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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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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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Bunker Fuel

Singapore-based Uni-Fuels marine fuel volumes up by 58% on year in Q1 2026

Firm reported that marine fuel volumes increased 58% year-over-year to over 140,000 mt during Q1 2026, reflecting increased commercial activities and customer engagements across key markets.
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May 29, 2026

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Uni-Fuels Holdings Limited (Uni-Fuels), a global provider of marine fuel solutions headquartered in Singapore, on Tuesday (26 May) announced its unaudited financial results for the first quarter ended March 31, 2026.

The company reported that marine fuel volumes increased 58% year-over-year to over 140,000 metric tonnes (mt) during the first quarter of 2026, reflecting increased commercial activities and customer engagements across key markets.

Revenue during that period increased 64% year-over-year to USD 83.2 million, supported primarily by higher marine fuel trading volumes and expanded commercial activities, while gross profit increased 85% year-over-year to USD 1.8 million.

Gross profit margin improved to 2.2% in the first quarter of 2026 from 1.9% in the same period last year.

Uni-Fuels posted a net loss of USD 376,087 for the quarter, compared to USD 83,513 in Q1 2025. 

Following a stronger-than-expected first quarter 2026 performance and improved visibility on commercial activities, the company is increasing its full-year 2026 revenue guidance to a range of USD 320 million to USD 340 million up from its prior guidance of USD 310 million to USD 330 million.

“We are encouraged by a promising start to 2026, which reflects the continued execution of our growth strategy,” said Mr. Koh Kuan Hua, Chief Executive Officer of Uni-Fuels. 

“During the quarter, we delivered year-over-year growth in revenue and marine fuel volumes, and improved gross margins. Operational performance remained strong, although quarterly results were impacted by a net loss primarily attributable to corporate communication expenses incurred during the period. 

“We remain focused on building on this momentum through disciplined execution of our growth initiatives, driving consistent performance, and improving returns on capital. Based on our strong first quarter performance and improving commercial visibility, we are pleased to raise our full year 2026 revenue outlook to USD 320 million – USD 340 million.”

 

Photo credit: Uni-Fuels
Published: 29 May, 2026

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Financial Result

Monjasa 2025 bunker sales volume steady at 6.8 million mt, on par with 2024 high

While the Group’s trading activities proved very dynamic, supply operations were more directly exposed to the muted marine fuels global demand and a less favourable tanker market.

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April 30, 2026

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Monjasa 2025 bunker sales volume steady at 6.8 million mt, on par with 2024 high

Monjasa Annual Report 2025 – at a glance

  • Total revenue: USD 4 billion (2024: USD 4.5 billion)
  • Net profit: USD 39 million (2024: USD 65 million)
  • Consolidated equity: USD 472 million (2024: USD 444 million)
  • Equity ratio: 64.7% (2024: 55.6%)
  • Total supply operations: 16,741 (2024: 15,870)
  • Total number of employees: 745 (2024: 678)

Marine fuel supplier Monjasa on Wednesday (29 April) recorded a net result of USD 39 million for 2025, a 40% drop from the USD 65 million reported in 2024. 

2024 was the company’s third-strongest year ever when looking at financial performance.

In another year characterised by geopolitics shaping global shipping, Monjasa’s marine fuels activities delivered a total volume of 6.8 million metric tonnes (mt) in 2025 – on par with the Group’s largest reported volume in 2024.

Across its core business activities, trading and supply operations continued to serve global customers reliably. While the Group’s trading activities proved very dynamic, supply operations were more directly exposed to the muted global demand and a less favourable tanker market.

A balanced fleet of owned and chartered vessels made it possible to respond quickly to changing market dynamics and Monjasa concluded the year with a total fleet size of 28 vessels (2024: 33) deployed worldwide.

Monjasa Group CEO, Anders Østergaard, said: “We are satisfied with our financial performance in a year where global trade grew modestly and where momentum weakened as the year progressed. 

“For Monjasa, this meant an overall muted global marine fuels demand. In such a year, we are pleased to keep evolving our global team of colleagues on land and at sea, strengthen our balance sheet and position ourselves well for future opportunities.”

Monjasa’s core strength lies in serving shipowners and operators globally through one commercial entrance and a single global brand – Illustrated by 16,741 successful supply operations carried out across 877 ports in 2025.

To further support this ambition, Monjasa opened its 15th international office in Japan, expanding the Group’s presence in Asia and supporting closer integration of Monjasa’s global maritime services.

During the year, Monjasa also made a strategic decision to fully integrate crew management into the Group’s core business. By taking full responsibility for the recruitment and education of seafarers through its technical ship management company, Montec, the Group strengthened the link between shipowning and long-term operational reliability.

Monjasa reported total revenue of USD 4 billion in 2025 (2024: USD 4.5 billion). The year resulted in a net profit of USD 39 million (2024: USD 65 million) and led to a further strengthening of the Group’s balance sheet, with consolidated equity increasing to an all-time high USD 472m (2024: USD 444m).

These results lifted Monjasa’s equity ratio to 64.7% (2024: 55.6%), underlining the Group’s financial resilience and long-term stability.

Future outlook

Following the eruption of the Middle East crisis in late February 2026, Monjasa has experienced the disrupted global trade flows, strong tanker markets and imbalanced supply and demand first-hand. These factors contribute to a highly dynamic marine fuels market compared to 2025 levels.

Overall, Monjasa expects 2026 to be another positive financial year, with a projected net result in the range of USD 120 to 150 million.

Related: Marine fuel supplier Monjasa reports third-strongest financial year

 

Photo credit: Monjasa
Published: 30 April, 2026

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Financial Result

World Kinect marine fuels segment gross profit up 86% on year for Q1 2026

Sharp rise was primarily driven by significantly higher bunker fuel prices, elevated price volatility, and strong execution supported by disciplined risk management in a dynamic market environment.
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April 27, 2026

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World Kinect marine fuels segment gross profit up 86% on year for Q1 2026

New York-listed global energy management company World Kinect Corporation (WKC) on Thursday (23 April) recorded a 18% on year increase in gross profit for the first quarter (Q1) of 2026.

The company posted gross profit of USD 271.2 million in Q1 2026, 17.7% higher than gross profit of USD 230.4 million seen during Q1 2025.

Revenue for its combined aviation, land and marine segments in Q1 2026 was USD 9.69 billion, a 2.5% decrease from revenue of USD 9.45 billion in Q1 2025.

Specifically, the marine segment generated gross profit of USD 66.4 million in Q1 2026, up by 86% on year from USD 35.7 million in Q1 2026.

This was primarily driven by significantly higher bunker fuel prices, elevated price volatility, and strong execution supported by disciplined risk management in a dynamic market environment.

In total, WKC sold 3.9 million metric tonnes (mt) of bunker fuel during Q1 2026, up by 4% from 3.7 million mt of marine fuels during the similar period of last year.

“This strong performance marks our third best quarter on record for marine. We entered the quarter expecting a low price, lower volatility environment,” Jose-Miguel Tejada, Executive VP & CFO, said in a recent earnings call as quoted by Seeking Alpha.

“However, in March, conditions shifted quickly with volatility increasing sharply and average bunker prices rising approximately 70% month-over-month. By leveraging our supplier relationships and strong balance sheet, the team did what they do best and executed extremely well, supporting our customers while capturing strong risk-adjusted returns in our core resale business and in our physical inventory locations.”

He said the company is expecting marine gross profit to be lower sequentially as pricing volatility moderate for the second quarter of the year, though gross profit should be meaningfully higher year-over-year.

 

Photo credit: World Kinect Corporation
Published: 27 April, 2026

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