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Bunker Holding Group outlines ‘second-most profitable year’ for FY 2021/2022

Records increased bunkering volume of 3% and 69.3% rise in revenue, due to increased oil prices on global markets and global logistics returning to normal post-covid.

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Top bunker supplier to the maritime industry Bunker Holding Group on Thursday (30 June) said it has had a “record-breaking year” after recording an increase in volume by 3% and an increased revenue by 69.3%, reaching a record high of USD 16,539 million for its 2021/2022 financial year. 

The company said this was much due to increased oil prices on global markets and global logistics returning to normal post-covid. 

The rising demand for bunker and lubricants has also translated into the second-most profitable year for Bunker Holding Group with an EBT of USD 102 million, said the group. 

“Creating strong results while facing adversity has become something of a trademark at Bunker Holding,” said Keld R. Demant, CEO of Bunker Holding Group. 

“This year we’ve dramatically increased both top and bottom line despite Covid still causing disruptions to global logistics supply lines. Our focus on creating value to our customers has been pivotal to our success, something that’s only been made possible because of our skilled and dedicated employees.”

Bunker Holding Group also launched their new five-year strategy, headlined ‘Fueling the Future’ in spring of 2022, with the aim to become the preferred and trusted partner and advisor in the bunkering industry.

The Group is going to be further investing in its ability to provide clients with an even higher level of advisory on new fuels or new industry standards, as Bunker Holding becomes more involved in the process of decision-making via partnerships.

Bunker Holding also announced two additions to its Board of Directors who are Anja Morad, who is currently responsible for Dell Technologies in the Western European region and Kristin Færøvik, the former Managing Director of Lundin Energy Norway AS. 

Having served on the board since 2014, Peter Korsholm is stepping down as board member of Bunker Holding in order to free up time to focus on his future board obligations as well as investments.

As previously announced, Torben Janholt is also stepping down, having served on the Bunker Holding board since 2006. 

Torben Østergaard-Nielsen, founder, and co-owner of USTC, is stepping down as chairman to assume the role of vice chairman. 

Klaus Nyborg will step up from vice chairman to become the new chairman of the board of Bunker Holding A/S.

Bunker Holding’s Board of Directors will consist of Klaus Nyborg as chairman, Torben Østergaard-Nielsen as vice chairman, Nina Østergaard Borris, Mia Østergaard Rechnitzer, PeterAppel, Morten Buchgreitz, Peter Frederiksen, Anja Monrad and Kristin Færøvik.

Related: Dan-Bunkering ends satisfactory financial year with revenue of more than USD 1 billion
Related: Selfinvest and USTC Group deliver highest consolidated financial result
Related: United Shipping and Trading Company welcomes Nina Østergaard Borris as new CEO
Related: Bunker Holding Global Head of Commercial Operations departs for CM Biomass CFO position

Note: Past articles regarding Bunker Holding and Dan-Bunkering’s court case can be found here

 

Photo credit: Bunker Holding
Published: 1 July, 2022

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Bunker Fuel

Singapore: Bunker fuel sales drops by 6.8% on year in May 2026

4.55 million mt of various marine fuel grades were delivered at the world’s largest bunkering port in May, down from 4.88 million mt recorded during the similar month in 2025, according to MPA data.

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Singapore: Bunker fuel sales drops by 6.8% on year in May 2026

Sales of marine fuel at Singapore port dropped by 6.8% on year in May 2026, according to data from the Maritime and Port Authority of Singapore (MPA).

In total, 4.55 million metric tonnes (mt) (exact 4,548,000 mt) of various marine fuel grades were delivered at the world’s largest bunkering port in May, down from 4.88 million mt (4,878,100 mt) recorded during the similar month in 2025.

Deliveries of marine fuel oil, low sulphur fuel oil, ultra low sulphur fuel oil, marine gas oil and marine diesel oil in May (against on year) recorded respectively 1.79 million mt (-5.3% from 1.89 million mt), 2.29 million mt (-6.5% from 2.45 million mt), zero (-100% from 1,200 mt), 600 (35.2% from 1,700 mt) and zero (from zero).

Singapore: Bunker fuel sales drops by 6.8% on year in May 2026

Bio-blended variants of marine fuel oil, low sulphur fuel oil, ultra low sulphur fuel oil, marine gas oil and marine diesel oil in May, (against on year) recorded respectively 11,600 mt (-71.6% from 40,900 mt), 36,400 mt (-62.1% from 96,100 mt), zero (from zero), zero (from zero) and zero (from zero). B100 biofuel bunkers, introduced in February last year, recorded 12,800 mt (+573.7% from 1,900 mt). 

LNG and methanol sales were 70,300 mt (+56.2% from 45,000 mt) and zero (from zero) respectively. There were no recorded sales of ammonia for the month and so far since 2025.

 

Photo credit: Maritime and Port Authority of Singapore
Published: 15 June, 2026

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Bunker Fuel Quality

Bunker flash: High concentrations of catalytic fines, elevated acid numbers found in Singapore

Maritec-Naias issued an alert regarding high levels of catalytic fines and elevated acid numbers present in multiple VLSFO bunker samples from deliveries in the Singapore port.

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Bunker fuel testing and marine surveying business Maritec-Naias on Friday (12 June) issued an alert regarding high levels of catalytic fines and elevated acid numbers present in multiple VLSFO bunker samples from deliveries in the Singapore port: 

During the period of 20 May 2026 and 02 June 2026, Maritec Pte. Ltd. (hereafter referred to as Maritec-Naias) conducted testing on five samples representing Very Low Sulphur Fuel Oil (VLSFO) deliveries from two suppliers in the Singapore port. The analyses revealed Aluminium and Silicon (Al+Si) concentrations ranging from 61 mg/kg to 68 mg/kg.

It is important to note; these values exceed the ISO 8217:2010/2017 specification limit of 60 ppm but remain within the permissible tolerance limit of 72 ppm under ISO 4259 for a single test result. In this regard, Catalytic Fines content, (Aluminium+Silicon), above 60 ppm is regarded as high. Of the five samples, three originated from one supplier, while the remaining two were from another.

Aluminium and Silicon constitute the principal classes of abrasive solids in fuels. Elevated concentrations of such particles at the engine inlet can precipitate abnormal wear and tear of fuel system components, piston rings, and cylinder liners. To safeguard against this, many engine manufacturers stipulate a maximum threshold of 15 mg/kg Al+Si at the engine inlet.

The primary method of mitigating Catfines is through an efficiently operating fuel purification system. Monitoring Aluminium and Silicon levels both before and after centrifugation provides a reliable measure of the system’s effectiveness in removing these contaminants.

During a similar period, Maritec-Naias also tested fifteen bunker fuel samples representing VLSFO that exhibited elevated Acid Numbers, ranging from 2.0 mg KOH/g to 2.5 mg KOH/g. While these values remain within specification limits, they are nonetheless considered at higher side. Elevated Acid Numbers may stem from contamination with acidic compounds such as Phenolic compounds and Alkyl Resorcinols, often associated with Estonian Shale Oil. Such contaminants can lead to operational complications including sludge formation, fuel pump seizures, and compromised injection equipment cleanliness.

Maritec-Naias Recommendations

  • High Catfines monitoring: Maritec-Naias advises collecting samples at critical points within the fuel system — including the fuel oil tank transfer pump, before and after centrifuge, service tank, and after fine-filter — to evaluate the efficiency of fuel cleaning.
  • Elevated Acid Numbers: For fuels with elevated Acid Numbers, Maritec-Naias recommends conducting Gas Chromatography-Mass Spectrometry (GC-MS) using the Solid Phase Extraction (SPE) method to identify the specific acidic compounds present or upgrading your marine fuel testing package to MFTP Plus, which enables pre-emptive monitoring to detect major harmful substances prevalent in the market, such as Cashew Nut Shell Liquid (CNSL), Phenolic compounds and Alkyl Resorcinols that cause damage to equipment.

Maritec-Naias states, while all data and findings presented in this document are true, it does not reflect on the overall quality of fuel being supplied in Singapore region. If you intend to bunker at this region, please request for a Certificate of Quality (CoQ) prior to loading.

 

Photo credit: Hans Reniers on Unsplash
Published: 15 June, 2026

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Incident

Three dead after supply boat sinks following collision off Pasir Panjang Terminal

PCG recovered three bodies from the waters after a supply boat sank off Pasir Panjang Terminal on 12 June 2026 at about 9.30am following a collision with a landing craft.

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The Maritime and Port Authority of Singapore (MPA) on Friday (12 June) said a supply boat sank off Pasir Panjang Terminal at about 9.30am after colliding with a landing craft. 

MPA, Police Coast Guard (PCG), and SCDF Marine Division, immediately activated their crafts to the incident site and commenced search and rescue operations.

“The landing craft is stable with no reported injury to crew on board,” MPA said in a statement. 

PCG has recovered three bodies from the waters, believed to be deceased crew members of the sunken supply boat. Search and rescue operations, including diving operations, are ongoing to determine if there are other crew members from the supply boat missing.

“Port operations have not been affected. Navigational broadcasts have been issued advising vessels to keep clear of the incident area,” it added.

“Investigations into the incident are ongoing.” 

 

Photo credit: Manifold Times
Published: 15 June, 2026

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