Business

KPI OceanConnect: Transparent partnerships will guide shipping towards 2030 and 2050

Managing Director of KPI OceanConnect Singapore shares about the value of having a transparent bunkering partner for marine fuel procurement strategies.

Published

5 years ago

May 28, 2021

Admin

As the maritime industry turns its attention to 2030 and 2050, the lessons learnt from 2020 have created a new dynamic that requires a consultative approach to bunkering. Jesper Sørensen, who we reported becoming Managing Director of KPI OceanConnect Singapore in August 2019, tells Manifold Times about the value of having a transparent bunkering partner for your marine fuel procurement strategies.

At the beginning of 2020, major concerns over quality, availability, compliance and compatibility were frequently in the maritime headlines as we counted down to the introduction of the IMO’s global sulphur cap. But once coronavirus struck, unforeseen risks emerged across the supply chain and created even greater operational complexity for shipowners and operators.

The dual impact of Covid-19 and IMO 2020 has permanently changed the global marine fuels market, but it’s affected individual bunkering regions in different ways. For example, in Singapore total volumes were up year-on-year, whereas Fujairah saw a decline, likely due at least in part to a reduction in the number of tankers arriving to load crude cargoes.

In hindsight, perhaps the biggest change was the withdrawal of many commodity-focused banks from the market. This was mainly due to the losses they sustained in recent years from the financial malpractice of certain infamous marine fuels players, as well as a perceived need to reduce their exposure to cyclical markets that are facing increased regulation and greater capital requirements. The reality is that most players in our industry have experienced a decline in capital availability. For all but the biggest players, the departure of well-known names ABN AMRO and BNP Paribas has been a serious shock to the system.

Alongside this challenge of credit and creditworthiness came the stress of some industry balance sheets after years of volatile freight rates, and the higher cost of IMO 2020 compliant fuels made it more difficult for smaller firms to keep doing the same level of business with their existing credit lines. As the industry has endured Covid-19, risks across the supply chain have increased and we saw several businesses that did not have adequate risk management cease trading.

Today, with vaccinations rolling out worldwide, many industries returning fully to work, and crude demand returning towards pre-pandemic levels, there is much to be cautiously optimistic about. However, some of the risks we at KPI OceanConnect highlighted back in 2019 may still emerge in future. However, for those partnering with a reputable, transparent marine fuels provider who has successfully navigated the compliance challenges of IMO 2020 and are in a strong position to lead owners and operators through the next transition, there will be much greater operational certainty.

Approaching 2030 and 2050

If the past year has taught us anything it’s that fuel buyers, shipowners and operators need trusted, expert marine fuel counterparties. IMO 2020 changed the way that ships manage differing fuel products, and created an inherently more complex procurement landscape, but there are exciting years ahead of us in terms of exploring different propulsion pathways and developing our marine fuels mix.

It’s clear that compliance, compatibility, and safety have become more interlinked than ever before. Sourcing the right fuel, at the right time, and for the right vessel has become substantially more challenging – especially outside the major hubs, and it takes an innovative partner with global reach to do this efficiently and effectively.

Oil price volatility and bunker prices are likely to continue on their upwards trend for the coming months, but we expect that they will stabilise once economies are in a stronger position. April 2020 saw the true impact of Covid-19 with the lowest rate of VLSFO at $206.50 MT in Singapore. By March 2021, VLSFO averages became closer to $500 MT here in Singapore and remain in that region. Price fluctuation as we’ve experienced in the past 14 months is also an important reminder about working with trustworthy partners who have the technical expertise to deal with issues and claims. When speaking to clients, I’m hearing more and more in recent months about issues that can be equally important as price: who they partner with, their financial stability, whether they have credit insurance, and how they settle disputes.

There will be major challenges in the years to come for the bunkering industry, but counterparty risks shouldn’t be one of them. As the industry faces mounting pressure on credit, time invested in fully assessing what would and wouldn’t work for your business model is crucial. We expect to see more consolidation in the industry as the transition towards future fuels and alternative sources grows. Delivering in this transitional period requires expert local and technical knowledge, financial strength, and global coverage as part of this new norm for the marine fuels ecosystem.

The industry will naturally call for more transparency, so having partnership-based relationships built on trust will unlock greater opportunities for all stakeholders. Modern bunker traders need to act as transparently and collaboratively with customers and stakeholders to implement marine energy strategies that meet a shipowner’s needs today and tomorrow. KPI OceanConnect is well positioned for the current changes and challenges in the marine fuels supply chain by providing solutions in response to the increasingly diverse and complex nature of the market and to meet the more rigorous needs of our business partners.

Photo credit: KPI OceanConnect
Published: 28 May, 2021

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

2 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

2 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

2 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