Financial Result

Bunker Holding parent company USTC declares ‘Annus Horribilis’ for 2023/2024 FY

‘As CEO, it is not pleasant to read this year’s financial statements. It is far below what the Group has achieved in recent years,’ says co-owner and CEO of USTC Nina Østergaard Borris.

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2 years ago

June 26, 2024

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The financial year 2023/24 has proven to be an “Annus Horribilis” for USTC, owned by the Østergaard family, the Bunker Holding parent company said on Tuesday (25 June).

The landslide at Nordic Waste and other isolated losses have resulted in a significant decline in earnings.

Profit before tax for the year amounts to DKK 252 million (USD 36,159,102), a substantial drop from last year’s record result of DKK 2,926 million.
The continuing activities of the group delivered the second-best result in the Group’s history with DKK 1,834 million, but large losses from the closure of individual activities amounting to DKK 1,582 million must be deducted.
Four USTC companies each contributed with a profit before tax of more than DKK 200 million from their continuing activities, namely Bunker Holding, CM Biomass, SDK FREJA, and Uni-Tankers. This is a concrete result of the Group’s strategy to have multiple revenue streams.
Revenue fell to DKK 117 billion from DKK 150 billion in the previous financial year.
USTC’s equity stands at DKK 4.5 billion, and the Group employs more than 4,500 employees across 164 offices in 38 countries.

USTC said its strategy of being present in many different sectors and industries has been crucial in ensuring a positive result before tax for the financial year 2023/24.

The significant losses in individual activities lie with SDK FREJA, which has suffered substantial losses in connection with attempts to halt the landslide at Nordic Waste and the subsequent closure of the company.

Additionally, Bunker Holding had to accept large losses from the termination of the cargo activities in Africa; a decision made due to political instability, self-sanctioning in relation to the sale of Russian oil, and generally unfavourable market conditions.

“As CEO, it is not pleasant to read this year’s financial statements. It is far below what the Group has achieved in recent years. I am, of course, not satisfied with the result itself, but I note that the Group as a whole has had a good start to the new financial year. It speaks volumes about the company’s culture that we can take some hard hits but keep fighting, and I am very impressed with what our employees have accomplished,” said co-owner and CEO of USTC Nina Østergaard Borris.

The continuing activities in Bunker Holding, CM Biomass, Uni-Tankers, and SDK FREJA, have delivered very positive results of more than DKK 200 million each despite challenging market conditions. Unit IT has grown significantly and has made substantial acquisitions, which negatively impacts this year’s result but positions the company strong for growth in the coming years.

High expectations for the new financial year

As a conglomerate with a mix of operating companies, USTC has many revenue streams. Despite the year’s losses, the core business is in excellent shape, and the necessary write-offs have been made, so the companies are well positioned for continued growth.

“One disaster rarely comes alone, and the past year has in every way been an “annus horribilis” with the closure of activities we otherwise had high expectations for. It has particularly hurt us all that we had to let a company in the Group go bankrupt for the first time in our nearly 150-year history,” says co-owner and chairman of the board Torben Østergaard-Nielsen, adding:

“That said, I am proud that we are closing the year with a positive result. Had we avoided these isolated events, USTC would have delivered its second-best result ever. This gives me confidence for the future.”

The Group’s annual results will be submitted to the Danish Business Authority in July, once they have been finally approved by the boards and shareholders.

Factsheet for Annual Results of USTC Companies

Bunker Holding 

Bunker Holding decided in early 2024 to shut down its cargo activities in Africa due to political instability, self-sanctioning in relation to the sale of Russian oil, and unfavourable market conditions in the region. This resulted in significant losses in 2023/24.

The continuing activities in Bunker Holding delivered a profit before tax of DKK 875 million, broadly distributed across Bunker Holding’s portfolio of trading units and other activities.

The continuing activities in Bunker Holding also delivered a positive start to the new financial year 2024/25, and the Group remains fully focused on transitioning to new, green fuels, where Bunker Holding’s Centre of Excellence with specialists and experts in LNG, ammonia, biofuels, etc., has been joined by 40 dedicated and trained traders in these areas during the year.

Bunker Holding can now supply biofuel through more than 100 supply locations globally. The plans for a physical LNG supply operation in Northwest Europe are underway, and the supply operation is expected to be operational later in 2024.

Note: The full statement by USTC on the financial year 2023/24 can be found here.

Photo credit: USTC
Published: 26 June, 2024

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Glander International Bunkering reports USD 23.4 million EBT for FY2025/26

Firm has been supporting clients through a wide portfolio including alternative bunker fuels, allowing it to increase its visibility in the market and contributed to doubling its new fuels volumes over the past year.

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Glander International Bunkering reports USD 23.4 million EBT for FY2025/26

Global bunker trading company Glander International Bunkering on Tuesday (14 July) announced its financial results for the year ended April 30, 2026 – reporting a turnover of nearly USD 2 billion and earnings before tax (EBT) of USD 23.4 million.

In the previous year, the company reported a turnover of USD 3 billion and EBT of USD 22 million, including a non-recurring item.

The results come after shipping has faced a year of regulatory acceleration, disrupted trade routes and tight avails.

There was a fundamental shift in market conditions, with geopolitical tensions, Red Sea risks and US tariffs. This was later compounded by the conflict in the Middle East conflict, which led to severe restrictions in the Strait of Hormuz and widespread rerouting, longer voyage time and increased freight costs.

CEO Carsten Ladekjær noted: “The real challenge was managing uncertainty, especially when things are changing by the day, sometimes by the hour. What has stood out is how our teams across the world have responded, how they have stayed close to clients and navigated that disruption in real time.”

Fuel EU entered its first full compliance cycle, becoming a direct factor in voyage economics. Then regulatory uncertainty persisted with key decisions at the MEPC in October being delayed.

Appointed Head of New Fuels in February 2026, Dionysis Diamantopoulos has overseen the continued expansion of the company’s new fuels offering during the past critical few months.

He said, “We are supporting clients through a wide and evolving portfolio that includes biofuels and biofuel blends, LNG and bio-LNG, pooling and insetting solutions.”

“This approach has allowed us to increase our visibility in the market and contributed to doubling our new fuels volumes over the past year.”

Glander International Bunkering has continued to develop its approach to well-to-wake bunker management, which is a more integrated model of managing fuel, emissions, price and risk.

Ladekjær explains: “It has undeniably been a volatile year for global shipping, and it has changed our role in bunker trading. Our clients do not only come to us for fuel supply, they come to us to manage cost, compliance, and risk.”

The company said this approach reflects a broader shift in the market, where bunker decisions are no longer standalone transactions. They are directly linked to cost exposure, compliance and operational performance across the full fuel lifecycle.

Photo credit: Glander International Bunkering
Published: 15 July, 2026

Financial Result

KPI OceanConnect pre-tax earnings up 21% for FY2025/2026

Company delivered 13 million mt of marine fuel, increasing revenue to USD 6.2 billion and Earnings Before Tax increased by 21% to USD 10.9 million.

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KPI OceanConnect appoints Dorthe Bendtsen as interim CEO

Global provider of marine energy solutions KPI OceanConnect on Thursday (9 July) announced its financial results for the year 2025/2026.

The company delivered 13 million metric tonnes (mt) of marine fuel, increasing revenue to USD 6.2 billion and Earnings Before Tax increased by 21% to USD 10.9 million.

“The results reflect a year of strong operational performance, business expansion and continued investment in supporting the maritime industry’s energy transition amid heightened volatility,” it said.

In January this year, the company completed the strategic integration of marine fuel company Baseblue into KPI OceanConnect. The move strengthens the company’s global footprint, aligns regional teams more closely and enhances its ability to deliver consistent service, and greater value to customers worldwide.

“By integrating Baseblue, investing in our people and expanding both our advisory and digital capabilities, we have further enhanced our ability to help customers navigate market volatility, regulatory change and the practical realities of the energy transition. The results for the year reflect the strength of our partnerships, the dedication of our teams and the trust our customers place in us every day,” said Dorthe Bendtsen, CEO of KPI OceanConnect.

In response to geopolitical and regulatory challenges over the past year, including the effective closure of the Strait of Hormuz, KPI OceanConnect continued to invest in the expertise, technology and capabilities required to support customers in developing fuel and compliance strategies aligned with their commercial and operational objectives.

Through its Alternative Fuels & Carbon Markets team, the company expanded support for customers seeking guidance on biofuels, LNG, methanol, carbon compliance and FuelEU Maritime strategies. KPI OceanConnect also saw growing demand for EU Allowance (EUA) trading and FuelEU Pooling solutions, trading more than two million EUAs during the year and helping 250 shipowners and operators identify practical and commercially viable pathways to compliance.

The company continued to leverage the strength of the Bunker Holding Group’s global supply network, which today provides access to biofuel solutions in more than 250 ports worldwide. This extensive infrastructure enables customers to access lower-carbon fuel options where and when they need them, supporting both compliance and commercial objectives while helping prepare for the evolving regulatory landscape.

“The industry is operating in a period where energy, regulatory and geopolitical risks are increasingly interconnected,” said Dorthe Bendtsen.

“Our role is to help customers navigate these complexities by providing market insight, compliance expertise and access to a broad range of fuel and risk management solutions.”

Photo credit: KPI OceanConnect
Published: 10 July, 2026

Alternative Fuels

Dan-Bunkering reports 50% increase in alternative marine fuel orders in 2025/26

Company says the positive trend has continued into the new financial year as it continued to support customers as demand for alternative fuel solutions accelerated.

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Dan-Bunkering reports 50% increase in alternative fuel orders in 2025/26

Global bunker supplier Dan-Bunkering on Tuesday (7 July) said it delivered a strong financial performance in 2025/26, reporting earnings before tax (EBT) of USD 36.4 million and revenue of USD 3.1 billion.

Throughout a year marked by changing market conditions and renewed geopolitical uncertainty, the company continued to expand its customer base, with bunker volumes increasing by more than 5%.

Claus Bulch Klausen, CEO of Dan-Bunkering, said: “This year has shown that when uncertainty increases – whether through supply disruptions, rising price volatility or geopolitical developments – our customers value trusted partnerships more than ever.

“At the same time, we have had a strong focus on the wellbeing of our colleagues and their families in Dubai and across the region. This year’s result reflects the commitment and professionalism our colleagues demonstrate every day.”

Dan-Bunkering said it continued to support customers as demand for alternative fuel solutions accelerated.

Orders for new fuels increased by around 50% during the financial year, and this positive trend has continued into the new financial year.

“We are seeing growing interest from customers who are preparing for a more diverse fuel landscape. Our role is to help them understand their options and provide the expertise they need to make informed decisions as the market continues to evolve,” said Klausen.

Dan-Bunkering also expanded its European presence during the year through the integration of Baseblue Netherlands. Since 1 December, the Groningen office has operated under the Dan-Bunkering name. The integration has also brought a team in Groningen into the Dan-Bunkering organisation, further strengthening its capabilities in the region.

Photo credit: Dan-Bunkering
Published: 8 July, 2026