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Bunker Holding posts third–highest results in its history, on the back of a ‘challenging year’

In a contracting market, the Group increased its volume, gained market share, and strengthened its position as the world’s leading bunkering company.
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In a challenging year for the shipping industry, Bunker Holding today reported the third–highest results in its history. In a contracting market, the Group increased its volume, gained market share, and strengthened its position as the world’s leading bunkering company, it said on Wednesday (30 June).

Bunker Holding achieved earnings before tax of USD 70.3 million. Revenue was impacted by both the pandemic and lower oil prices, and even though the result is lower than the previous year’s record-setting profit, it is very satisfying.

“This has been a very challenging year for everyone in the industry. Nevertheless, our company has never been stronger,” states Keld R Demant, CEO of Bunker Holding. “Following our record year of 2019/20, we maintained momentum in the midst of a pandemic that impacted most of our employees and disrupted markets globally.”

Nearly all employees in Bunker Holding’s offices around the world were forced to work from home. But, because of the Group’s significant investments in its IT systems over the past several years, traders could immediately continue giving clients the usual level of service.

This, together with Bunker Holding’s industry-leading financial strength delivering the muscles to support all stakeholders in a turbulent market, enabled the Group to increase volume significantly – even though it was facing diminished global bunker demand.

Because the pandemic also impacted oil prices negatively, more than offsetting the increased volume, the year’s revenue was USD 9,769 million.

Agility and fast decision making

During the year, the Group acquired OceanConnect Marine, merged it with KPI Bridge Oil – part of the Bunker Holding Group – and created one of the biggest bunker companies globally, with 170 employees in 15 locations around the world. The merger was accomplished in just four months, and the entire process, including due diligence, was handled in-house.

“I think our ability to seamlessly integrate two such large companies at such a challenging time speaks volumes about our strengths,” says Keld R Demant. “In many ways, this past year has been our finest hour.”

Bunker One, Bunker Holding’s independent physical supplier, also managed to make steady headway by expanding market share and strengthening its physical operations. The company strengthened its foothold in the Caribbean and Brazil, and assumed operation of the Port of Skaw oil terminal at the northern tip of Denmark in June last year.

The value of family ownership

Bunker Holding’s ability to navigate through the pandemic owes much to its ownership by the Østergaard-Nielsen family. As part of the USTC Group Bunker Holding is able to act with agility and make fast decision which enabled it to adapt in record time to radically new working conditions under the pandemic.

The family’s active ownership also allowed Bunker Holding to not only keep a steady course during the crisis, but also make long-term plans. This includes the industry’s transition to sustainable fuels over the coming years and decades. While oil will remain the fuel of choice for most clients for the foreseeable future, the Group insists to be at the forefront of this green revolution and is actively preparing for the next steps and advising clients on the way forward.

 

Photo credit: Bunker Holding
Published: 1 July, 2021

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Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

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July 21, 2026

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RESIZED Sora Shimazaki on Pexels

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July). 

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions. 

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Related: Singapore: Hin Leong Founder OK Lim gets jail term slashed to 13.5 years

 

Photo credit: Sora Shimazaki
Published: 21 July, 2026

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Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

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July 21, 2026

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RESIZED Drew Beamer

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

  • That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

  • that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
  • that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
  • that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd. 

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Related: Singapore: Director declares Heng Tong Fuels & Shipping’s inability to continue business
Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market

 

Photo credit: Drew Beamer
Published: 21 July, 2026

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LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

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PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions. 

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post. 

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024. 

 

Photo credit: Pacific International Lines
Published: 21 July, 2026

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