Business

Vertex and Bunker One enter into 10-year Marine Fuel agreement

Bunker One will have the exclusive rights to purchase 100% of Vertex’s Marrero, Louisiana refinery’s marine fuel production until December 2029.

Published

6 years ago

January 14, 2020

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Houston-based Vertex Energy, Inc. on Monday (13 January) announced a 10-year marine fuel Joint Supply and Marketing Agreement (JSMA) with global physical supply network Bunker One USA, Inc. (BO).

The terms of the 10-year definitive agreement are as follows:

Vertex has agreed to a supply and offtake agreement under which Bunker One, through its US subsidiary, Bunker One USA, Inc. (BO), will have the exclusive right to purchase 100% of Vertex’s Marrero, Louisiana refinery’s marine fuel production through December 2029. This arrangement provides BO customers a consistent supply of high-quality marine fuel, on-demand, while providing Vertex with surety of off-take for the entirety of its marine fuel supply during the next decade. This agreement includes provisions under which Vertex may supply BO proportionally all current and future (incremental) marine fuel production from both the Marrero refinery and the TCEP facility located in Baytown, Texas. Under the agreement, Vertex is also assuming oversight responsibilities for re-supply and delivery operations. In addition to the current and future Vertex production, this agreement allows for the long term development of additional strategic third-party supply from other sources of production managed by Vertex.

BO has agreed to purchase Vertex’s marine fuel production at fair market transfer prices. Under the agreement, BO will purchase marine fuel from Vertex at a negotiated price correlated to Platts-based benchmarks.

BO has agreed to provide Vertex the right to extend a net profit-sharing agreement to any port in North America that BO determines to sell marine fuel through in the future. Under the agreement, in the event that Vertex exercises those rights and the agreement is extended to such new port, Vertex will be entitled to net profits on each barrel of marine fuel sold by BO in such future North America ports.

BO has purchased $5 million of Vertex’s securities. The investment by Bunker One has been made by the purchase of securities held by existing equity holders.

“Our strategic alliance with Bunker One represents a tremendous growth opportunity for Vertex, one that has the potential to transform our business in the years ahead. Over the last three years, under a prior agreement, our companies have worked closely to develop the foundation for this mutually beneficial long-term opportunity,” said Vertex Chairman and CEO Benjamin P. Cowart.

“This relationship not only ensures a long-term sales and marketing channel for 100% of our current marine fuel production at fair market prices, it also provides us surety of off-take for incremental marine fuel production in future years, while allowing us to participate as a minority partner in Bunker One’s entire North American marine fuel bunkering business.”

“BO has further memorialized its long-term commitment to Vertex through a non-dilutive equity investment in our Company, aligning their interests with those of both our management team and our shareholders. We look forward to providing additional details on our collective strategy on our year-end results conference call in early 2020,” he added.

“We are very excited about our strategic alliance with Vertex. During the last several years, Sara Shipman Myers, Managing Director of Bunker One (USA), and her team have worked very closely with Vertex, and the commitment from our Group to Vertex reflects the results of their hard work,” said Bunker One Global Head of Physical Carlos Gilberto Torres Padilla.

“We believe this relationship strengthens our ability to meet our customer demands for IMO compliant fuels for years to come serving as an excellent foundation for our business in the United States going forward.”

“We have a determined focus on expanding our Global Physical Supply network and are constantly looking for new growth opportunities. The United States is and will always be one of our core markets and we continue to see growth potential in the coming years,” said Bunker One Global Director Peter Zachariassen.

“The evolution of our relationship with Vertex is a great example of our expansion strategy in action. The importance of the deep local knowledge, together with a perfect partnership, is the key to success – local expertise strengthens our position as a global player, which is exactly what we have promised our customers.”

Photo credit: Bunker Holding
Published: 14 January, 2020

Mass Flowmeter

MFM-equipped CPN barge first listed under Hong Kong quality bunker scheme

Chimbusco Pan Nation’s bunker barge “Zhong Ran 23” has become the first vessel in Hong Kong listed on Marine Department’s official List of Quality Bunker Vessels, under a newly-launched scheme.

Published

4 hours ago

June 17, 2026

Admin

MFM-equipped CPN barge first listed under Hong Kong quality bunker scheme

Hong Kong-based marine fuel supplier Chimbusco Pan Nation (CPN) on Tuesday (16 June) announced that its bunker barge Zhong Ran 23 has become the first vessel in Hong Kong listed on the Marine Department’s official List of Quality Bunker Vessels.

The list under the Quality Bunker Operator Scheme launched on 3 June.

“The Scheme is a voluntary initiative designed to raise the standard of bunkering accuracy, transparency, and service quality in Hong Kong,” CPN said in a social media post.

“To be listed, a bunker vessel must have its Mass Flow Meter (MFM) system independently certified under ISO 22192, the international benchmark for mass flow metering in bunkering operations.”

CPN added it has operated the MFM system across our fleet of fuel oil barges since 2015.

Manifold Times previously reported Hong Kong’s Marine Department (MD) launching the Quality Bunker Operator Scheme to encourage bunker operators to install and use mass flow meter systems (MFM systems) on their bunker vessels.

MD said the scheme aims to enhance Hong Kong’s bunkering service quality and the competitiveness of Hong Kong ports, thereby further consolidating Hong Kong’s position as an international maritime centre and a major bunkering port.

Under the Scheme, bunker operators of traditional maritime fuel and biodiesel that install and use MFM systems on their bunker vessels, with the MFM systems inspected and certified by an accredited body in accordance with the International Organization for Standardization’s ISO 22192 Standard or equivalent requirements, can apply to the MD for inclusion in the scheme’s “List of Quality Bunker Vessels”, provided they meet the relevant technical and operational requirements.

Photo credit: Chimbusco Pan Nation
Published: 17 June, 2026

Financial Result

Bunker Holding exceeds FY2025/26 forecast despite geopolitical headwinds

Bunker Holding delivered a gross profit of USD 424 million and a profit before tax of USD 73 million, exceeding the Group’s expectations for the year.

Published

4 hours ago

June 17, 2026

Admin

Bunker Holding on Tuesday (16 June) said it delivered a strong performance in the financial year 2025/2026 despite continued uncertainty across global markets.

The year was shaped by geopolitical developments, evolving trade flows, periods of heightened market volatility, and strong competition.

These conditions were further amplified by developments in the Middle East, which added complexity across global energy markets and shipping routes.

In response, Bunker Holding focused on getting closer to customers and understanding the different challenges faced across shipping segments. This enabled faster decision-making, greater agility under pressure, and allowed the Group to respond effectively while continuing to support customers reliably.

Against this backdrop, Bunker Holding delivered a gross profit of USD 424 million and a profit before tax of USD 73 million, exceeding the Group’s expectations for the year. Equity increased to USD 342 million.

Revenue amounted to USD 13.1 billion, a decrease of 4% compared to the previous year. The decline primarily reflected lower average oil prices during the financial year, despite periods of heightened market volatility and stronger pricing towards the end of the period.

“This year, we have taken important steps to strengthen Bunker Holding for the future. We have simplified parts of the organisation, brought teams closer together, and made the changes needed to make us more focused and efficient. Our markets remained challenging and unpredictable, but I am pleased with both the result we have delivered and the progress we have made,” said Peder Møller, CEO of Bunker Holding.

Looking ahead to 2026/27, Bunker Holding anticipates intense market competition alongside continued investments in low- and zero-carbon fuel projects and partnerships.

Changes to the Board of Directors

Bunker Holding said the company is strengthening its Board of Directors with the appointment of several new members and a new Chairman of the Board.

Nina Østergaard, CEO and co-owner of USTC, will assume the role of Chairman of the Board, while Henrik Andersen, Group President and CEO of Vestas Wind Systems A/S, will join as Vice Chairman. Tina Revsbech, CEO of Maersk Tankers, and Kenneth Steengaard, Chairman of the Board of Global Risk Management, will join the Board as new members.

At the same time, current Chairman Klaus Nyborg and Board member Peter Frederiksen will step down from the Board.

Nina Østergaard, incoming Chairman of the Board, said: “I am excited to take on the role as Chairman of Bunker Holding at an important time in the company’s development. Bunker Holding has a strong market position, a clear strategic direction, and significant opportunities ahead. I am also pleased to welcome Henrik Andersen, Tina Revsbech, and Kenneth Steengaard to the Board. They each bring valuable experience and perspectives, and I am particularly pleased that we have attracted such strong international profiles as Henrik and Tina, whose leadership experience from Vestas and Maersk Tankers will further strengthen the Board and support the company’s continued development.”

The addition of Kenneth Steengaard moves Bunker Holding closer to its sister-company Global Risk Management and adds important insight into risk management.

Bunker Holding founder and co-owner Torben Østergaard-Nielsen thanked the departing Board members for their contributions to the company.

Photo credit: Bunker Holding
Published: 17 June, 2026

Business

Oilmar establishes Board of Directors amid international expansion

Three directors are Chief Executive Officer Yusif Mammadov, Chief Finance Officer Nain Shafi, and Legal, Credit and Compliance Head Taira Shikhiyeva.

Published

4 hours ago

June 17, 2026

Admin

Oilmar formalises Board of Directors amid international expansion

UAE-based marine fuel and petroleum products trader Oilmar on Tuesday (16 June) announced the formal establishment of its Board of Directors, marking an important milestone in the company’s evolution.

The three directors are Chief Executive Officer Yusif Mammadov, Chief Finance Officer Nain Shafi, and Legal, Credit and Compliance Head Taira Shikhiyeva.

The formation of the Board was first communicated during Oilmar’s Q1 2026 Townhall as part of a wider governance enhancement initiative and has now been formally implemented.

The Board has been established to provide strategic direction, oversee risk management and governance matters, and support the company’s continued growth across its global operations.

“At inception, the Board comprises three Directors with extensive international experience across the energy, maritime, shipping, and commodity trading sectors. Together, they bring a wealth of industry knowledge and strategic expertise to support the company’s continued growth and development,” the company said.

“The Board is expected to be further strengthened through the appointment of additional Executive and Non-Executive Directors as the company continues to expand its international footprint.”

As part of the enhanced governance framework, strategic direction, risk appetite, and key business objectives will be determined at Board level, while regional management teams will remain responsible for execution within their respective markets. This structure strengthens accountability, promotes effective decision-making, and supports the Company’s long-term growth and succession objectives.

CEO Yusif Mammadov, said: “The establishment of the Board marks the next stage in Oilmar’s development as a global energy and marine fuels business. It creates a governance framework that will support our future growth, strengthen oversight across the organisation, and ensure that our strategic decisions are guided by long-term value creation and responsible risk management.”

Photo credit: Oilmar
Published: 17 June, 2026