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INSIGHT INTERVIEW: Bunker Holding reveals FY2017/18 growth strategy

Keld R. Demant, CEO of Bunker Holding Group, tells Manifold Times how the firm managed a 16% improvement in EBT to $40 million despite a challenged bunker market.

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Bunker Holding (BH) Group, part of Middelfart-based conglomerate United Shipping & Trading Company (USTC), Monday posted “massive growth” in both turnover and bottom line for its financial year FY2017/18.

The development was the result of careful planning and execution even before FY2017/18, Keld R. Demant, CEO of BH Group, tells Manifold Times.

“Looking into not just last year, there are already three major events that have brought us in to this position,” he says.

“First of all we have been reading the market and formulating a long lasting strategy for sustainable growth, not growth for the sake of growth, but only sustainable growth.”

Demant explained the majority of BH Group’s sustainable growth model consisted of external revenue (20%) coming from the price development in crude oil, whereas the firm sold “slightly” more marine fuel (between 3 to 4%) in FY2017/18 when compared to the earlier year.

“Secondly, the continual investment in staff such as retaining the good people on board, and at the same time spending a lot of money and time and effort training the new incoming people as made an impact,” he adds.

“Thirdly, we all know that marine and oil industry is very dynamic and having an owner [USTC] who understands these issues while having both the will and capability to capitalise on the opportunity has made a great difference.

“These are the major reasons why we have performed better than our peers [in the bunkering sector].”

BH Group noted “massive investments” in strategic IT platforms during FY2017/18; however, these investments were focused on improving the firm’s internal operations, rather than other fields.

“We were not investing in IT platforms like market-based solutions; what we were investing heavily is to ensure all our daily work will run efficiently. We know time is valuable in the shipping industry and what we want to have is a very lean operation so we can add value to our client’s operations while still making money,” notes Demant.

“Secondly, we have also invested heavily in business intelligence so we have very good data on what is going on, who is doing what, who should be granted credit, and who should we avoid credit so these are the two areas that we have invested in the last couple of years.”

The introduction of new bunker trading concepts in three areas during FY2017/18 have further improved BH Group’s operations, resulting in added bunker sales volume.

“We have Bunker ONE which merges our global physical activity into one concept brand; this has added a lot of extra volume because a lot of our clients were earlier unaware in how many destinations we could help them,” explains Demant.

“Secondly, a lot of our biggest clients worldwide have been positive about services we can now provide under the rebranded Bunker ONE Global Accounts, which were formerly called CGA (Corporate Global Accounts).

“Thirdly, we have entered the lube oil market and we have grown substantially and been successful in that area.”

Moving on, Demant says BH Group is well-prepared to help shipowners meet the 2020 sulphur limits for bunker fuels worldwide.

“First of all, we brought in Carlos Torres who was the former Global Head of BP Marine and he has endless knowledge on refineries on who can provide [compliant bunker] product,” he explains.

‘Secondly, we have conducted more than 100 meetings and interviews with clients to understand their current needs and how they see their needs in the future.

“Last but not least, we have spent a lot of time discussing with suppliers worldwide on how they can provide us with the right product when the time comes.

“All of these while making sure we are financially ready to meet the challenges which 2020 will bring.”

Related: LATEST: Bunker Holding records ‘massive growth’ in FY2017/18
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Photo credit: Bunker Holding Group
Published: 2 July, 2018
 

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Winding up

Singapore: High Court to hear Norvic Shipping Asia winding up application on 31 July

Application for the winding up of Norvic Shipping Asia Pte Ltd was filed by Netherlands-registered Mur Shipping BV on 8 April, according to Government Gazette notice.

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An application for the winding up of Norvic Shipping Asia Pte Ltd was filed by Netherlands-registered Mur Shipping BV on 8 April, according to a Tuesday (21 July) notice on the Government Gazette.

It noted the winding up application is directed to be heard before the Judge sitting in the General Division of the High Court at 10am on 31 July.

Any creditor or contributory of the company desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose.

A copy of the winding up application will be furnished to any creditor or contributory of the company requiring the copy of the winding up application by the solicitors of the applicant’s, Oon & Bazul LLC, on payment of the regulated charge for the same.

The Applicant’s address is Hiridostraat 5, Gebouw Prismatrium, 1101CW Amsterdam, The Netherlands.

The Applicant’s solicitors are Oon & Bazul LLC of 103 Penang Rd, #04-04/05/06 Singapore 238467. 

Queries on the winding up application may be directed to the following email addresses: [email protected] and [email protected].

 

Photo credit: Manifold Times
Published: 22 July, 2026

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Methanol

World Fuel and partners complete first green methanol bunkering of car carrier in Shanghai

Operation involved the delivery of approximately 2,800 MT of green methanol to “Arctic Tern” via a ship-to-ship transfer using SIPG Energy’s dedicated methanol bunkering vessel “M/V Hai Gang Zhi Yuan”.

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World Fuel and partners complete first green methanol bunkering of car carrier in Shanghai

Marine fuel provider World Fuel on Tuesday (21 July) said it successfully completed the first green methanol bunkering of M/V Arctic Tern, with EUKOR Car Carriers and SIPG Energy at the Port of Shanghai. 

Arctic Tern is the first vessel in the new Shaper Class series of car carriers. 

The operation involved the delivery of approximately 2,800 MT of green methanol to Arctic Tern via a ship-to-ship transfer using SIPG Energy’s dedicated methanol bunkering vessel M/V Hai Gang Zhi Yuan, the largest vessel of its kind in operation. 

The bunkering operation was carried out at Haitong Terminal, Waigaoqiao Port Area, Shanghai Port, with cargo handling operations conducted simultaneously during bunkering.

This marks EUKOR Car Carriers’ first green methanol operation and the first time Arctic Tern has bunkered methanol since its delivery on 9 July. The operation marked the first bunkering at Shanghai Port of green methanol produced locally in Shanghai for an international PCTC operator. 

It also demonstrated the city’s integrated green methanol value chain, spanning local production, storage and bunkering, and established a replicable “Shanghai Model” for green methanol supply.

World Fuel arranged the supply and delivery of the fuel on behalf of EUKOR Car Carriers, working with SIPG Energy as the physical supplier at the Port of Shanghai.

The green methanol supplied was produced from municipal solid waste, ISCC-EU certified, and had a carbon intensity value below 25 gCO₂e/MJ.

Arctic Tern is the first of fourteen Shaper Class vessels ordered by Wallenius Wilhelmsen. With a capacity of 9,300 car equivalent units and methanol dual-fuel capability, the vessel will be operated by EUKOR Car Carriers, jointly owned by Wallenius Wilhelmsen and Hyundai Motor Group. Following her first green methanol bunkering, Arctic Tern will continue her maiden voyage from Asia to Europe.

Xavier Leroi, COO Shipping Services at Wallenius Wilhelmsen and CEO of EUKOR Car Carriers, said: “Completing Arctic Tern’s first green methanol bunkering shortly after delivery is a significant milestone towards our decarbonisation ambition for both EUKOR Car Carriers and Wallenius Wilhelmsen. It demonstrates how investments in next-generation vessel technology and fuel flexibility are being translated into real-world operations. 

“This achievement reflects the strong collaboration between all parties involved. Together, we have shown how partnerships across the maritime value chain can help make lower-emission fuels available and operationally viable at scale.”

Mark Tamsitt, SVP Global Marine Sales at World Fuel, said, “The first bunkering event with a new fuel is a significant moment for any shipowner, and our role is to make it as seamless as possible. By connecting EUKOR Car Carriers with SIPG Energy’s proven green methanol capability at the Port of Shanghai, we were able to deliver on reliable supply, fuel quality, and safe processes. As more of our customers bring methanol dual-fuel tonnage into service, we are committed to being the partner that makes these kinds of operations routine.”

Mr. Zhang Da, General Manager of SIPG Energy, said, “Welcoming Arctic Tern to the Port of Shanghai for her first green methanol bunkering demonstrates the strength and maturity of our supply capability. Building on our well-established methanol ship-to-ship bunkering services for container vessels, we have already extended such services to pure car and truck carriers (PCTCs). This bunkering sets a new record for the largest single SIMOPs green methanol bunkering for PCTCs in China, marking another step in building Shanghai’s position as a global green energy hub for international shipping.”

This operation follows Wallenius Wilhelmsen’s announcement on 9 July that Arctic Tern would complete her first methanol bunkering shortly after delivery. The vessel entered service on routes between Asia and Europe immediately following handover from China Merchants Jinling Shipyard in Nanjing.

 

Photo credit: World Fuel
Published: 22 July, 2026

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Ammonia

HPA and MB Energy develop safety concept for STS ammonia bunkering

HPA says the Port of Hamburg will become “bunker ready” for ammonia, laying the groundwork for safe and reliable ammonia bunkering in the future.

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HPA and MB Energy develop safety concept for STS ammonia bunkering

The Hamburg Port Authority (HPA) and integrated energy company MB Energy on Tuesday (21 July) said they have completed a comprehensive risk analysis and developed a dedicated safety concept for ship-to-ship ammonia bunkering.

MB Energy said the analysis lays the groundwork for the safe introduction of ammonia as a future marine fuel.

“With our planned ammonia import terminal in Hamburg-Blumensand, MB Energy intends to provide the reliable land side supply infrastructure needed to support this transition across northern German ports,” it said in a social media post. 

Mabanaft Group was renamed to MB Energy last year and merged over 50 existing brands under one identity. 

Separately, HPA said the Port of Hamburg will become “bunker ready” for ammonia, laying the groundwork for safe and reliable ammonia bunkering in the future.

“The focus is in particular on container ships, cruise ships as well as RoRo and ConRo (Container/RoRo) ships,” it said. 

“We expect ammonia to establish itself as an alternative marine marine fuel in the coming years. With our preparatory work, we are already creating the conditions to welcome the first ammonia-powered ships in Hamburg and to bunker them safely.:

HPA added that the import terminal for ammonia planned by MB Energy from 2029 will make a decisive contribution to ensuring the reliable availability of ammonia as a bunker fuel in northern German ports in the long term. 

“The use of an ammonia bunker barge is considered a possible addition to the landside infrastructure to enable ship bunkering in the port and beyond in the future,” it said.

Related: Mabanaft Group renames as MB Energy, merging over 50 brands under one identity

 

Photo credit: Hamburg Port Authority
Published: 22 July, 2026

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