. laws which impose taxes on our operations. Sales and excise taxes on fuel are generally added to the sales price and passed on to our customers. However, in
certain cases, we may be responsible for these taxes, including cases where the customer fails to reimburse us, or where the customer or we do not qualify for an exemption believed to be available at the time of the sale.
6
The following pages set forth by segment and subsidiary the principal properties
leased by us as of June 5, 2002. We consider our properties and facilities to be suitable and adequate for our present needs. Refer to the accompanying consolidated financial statements for additional information.
WORLD FUEL SERVICES CORPORATION and SUBSIDIARIES
PROPERTIES
| Lessee and Location
|
|
Principal Use
|
|
Lease Term
|
| Corporate |
|
|
|
|
| World Fuel Services Corporation |
|
Executive and administrative |
|
January 2003 |
| 700 S. Royal Poinciana Blvd., Suite 800 |
|
offices |
|
|
| Miami Springs, FL 33166 |
|
|
|
|
| |
|
|
|
|
| Marine Fuel Services |
|
|
|
|
| Trans-Tec Services, Inc. |
|
|
|
|
| 700 S. Royal Poinciana Blvd., Suite 800 |
|
Executive and administrative |
|
January 2003 |
| Miami Springs, FL 33166 |
|
offices |
|
|
| |
|
|
|
|
| 2 Greenwich Office Park |
|
Administrative, operations |
|
December 2006 |
| Greenwich, CT 06830 |
|
and sales offices |
|
|
| |
|
|
|
|
| 60 East Sir Francis Drake Blvd., Suite 301 |
|
Administrative, operations |
|
January 2004 |
| Larkspur, CA 94939 |
|
and sales offices |
|
|
| |
|
|
|
|
| Room 403, Anglican Church Building |
|
Sales office |
|
June 2003 |
| 3-7, Chung-dong, Chung-ku |
|
|
|
|
| Seoul 100-120 South Korea |
|
|
|
|
| |
|
|
|
|
| 129 Beach Road, Mouille Point |
|
Sales office |
|
March 2005 |
| Capetown, South Africa 8001 |
|
|
|
|
| |
|
|
|
|
| Trans-Tec Services (UK) Ltd. |
|
Administrative, operations |
|
November 2002 |
| Millbank Tower, 21/24 Millbank |
|
and sales offices |
|
|
| London SW1P 4QP United Kingdom |
|
|
|
|
| |
|
|
|
|
| Gammelbyved 2 |
|
Sales office |
|
Month-to-month |
| Karise, Denmark 4653 |
|
|
|
|
| |
|
|
|
|
| Trans-Tec International S.R.L. |
|
Administrative, operations |
|
April 2003 |
| Casa Petro S.A. |
|
and sales offices |
|
|
| Oficentro Ejécutivo La Sabana Sur |
|
|
|
|
| Edificio #5, Primer Piso |
|
|
|
|
| San José, Costa Rica |
|
|
|
|
| |
|
|
|
|
| Trans-Tec Services (Singapore) Pte., Ltd. |
|
Administrative, operations |
|
March 2005 |
| 101 Thomson Road #13-03/04, United Square |
|
and sales offices |
|
|
| Singapore 307591 |
|
|
|
|
(Continued)
7
WORLD FUEL SERVICES CORPORATION and SUBSIDIARIES
PROPERTIES
(Continued)
| Lessee and Location
|
|
Principal Use
|
|
Lease Term
|
| Marine Fuel Services, Continued |
|
Sales office |
|
Month-to-month |
| Trans-Tec Services (Japan) Co. K.K. |
|
|
|
|
| 6th floor, Tozan Building, 4-4-2 |
|
|
|
|
| Nihonbashi Hon-Cho, Chuo-Ku |
|
|
|
|
| Tokyo 103-0023, Japan |
|
|
|
|
| |
|
|
|
|
| Pacific Horizon Petroleum Services, Inc. |
|
Administrative, operations |
|
December 2005 |
| 2025 First Ave., Suite 1110 |
|
and sales offices |
|
|
| Seattle, WA 98121 |
|
|
|
|
| |
|
|
|
|
| Bunkerfuels Corporation |
|
Administrative, operations |
|
January 2010 |
| Raritan Plaza III |
|
and sales offices |
|
|
| 101 Fieldcrest Avenue Suite 2B |
|
|
|
|
| Edison, NJ 08837 |
|
|
|
|
| Room 2504, Jangkyo Bldg., 1 Jangkyo-Dong |
|
Sales office |
|
Month-to-month |
| Seoul, Korea |
|
|
|
|
| |
|
|
|
|
| Bunkerfuels UK Limited |
|
Administrative, operations |
|
November 2002 |
| Millbank Tower, 21/24 Millbank |
|
and sales offices |
|
|
| London SW1P 4QP United Kingdom |
|
|
|
|
| |
|
|
|
|
| Norse Bunkers AS |
|
Administrative, operations |
|
February 2003 |
| Niels Juels gate 11 B |
|
and sales offices |
|
|
| 0272 Oslo, Norway |
|
|
|
|
| |
|
|
|
|
| Marine Energy Arabia Co. LLC |
|
Sales office |
|
September 2003 |
| City Tower 1 |
|
|
|
|
| Dubai, United Arab Emirates |
|
|
|
|
| |
|
|
|
|
| Oil Shipping (Bunkering) BV |
|
Administrative, operations |
|
Month-to-month |
| Vasteland 6 |
|
and sales offices |
|
|
| 3011 BK Rotterdam, Netherlands |
|
|
|
|
| |
|
|
|
|
| Oil Shipping (Hong Kong) Ltd. |
|
Administrative, operations |
|
March 2004 |
| Unit A, 7th Floor |
|
and sales offices |
|
|
| Yam Tze Commercial Building |
|
|
|
|
| 23 Thompson Road, Wanchai, Hong Kong |
|
|
|
|
| |
|
|
|
|
| Bunkerfuels Hellas, a branch of World Fuel |
|
Sales office |
|
February 2005 |
| Services (Singapore) Pte., Ltd. |
|
|
|
|
| Poseidonos 60 Av., Third Floor |
|
|
|
|
| Glyfada 166-75 Athens, Greece |
|
|
|
|
(Continued)
8
WORLD FUEL SERVICES CORPORATION and SUBSIDIARIES
PROPERTIES
(Continued)
| Lessee and Location
|
|
Principal Use
|
|
Lease Term
|
| Aviation Fuel Services |
|
|
|
|
| World Fuel Services of FL |
|
Executive, administrative, |
|
January 2003 |
| World Fuel Services, Inc. |
|
operations, and sales offices |
|
|
| 700 S. Royal Poinciana Blvd., Suite 800 |
|
|
|
|
| Miami Springs, FL 33166 |
|
|
|
|
| 4995 East Anderson Avenue |
|
Administrative, operations |
|
Month-to- |
| Fresno, CA 93727 |
|
and sales offices |
|
month |
| |
|
|
|
|
| World Fuel International S.R.L. |
|
Administrative, operations |
|
April 2003 |
| Petroservicios de Costa Rica S.A. |
|
and sales offices |
|
|
| Oficentro Ejécutivo La Sabana Sur |
|
|
|
|
| Edificio #5, Primer Piso |
|
|
|
|
| San José, Costa Rica |
|
|
|
|
| |
|
|
|
|
| World Fuel Services Ltd. |
|
Administrative, operations |
|
December 2007 |
| Baseops Europe Ltd. |
|
and sales offices |
|
|
| AirData Limited |
|
|
|
|
| Kingfisher House, Northwood Park, Gatwick Rd. |
|
|
|
|
| Crawley, West Sussex, RH10 2XN |
|
|
|
|
| United Kingdom |
|
|
|
|
| |
|
|
|
|
| World Fuel Services (Singapore) Pte., Ltd. |
|
Administrative, operations |
|
March 2005 |
| 101 Thomson Road #13-03/04, United Square |
|
and sales offices |
|
|
| Singapore 307591 |
|
|
|
|
| |
|
|
|
|
| PetroServicios de México S.A. de C.V. |
|
Administrative, operations |
|
Month-to- |
| |