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Bunker Holding Group delivers ‘excellent annual result’ of USD 222.7 million in EBT

Group says its annual result of USD 222.7 million in earnings before tax is more than double the previous year’s record-setting result; revenue raised by 7.6% to USD 17.8 billion.

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Marine fuels and lubricants supplier Bunker Holding Group on Monday (26 June) said it delivered an excellent annual result of USD 222.7 million in earnings before tax, more than doubling the previous year’s record-setting result, after one year into a new Group strategy, and during a year of geopolitical turmoil, high inflation, and heavy sanctions across the industry.

Raising the revenue by 7.6% to USD 17.8 billion, Bunker Holding Group broke the previous year’s record results. With an EBT of USD 222.7 million, Bunker Holding Group more than doubled its EBT year-on-year.

The Group said delivering this result was ‘remarkable’ in a year of significant investments in ESG, supply constraints, and volatile pricing. 

“Bunker Holding Group effectively came through due to high levels of agility and strong financial backing by banking partners,” it said in a statement. 

“This past year has been like no other. Energy prices have been fluctuating greatly, underlining the necessity of strong credit lines. This was enabled by our new funding framework with our bank syndicate finalised in Q2 of 2023 and extended to USD 3.2 billion, allowing us to keep our trusted clients sailing by offering strong support,” Keld R. Demant, CEO of Bunker Holding Group, said. 

“While we saw a slight dip in our trade volumes this year, this is explained by a conservative approach towards this year’s sanctions regime and our focus on supplying customers where our key value proposition of simplicity and credit strength best fit their requirements. We have taken a strong lead in managing risk and are determined to remain best in class in our industry.”

Bunker Holding Group’s new bank syndicate is backed by 15 banks from Europe, the Middle East, and Asia, adding an increased global aspect as well as local market familiarity to the Group’s banking partners. This underlines the trust shown in Bunker Holding Group across international markets.

Going into the financial year of 2022/23, Bunker Holding Group released its first ever ESG report with the second report scheduled for publishing in September of 2023. This marked the full commitment by Bunker Holding Group towards environmental, social, and governance issues.

“As Bunker Holding Group looks ahead, the green transition leads the race on our agenda, and we are taking many measures to address this. However, this year we also prioritised new global policies regarding parental leave, a senior policy, as well as a stress policy. We believe in our ability to remain competitive is only as strong as our many talented employees to whom we owe a great thanks for this year’s results,” Keld R. Demant, added. 

Bunker Holding Group has established an internal Centre of Excellence dedicated to supporting the Group’s role in facilitating the decarbonisation of the industry. Bunker Holding Group has appointed global experts with specialist knowledge of LNG, ammonia, and biofuels, as well as experts on environmental regulatory and public affairs, a subject that is becoming even more important to the industry. Furthermore, the Group has participated in ten ambitious development projects.

“Bunker Holding Group is optimistic in its competitive position for the coming financial year, and eager to take on the complexity of a changing industry,” it concluded. 

Related: USTC and Selfinvest more than double best consolidated annual result
Related: Yara Clean Ammonia and Bunker Holding to develop ammonia bunker supply network
Related: Bunker Holding scales up competences in low-carbon fuels with three new appointments
Related: Bunker Holding Group secures record-breaking credit facility of USD 1.11 billion

 

Photo credit: Bunker Holding Group
Published: 27 June, 2023

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Milestone

Singapore retains titles as Best Global Seaport and Best Seaport in Asia

Port of Singapore has been named the “Best Global Seaport” for the third consecutive year and the “Best Seaport in Asia” for the 35th time at the 2023 AFLAS Awards.

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Singapore retains titles as Best Global Seaport and Best Seaport in Asia

The Maritime and Port Authority of Singapore on Friday (29 September) said the Port of Singapore has been named the “Best Global Seaport” for the third consecutive year and the “Best Seaport in Asia” for the 35th time at the 2023 Asian Freight, Logistics and Supply Chain (AFLAS) Awards.

These accolades recognise the contributions by the Port of Singapore serving as a key node in the global supply chain, and Singapore’s leadership in driving maritime decarbonisation and transformation.

The annual AFLAS Awards is organised by freight and logistics publication, Asia Cargo News, to honour leading service providers in the supply chain community for demonstrating leadership as well as consistency in service quality, innovation, customer relationship management and reliability. Winners were determined by votes cast by readers of the publication.

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Mr Chee Hong Tat, Acting Minister for Transport and Senior Minister of State for Finance, said: “Singapore is honoured to be named the Best Global Seaport and Best Seaport in Asia. These awards are the result of the shared effort and strong collaboration between the Government, industry, unions and workers. We will continue to grow our port as an efficient, sustainable, and trusted node in global supply chains.”

Mr Teo Eng Dih, Chief Executive of MPA, said: “These awards are testament to the partnership and collaboration between Maritime and Port Authority of Singapore (MPA) with industry and international partners, the research and enterprise community, as well as unions. MPA remains committed to fostering an environment that encourages enterprise, innovation, and talent development.”

“We will continue to work with our partners to enhance Singapore’s connectivity, advance digitalisation efforts, and accelerate the decarbonisation of international shipping in line with the 2023 IMO strategy on reduction of GHG emissions from ships.”

Photo credit: Maritime and Port Authority of Singapore 
Published: 29 September, 2023

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Employment

Melvin Lum appointed as KPI OceanConnect Global Accounts Commercial Director in Singapore 

Lum will take on the position of Commercial Director from Thomas Lee who was recently promoted to Head of APAC in a management restructure within KPI OceanConnect.

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Melvin Lum appointed as KPI OceanConnect Global Account Commercial Director in Singapore

Global marine energy solutions provider KPI OceanConnect on Thursday (28 September) announced the appointment of Melvin Lum as Commercial Director for its Global Accounts team in Singapore.

Lum will take on the position of Commercial Director from Thomas Lee who was recently promoted to Head of APAC in a management restructure within KPI OceanConnect. 

The Global Accounts team is an expert unit within KPI OceanConnect, specialised in providing long-term, tailored fuel strategy solutions to a portfolio of Key Accounts on a global scale. Dedicated regional teams located in London, Houston and Singapore work seamlessly across the world and around the clock to support their clients.

Lum joined KPI OceanConnect in 2021 as Senior Key Account manager and has made a significant contribution to the development of the team and optimisation of the daily operations of the unit in Singapore. Lum has vast experience across the supply chain and previously worked with TotalEnergies, Glencore and Global Energy Group prior to joining KPI OceanConnect.

Henrik Zederkof, Head of Global Accounts at KPI OceanConnect, said: "It is always a pleasure to witness the growth of our team members, and Melvin's progression is no exception. I have full confidence in Melvin's expertise, ability to lead the unit and dedication to his team. I look forward to seeing the progress of Melvin and his team, which will undoubtedly bring significant value to our numerous partners and the wider organisation.”

"Melvin will assume a pivotal role within the Global Accounts management team, leveraging his extensive experience in supply chain management and profound insight into emerging technologies. In his new role, Melvin will further enhance our team's skill set, aligning them with our ongoing objectives of supporting our partners in their green transition and digitalisation endeavours."

Melvin Lum, Commercial Director of KPI OceanConnect Global Accounts in Singapore, said: "I am very appreciative of the support and confidence from our management team as I take on this exciting new role. I am enthusiastic to work with the team as we continue to deliver an exceptional experience to our partners and stakeholders with dedication, innovation and passion."

Photo credit: KPI OceanConnect 
Published: 29 September, 2023

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Biofuel

TotalEnergies Marine Fuels renews ISCC EU certification for bio bunker fuel  

Firm’s operations teams in Singapore and Geneva successfully renewed its ISCC EU sustainability certification for the supply of biofuel bunkers, says Louise Tricoire, Vice President.

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TotalEnergies Marine Fuels renews ISCC EU certification for bio bunker fuel

Louise Tricoire, Vice President of TotalEnergies Marine Fuels recently said the firm’s operations teams in Singapore and Geneva successfully renewed its International Sustainability and Carbon Certification (ISCC) EU sustainability certification for the supply of biofuel bunkers.

“This means that TotalEnergies Marine Fuels can continue sourcing and supplying marine biofuels in accordance with EU renewable energy regulations ensuring the highest sustainability standards,” she said in a social media. 

“It's the third year in a row that we have successfully renewed this certification, after a deep and comprehensive audit which showed zero non-conformity.”

She added marine biofuels have grown in demand among shipping companies that want to cut greenhouse gas emissions immediately. 

“TotalEnergies Marine Fuels offers marine biofuels commercially in Singapore and we are starting in Europe. This certification enables us to accompany our customers in their decarbonisation journey with the best standard solutions available today.”

Photo credit: TotalEnergies Marine Fuels
Published: 29 September, 2023

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