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KPI OceanConnect earnings surge more than three-fold in FY2022/2023

Growth in both market share and profit was strongly supported by Bunker Holding’s key account management unit BOGA and KPI OceanConnect joining forces in 2022.

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Anders Gronborg

Marine energy solutions provider KPI OceanConnect on Tuesday (18 July) has announced its results for the financial year 2022/2023 with earnings before tax increasing from USD 15.4 million the previous year to USD 49 million and revenue jumping from USD 2.94 billion to USD 5.87 billion.

KPI OceanConnect also saw an increase in volume of 50%.  

Growth in both market share and profit was strongly supported by Bunker Holding’s key account management unit BOGA and KPI OceanConnect joining forces and operating under the name KPI OceanConnect in 2022. 

The appointment of CEO Anders Grønborg further strengthened the company’s focus on its unique partnership approach, digitalisation and value-adding services, especially within the green offering.

Anders Grønborg, said: “The robust results for the year demonstrate KPI OceanConnect’s position as a preferred partner for the shipping industry during a period of uncertainty and market volatility. It is also an expression of KPI OceanConnect’s commitment to providing innovative solutions, transparency and added value to our partners.”

KPI OceanConnect made significant strides in its digitalisation drive during the year, closing around a fifth of its revenue through its AuctionConnect platform and successfully completing the first digital marine fuels deal outside Singaporean waters on SGTraDex, a digital marine fuels trading platform.

The recently announced partnership with Deloitte and ZTLment to ensure carbon credit integrity and transparency in the shipping value chain using blockchain technology further emphasises KPI OceanConnect’s commitment to innovation.

Anders added: “Looking ahead as the shipping industry continues to transform, KPI OceanConnect is well positioned to lead the way as it remains a financially strong and innovative counterpart, offering expertise, resources and global capabilities, as well as counsel clients on all aspects of the marine fuels supply and value chain. Beyond financial performance, the company’s wide range of ESG initiatives and especially its track record on diversity showcases its commitment to sustainability and social responsibility, fostering positive change for the whole industry.”

KPI OceanConnect continued to advocate the importance of diversity, equity, and inclusivity in the industry. Through the Women in Shipping campaign, the company aims to empower the voices of women in the sector and raise awareness of the excellent career opportunities that exist in shipping.

During the year, KPI OceanConnect invested in a series of global initiatives, including 20 weeks paid parental leave for all employees, stress and wellbeing, grandparental leave and stepped retirement.

KPI OceanConnect also continued its successful engagement of local stakeholders and communities through its “50for50” campaign, donating USD 50 for every deal for 50 days, which raised USD 110,000 for local organisations supporting environmental and social causes as selected by employees in each office.

In 2023, KPI OceanConnect launched its annual “get fuelled” talent programme, designed to provide young professionals with a structured education and skills for a successful career in the marine fuels industry. This initiative seeks not only to develop key competences and knowledge of the marine fuels supply chain, but to also to instil ethical business values while fostering a profound understanding of the sustainable solutions and the expertise needed to guide shipping through the green transition.

Related: Bunker Holding’s key account management unit BOGA and KPI OceanConnect to join forces
Related: KPI OceanConnect reports significant increase in bunker sales volume across Asia
Related: KPI OceanConnect, Deloitte and ZTLment partner on using blockchain in shipping value chain
Related: PIL and partners complete first SGTraDex digital bunker fuels deal outside Singapore waters

 

Photo credit: KPI OceanConnect
Published: 19 July, 2023

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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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RESIZED singapore high court

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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