Good evening everyone and welcome to the World Fuel Services 2013 Third Quarter Earnings Call. My name is Mandy and I will be your event specialist today. This call is also available via webcast. To access this webcast or future webcasts, please visit www.wfscorp.com and click on the webcast icon. With us on the call today are Michael Kasbar, President and Chief Executive Officer; and Ira Birns, Executive Vice President and Chief Financial Officer. At this time, I would like to review World Fuel’s safe harbor statement. Certain statements made today including comments about World Fuel’s expectations regarding future plans, performance and potential acquisitions, as well as pending litigation and proceedings are forward-looking statements that are subject to a range of uncertainties and risks that could cause World Fuel’s actual results to materially differ from the forward-looking information. A description of the risk factors that could cause results to materially differ from these projections can be found in World Fuel’s Form 10-K for the year ended December 31, 2012, and other reports filed with the Securities and Exchange Commission. World Fuel assumes no obligation to revise or publicly release the results of any revisions to these forward-looking statements, in light of new information or future events. This presentation includes certain non-GAAP financial measures as defined in Regulation G. A reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures is included in the World Fuel’s press release and can be found on its website. We will begin with several minutes of prepared remarks, which will then be followed by a question-and-answer period. Instructions on how to ask a question will be given at the beginning of the Q&A session. At this time, I’d like to introduce Mr. Michael Kasbar, President and Chief Executive Officer of World Fuel.

Thank you, Mandy, and good afternoon everyone. Today, we announced third quarter earnings of $51.5 million or $0.72 per diluted share or $0.81 per diluted share on a non-GAAP basis. We continue the positive momentum we saw in the second quarter in many of our business lines and we ended the quarter with a solid capital position. Our Aviation group performed very well this quarter generating record volume. The third quarter is typically our strongest quarter due to seasonality and both our commercial and business aviation activities were positively impacted by this trend. In particular, our commercial aviation activities were exceptionally strong in Europe, Latin America and Asia where each region posted double digit sequential and year-over-year growth. Our aviation team has done an excellent job in building this segment, growing volumes 13% year-over-year significantly outperforming the broader industry. Our core marine activities were generally stable, following an impressive second quarter we once again experienced near record low volatility in bunker fuel prices, as we did in the first quarter. This lack of volatility negatively impacted our derivative marketing profitability. Quarter-to-date volatility levels have increased modestly, which could help drive improvement in our marine results in the fourth quarter. While the global market is still over supplied with ships and freights, rates were generally still at historic lows, there are pockets of positive news in some sectors and our global team will be relentless in pursuing these new opportunities while executing on our long-term strategy. As projected on last quarters call, our third quarter results in land declined sequentially driven principally by reduced profitability and improved marketing activities. We have seen signs of improvement in this business and as the spread between Brent and WTI has widened significantly over the past several weeks. Our core land business is well [indiscernible]…

Thank you, Mike and good evening everybody. Starting with revenue, consolidated revenue for the third quarter was $10.5 billion, up slightly on a sequential basis and 6% compared to the third quarter of last year. The year-over-year change in revenue was entirely attributable to the increase in volume across all three of our business segments. Our aviation segment generated revenue of $4.2 billion, up $434 million or 12% sequentially and $356 million or 9% year-over-year. The year-over-year increase was entirely due to increased volume. Our marine segment revenues were $3.6 billion, down $391 million or 10% sequentially and $54 million or 1% year-over-year. The entire year-over-year decrease was a result of lower volume. And finally, the land segment generated revenues of $2.7 billion, down $29 million or 1% compared to the second quarter, but up $281 million or 11% year-over-year. The year-over-year increase principally relates to the Carter acquisition completed in September of 2012. Our aviation segment sold a record 1.3 billion gallons of fuel during the third quarter, up 96 million gallons or 8% sequentially and 145 million gallons or 13% year-over-year. Volume in our marine segment for the third quarter was 6.2 million metric tons. That’s down 1 million metric tons or 15% compared to last quarter and 240,000 metric tons or 4% year-over-year. During the third quarter decreased volatility was the principal contributing factor to the drop off in volume. Our land segment sold 885 million gallons during the third quarter, down 18 million gallons or 2% sequentially, but up 100 million gallons or 13% from last year’s third quarter. The decline principally relates to decline in crude oil volumes as previously forecasted. Excluding crude, land volumes actually increased by 4% from the second quarter. Consolidated gross profit for the third quarter was $186 million, down $2…

(Operator Instructions) As a reminder, we would appreciate if the participants limit themselves to one question and one follow up. We will pause for just a moment to compile the Q&A roster. Thank you. Our first question today comes from John Chappell with EverCore. Please post your question. Jonathan B. Chappell – Evercore Partners: Thanks Mandy. Good afternoon guys.

: Hi John.

Hi john. Jonathan B. Chappell – Evercore Partners: Mike, first question the marine business, you guys talked about it, lack of volatility et cetera. However it was still a pretty large sequential decline in gross profit and just looking at historical, it’s been about 2.5 years since you’ve had the quarter so low. So I am just trying to figure out, how much of this kind of marine weakness is strictly just volatility and prices and there are lot of spot market business there versus how much if it is your kind of proactive manner in treating the difficulties in that market and based on that when do we start to see kind of a ramp in risks on your side, where you can start to see an improvement in volumes again in markets?

Thanks John. John, you know as well with anyone, you know the state of the market, I guess that’s been sort of talking about this for quite sometime. Slow standing is not insignificant. We estimate there was probably about 30% drop-off in demand. You’ve got a lot of dislocations going on, larger shifts are taking, bunkers of peer locations, freight rates are pretty precarious for a number of different sector. So still fairly risky environment out there, so we’re being reasonably careful. On the volatility side, the market is remarkably stable and when the price doesn’t move so much, it’s little bit more difficult to be able to provide that value in the marketplace. So I think we’ve got one of the better mouse traps in the marketplace and it’s the benefit of our diversified business model in terms of being involved in a lot of different end markets and being able to work the different business cycles. So I don’t suspect that the market is going to stay as stable as it has been and our group is pretty innovative, we’ve been working variety of different geographies and for new markets. You’ve got a lot of dislocation going on in terms of the musical chairs that the oil industry, the departure in various different markets, and new supplier is coming in and new supply sources coming in. So with that some of the economy picking up and with some volatility coming back into the market, optimistic that we will start to see some better results, but I still think we have little ways to go. So maybe that’s not a very specific answer, but that’s the best one I can give you. Jonathan B. Chappell – Evercore Partners: Enough, I understand. For my follow up, you also mentioned at the end of your comments about pretty much I think you said the most robust M&A pipeline that you have seen in some time and obviously Ira gave us a little bit of an update with your financial flexibility right now. As you look at non-organic growth, are you looking at things that are kind of similar to what you have done with multi-service and add card as far as and a higher margin, less fuel related or less direct fuel related type businesses or you still kind of thinking about bolt-ons to kind of your core fuel business?

We are very open minded. Once again, I think I have said it before, being able to diversify and provide solutions, big part of the name of the game for us is to take the pain away from our clients, so transaction processing, billing solutions, underwriting, being able to deal with some of that back office side of the equation, it’s something that’s very appealing to us. We had experienced with that part revenue part in 2007, Multi Service has been great experience so far. So we like that, we’ll also continue to look at within the land business, enormous marketplace, the aviation, that we acquired seven or eight companies, I think maybe even nine that we put together, and in our business aviation space, and that’s really starting to come together we really are getting the platform there so, anything that is related to that distribution into the end-markets, expanding our customer base getting involved in the natural gas’ aside, the energy side. It’s really quite extraordinary what happened in this market here with shale oil and shale gas tremendous amount of dislocation, you’ve got compressed natural gas coming into the picture, we’re participating and that so, it’s really quite growing? Jonathan B. Chappell – Evercore Partners: Okay. I appreciate it. Thanks a lot, Mike.

Thank you. Our next question is coming from Jack Atkins at Stephens. Please post your question. Jack Atkins – Stephens, Inc.: Good afternoon, guys. Thanks – thanks for taking my questions.

Hey, Jack. Jack Atkins – Stephens Inc.: Mike, I guess that just to start out with depending on how the fourth quarter shapes out. Looking back over the last couple of years, 2013 earnings per share is going to be fairly similar to 2012 – 2011 on an absolute basis. And I know for a company that has such a great track record of organic growth. It’s got to be frustrating another market there is a lot to do with, but I was just curios if you could may be lay out for investors and the analyst on the call. Sort of what you all are doing organically, if you lay out may be a couple of strategic initiative that you guys are pursuing it internally to return the Company to the historical levels of organic growth that you guys have achieved over the years.

That’s a good one Jack. As we look at the platform that we've got, which we feel pretty good about the growth that we driven and certainly the volume started the equation the commercial aviation side has grown almost exclusively organically. A big chunk of that I think is repositioning the Company in a number of different ways, you got a lot transition going on within the spaces, within the global market places that you’ve got different regulations coming in within the bunker side, where you're going to see 0.1% sulfur being supplied in 2015 that’s going to cause tremendous amount of disruption in the marketplace, it’s going to make what is already a complicated marine sourcing business – significantly more complicated. I think our development within our diesel and gasoline business puts us in a great position to be able to service that marine business. We’re certainly expanding new geographies that we got a fairly robust governing business, we knew that that was the sunset activity within, Afghanistan and Kyrgyzstan we’re actively looking to take that competency and apply it to our government clients in different geographies. We've setup shop in different locations. The market is a bit more broadly based today than it used to be. It used to be a little bit more straight forward where you have your standard bunkering locations, you had a certain amount of fragmentation, that’s changing through certain extend, we now have simultaneously a lot of concentration with larger ships and larger suppliers in some of the main ports, but some of that volume has been taken up by bunker supply, showing up in a number of different locations. So we are participating in every part of the marketplace and looking to drive efficiencies, work the cost side of it, but I…

It’s a moving target on a day-to-day basis in terms of the additional demand it’s still forthcoming from the military. So it’s tough to forecast – it certainly looks today like the number will be lower than the third quarter by at least a few million dollars except to give you an exact number, and then we will likely drop further in the first half of next year. There probably would be something that continue on indefinitely even after most of the troops [ph] go out, but obviously that’s going to be a much lower level of activity than what we’re seeing today. Jack Atkins – Stephens, Inc.: Okay. Okay, that’s helpful. And then as far as the contracts, are those going to renew the ones that are expiring in the near-term or are those just ending at the end of this month?

There is a lot of chance. Some of them are rolling off, some of them are getting extended, some of them maybe going away. At the end of the day that’s secondary. I think the best way to look at it is the way I described earlier in terms of the reduction in volume because we may loose some one contract and then pick up some one on extension to our new piece of business in the short-term. Jack Atkins – Stephens, Inc.: Okay, great. Thanks. Thank you for the time.

Thank you. Our next question is from Gregory Lewis at Credit Suisse. Please post your question. Gregory Lewis – Credit Suisse Securities LLC: Yes. Thank you and good afternoon.

Hi, Greg.

Hi, Greg. Gregory Lewis – Credit Suisse Securities LLC: Mike, you mentioned the two smaller acquisitions in land that you’re able to execute during the third quarter. Should we be thinking about those in terms of bolt-ons or are those – you mentioned that you see some adjacent opportunities with those acquisitions. Can you provide a little bit of color and what you’re thinking in terms of those?

Sure. One company just called U.S. Energy and doing the natural gas, electricity and water side there and energy management services business and they’re focused on those markets for commercial, industrial and government clients. They provide procurement advisory risk management services and in select cases they’ll act as a merchant to their clients. So we like that. Some of our diesel clients such as our distilleries in Scotland or trucking companies in the U.S. have been switching to compress natural gas and we didn’t have worst in a way so this was a leading group of professionals with a solid portfolio of customers and they provided services in natural gas and electricity for many years. So in addition to leveraging their natural gas competencies their client list gives us a great opportunity to service their liquid fuel requirements across the United States. So I expect that in 2014 they’ll make a meaningful contribution. So we are excited about that diversification. It’s very much consistent with what we do in terms of providing solutions. And then, another company was in the third quarter, but another company that we picked up was lubricant distribution company in Scotland. And again, that is sort of consistent with proving solutions. They provide the lubricants for commercial and industrial customers, passenger and commercial vehicles and the marine and aviation industry. So it straddles all of our business. It gives us the opportunity to leverage our supply chain with the supply community and broadens our customer base. So, both of those businesses anything that’s on the distribution, downstream distribution be able to aggregate demand is very much consistent with our long-term strategy and then selectively figuring how to optimize the supply chain to be able to grab the margin and provide and enhance solution to our increasing customer base. Gregory Lewis – Credit Suisse Securities LLC: Okay, great. And then, just as I’m looking at the balance sheet, it looks like over the last couple of quarters, PPA has been moving higher. This quarter was up, I guess $15 million-$16 million quarter-over-quarter. Is that related to these acquisitions or is there other assets that have been acquired as part of the overall strategy?

Greg, I’ll get that. It’s Ira. A big chunk of the number you’re seeing in this quarter and you’ll see a similar number again in the fourth quarter relates to the expansion of our infrastructure in North Dakota that supports our crude operations. That was announced by our joint venture partner earlier in the year. So that’s somewhere between a $40 million and $50 million investment and we’re about – got halfway through it as of the end of the third quarter. I know Mike you want to elaborate on that.

In terms of PPA?

No, just in terms of project.

That crude project is sort of an interesting one for us. It again puts us into the distribution logistic side and being able to supply our supplier with crude oil, I think puts us into another interesting dimension within the supply community, provide some interesting offsets. So once again getting deeper into the supply chain is good. It’s very interesting. In this country just tremendous amount of change with the Bakken, they’ve expected that to double. So we had a first mover advantage there. We’ve got a distribution network there and our suppliers are connected with our facility there. So we feel pretty good about that diversification within that crude oil side. Gregory Lewis – Credit Suisse Securities LLC: Okay. Thank you for the time.

Thank you. Our next question is with Kevin Sterling at BB&T Capital Markets. Please post your question. William W. Horner – BB&T Capital Markets: Hey, guys. It’s actually William Horner on for Kevin.

Hi, William. William W. Horner – BB&T Capital Markets: Hi. Thanks for taking my questions. Ira, going back to Jack’s question on the government activity and maybe asking this little bit differently, but I know on previous calls you have talked about the opportunities that this business has afforded to you in terms of leveraging your relationships and logistics. I was wondering if you could sort of touch on maybe what sort of traction you are getting with this and given the ramp in your volumes this past quarter in light of your kind of flat government activity, are you starting to see a pickup and maybe leveraging this with your government customers and maybe a little layover into your commercial business as well.

So the government activity, I think as you know by now, these are requirement contracts and we’ve been involved in that government activity since the late ‘80s and we like it. It’s a bit of a challenge. You certainly have to have your eyes [indiscernible] so it’s kind of like Formula 1 racing where you are really testing your ability to perform and then being able to apply that back into your more civilian business activity if you will. So we’ll continue to do that and as I think I’ve mentioned many times before, when we went into the acquisition of MCS, we knew that that was going to be a sunset opportunity, but it was a great crowd of people and it gave us advanced logistics to be involved in different theatre. So we’ve been actively pursuing those types of activities in our locations and we’ve had some small wins, nothing material, nothing really to replace what we’ve had either in Afghanistan or Kyrgyzstan. So there will be sort of phasing down as Ira commented on and we will continue to grow our commercial business and to expand into different areas, anything that fits into a distribution model that has that energy dimension to it. We are revealing the price risk, delivery risk, quality control, quantity control, timely delivery, operations, management information transaction processing, underwriting anyone of those businesses really is very much mapped to us. Obviously, we’ve got a deep focus on the commercial aviation, the business aviation, the full spectrum of marine, supply and now it’s around fuel distribution. So I am not sure if you are looking for something specific but that’s the general disposition. William W. Horner – BB&T Capital Markets: No, no that very helpful, Mike, that’s kind of what I was looking for nothing too specific, just kind of the cross selling opportunities and then just leveraging the logistics across your entire platform. So from our follow up just on the share repurchase – I don’t know if you can answer this or not, but have you repurchased any shares quarter-to-date?

No, we have not. William W. Horner – BB&T Capital Markets: Okay. All right thanks, guys.

Thank you.

Thanks.

Thank you. Our next question is from Jack Atkins of Stephens. Please pose your question. Jack Atkins – Stephens, Inc.: :

So, yes, good question. Just to be completely clear the operating results are right around breakeven this quarter. And that was driven by the dynamics that we explained during the call, the competitive pressures as well as the fact that the spread between WTI and Brent evaporated and that is left for good part of the third quarter. The recent number was negative, it relates to the $800,000 that I mentioned in insurance costs, deductibles and some uncovered legal fees that relate to the Quebec incident. And those flow through the joint venture. So that took that to a negative. Based upon what we are seeing so far in the fourth quarter with the spreads widening once again the spread between WTI and Brent was over $12 this morning. There is certainly an opportunity for us to return to profitability. It’s quite likely that we will return to profitability how much I can’t tell you. But we should make a few million in that area in the fourth quarter. Jack Atkins – Stephens, Inc.: Okay, okay. That’s helpful and then last question is a housekeeping item. Ira do you have the quarter end diluted share count?

The actual quarter end number? Jack Atkins – Stephens, Inc.: Yes, just so we know what the run rate is going forward because of the repurchases.

It’s – I’ll give it to you in one second. It’s 72.261 million shares as of October 24. And I don’t think that is much different from the September 30 number. Jack Atkins – Stephens, Inc.: Okay, thank you.

Thank you. Our next question is coming from Shawn Collins at Bank of America. Please pose your question. Shawn Collins – Bank of America: Great. Thanks guys. Thanks for taking our question. I think at the beginning of the call you said that you were seeing strength in Europe and Asia. I don’t know if I have that right or wrong, but can you just kind of talk about what you’re seeing regionally and kind of compare the U.S. versus Europe versus Asia. And how you are – how the businesses are evolving there?

Yes. The comment was relative to our commercial aviation business Latin America, Europe and Asia did quite well in the quarter and so one of them just obviously operating in all of these figures is that we do get good amounts of diversity in terms of those different regions. And I think Europe is still not doing all that well, Asia is obviously doing better, Latin America didn’t get infected obviously with the downturn, so I think it’s very much a commentary of us being able to ride the markets in Asia and Latin America. And I think it’s quite a strong commentary in terms of our performance within Europe, so we’ve got a significant position within the U.S. market and we continue to get involved in the supply chain here, which we’re happy with the position that we have established here, but markets increasingly are more global and as new markets open up, we’ve got a lot more appetite to the indoors markets as the first mover. Our team globally is pretty talented that’s being able to look at these markets and enter them. But the macroeconomic future of these markets is not necessarily my specialty. But we did well as it relates to the once that we have identified earlier in the call.

Okay, great. That’s helpful, thank you. And just a quick follow-up on M&A, I know you’ve touched upon that, but what are you seeing in terms of valuation out there, private valuation versus public valuation. I mean you mention we – they have a tepid economy in a challenging business environment, but at the same time we have pretty robust credit market as well as equity market that are reaching new highs. I’m just curious, what you guys are seeing from an M&A valuation standpoint based on the things you are seeing out there?

It varies obviously depending on the situation of the Company, of the size I think it’s fair to say that valuations generally speaking are high amounts than they were in 2008. So the statement would be obvious, but I think that we are quite a good buyer, I think that people appreciate doing business with us because they know that we are a serious buyer. And they know that their companies are in good hands, when they become part of our group. So I think we do enjoy some benefit compared to another acquirer, but values I don’t think they’ve gone down. So MLPs have raised the valuations on certain properties because of the tax treatment in the lower cost of capital. But it runs the full gamut and it really just depends on case by case basis.

I would just add to on average I would say valuations is still reasonable and therefore there is still lot of opportunities out there that we are looking at, that aren’t valuing itself to some ridiculous levels where the deal would make no sense for us. So we still within that reasonable range, they do vary but they are not out of control at this point in time from our perspective.

Okay, great. Thanks a lot for the time guys.

Thanks, Sean.

Thank you. That was our last question. I would now like to turn the floor back to management for closing comments.

Well, thank you for listening to this call, we do appreciate the support that we get from the community, and we are hard at work and optimistic that we’ll be back on growing the Company in a way that you’ve been accustomed to. Thank you very much.

Ladies and gentlemen…

Thank you, operator.