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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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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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Financial Result

Glander International Bunkering reports EBT of USD 22 million for FY2025

‘This fiscal year, we focused on staying close to our clients, while adapting to a fast-changing market,’ says CEO Carsten Ladekjær.

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4 days ago

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July 11, 2025

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Glander Result 2024 2025 MT

Global bunker trading and energy solutions provider Glander International Bunkering on Thursday (10 July) posted financial results for the year ended on April 30, 2025 – reflecting stable performance amid ongoing changes in global maritime and regulations.

The company reports a turnover of USD 3 billion and earnings before tax (EBT) of USD 22 million, including a non-recurring item.

“These results demonstrate consistent performance compared to the previous fiscal year, as the company continues to focus on conventional fuels, new fuels, risk management and extensive global reach,” CFO David Varghese comments.

Navigating change in maritime

Throughout the 2024-25 fiscal year, the bunker industry faced critical challenges including the escalation of the US-China trade conflict, ongoing Red Sea and Suez Canal security risks, and the first full-year impact of the EU Emissions Trading System (EU ETS) for maritime shipping.

Compliance with IMO CII measures and the uptake of new fuel products also influenced bunker demand patterns and pricing strategies.

“This fiscal year, we focused on staying close to our clients, while adapting to a fast-changing market,” says CEO Carsten Ladekjær. “In a time of uncertainty and transformation, we focused on staying agile, supporting customers with conventional fuels, and laying the groundwork for new fuel solutions.”

New fuels and other key achievements

Glander International Bunkering made significant progress in 2024-25: completing bioLNG deliveries, expanding biofuel supply, and launching a compliance calculator to help customers navigate FuelEU Maritime. Compared to the previous fiscal year, the company achieved a 71% increase in biofuel volume and 85% increase in LNG volume, along with the sale of nearly 100,000 EUAs.

Other achievements throughout the year include the renewal of its ISCC certifications, membership in the Smart Freight Centre, and Great Place to Work certification for the 7th consecutive year.

Looking ahead, Ladekjær says, “We will do what we have always done since 1961– adapt to new changes and be there for our clients.” He added that Glander International Bunkering is prepared for the next phase of change in global shipping, as decarbonisation, regulatory expansion and geopolitical developments continue to shape the bunker fuel market.

 

Photo credit: Glander International Bunkering
Published: 11 July 2025

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Business

ZeroNorth net loss further deepens 57% on year to USD 65 million in FY 2024, liquidates subsidiary

Losses impacted by amortisations, depreciations and impairment losses of USD 31.1 million, primarily related to joining forces with Alpha Ori Technologies.
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2 weeks ago

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July 2, 2025

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ZeroNorth

Editor’s note: The following article was edited on 3 July SGT to rectify a mistake in ZeroNorth’s annual report; that the subsidiary of ZeroNorth is not Prosmar AS, it is Prosmar Bunkering AS.

Maritime technology solutions provider ZeroNorth A/S on Tuesday (1 July) posted a 57% on year increase in net loss for its financial year ended 31 December 2024 (FY 2024), partly weighted down from the acquisition of Singapore-based Alpha Ori Technologies Pte Ltd.

The company reported net loss of USD 65.1 million in FY 2024, higher than loss of USD 41.4 million recorded in FY 2023, according to financial statements seen by Manifold Times.

“The net loss for the year of USD 65.1 million was furthermore impacted by amortisations, depreciations and impairment losses of USD 31.1 million, primarily related to joining forces with Alpha Ori Technologies,” it stated,

Revenue in FY 2024 was USD 36.6 million, representing a 155% increase from revenue of USD 14.3 million in FY 2023.

“The Group delivered more than its prior year outlook for 2024, where recognised revenue demonstrated a year-over-year growth of 155%,” noted management.

“This growth indicates the increasing adoption of ZeroNorth’s technology and data-driven solutions within the maritime industry and contribution from the additional Alpha Ori Technologies revenue.”

ZeroNorth key operational and strategic developments (FY 2024)

Liquidation of ZeroNorth Norway (formerly Prosmar Bunkering AS)

Moving forward, ZeroNorth stated it has decided to liquidate ZeroNorth Norway (formerly Prosmar Bunkering AS) by the end of June 2025 due to it being “committed to being a streamlined and efficient organisation”.

“This decision aligns with ZeroNorth’s strategy to consolidate operations into stronger regional hubs, reducing complexity and managing costs as the company scales its services effectively,” it explained.

“ZeroNorth acquired Prosmar Bunkering in Norway as part of its growth strategy. Liquidation is a further step in streamlining operations. All employees have been terminated by the end of February 2025. ZeroNorth Norway’s technology has been integrated into ZeroNorth’s broader suite of digital tools, and all intellectual property rights were transferred to ZeroNorth A/S in October 2023.”

Related: ZeroNorth and Singapore-based Alpha Ori Technologies close deal to merge
Related: ZeroNorth to launch new service enabling integration of eBDN data between suppliers and buyers
Related: ZeroNorth and Hapag-Lloyd partner on digital bunker procurement and planning solution
Related: RightShip and ZeroNorth to integrate platforms to provide emission management solution
Related: ZeroNorth and Vitol launch four-week digital bunkering trial in Port of Rotterdam
Related: ZeroNorth secures USD 20 million funding package from CIBC Innovation Banking
Related: ZeroNorth acquires Prosmar Bunker Dashboard solution and Bunker Pricer module

 

Photo credit: ZeroNorth
Published: 2 July 2025

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Financial Result

Bunker Holding reports USD 46 million pre-tax profit in ‘highly competitive and shifting market’

Company says FY 2024/2025 has presented a new set of challenges including intensified competition, oil prices reaching a four-year low, and limited volatility.

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3 weeks ago

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June 25, 2025

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Bunker Holding reports USD 46 million pre-tax profits in ‘highly competitive and shifting market’

Despite a tough year, and notwithstanding recent challenges, Bunker Holding on Tuesday (24 June) said it has succeeded in maintaining volumes and in delivering a profit before tax from continuing operations of USD 46 million. 

The company said the financial year 2024/2025 has presented a new set of challenges. In addition to a year shaped by intensified competition, oil prices reaching a four-year low, and limited volatility, Bunker Holding has also conducted write-downs on assets originating from discontinued operations in the last financial year.

“In many ways, it has been a very demanding year. The market conditions and competition have been tough, and we have seen margins under pressure across the board. Therefore, I am pleased that we have managed to pull through what has been a trying year while maintaining our volumes and our strong customer relations,” said Keld R. Demant, CEO of Bunker Holding.

Last year, Bunker Holding had to make the difficult but necessary decision to exit cargo activities in Africa and close select operations. Contrary to own expectations, further investigation led to additional write-downs on assets originating from the business area closed last year. In total, write-downs from discontinued operations amounted to USD 36 million.

Bunker Holding’s financial result also reflected the Group’s continued investments in supporting the maritime industry’s transition to lower emissions. Over the past year, the Group strengthened partnerships with producers of new fuel and expanded its biofuel footprint, resulting in the industry’s largest biofuel supply network now covering more than 150 ports worldwide.

In late 2024, Bunker Holding relaunched and accelerated its strategy under the banner ‘Fit for Future’. The strategic framework, which also involved restructuring Bunker Holding’s operations and commercial organisation, is designed to better position Bunker Holding to respond to an increasingly complex market.

“With the acceleration of our strategy, we have taken important steps to position the company for growth and to build a world-class organisation to help us prepare for the future and create value today. While a transformation of this scale is never without its challenges, the high level of engagement from our employees gives me strong confidence in the direction we are heading and in what we will achieve together,” said Keld R. Demant.

Bunker Holding’s expectations for the financial year 2025/2026 include continued strong market competition as well as macroeconomic uncertainty.

As the industry continues to evolve, Bunker Holding remains committed to delivering stable results and adapting to regulatory and customer-driven demands.

“I am confident that the operations we continue to invest in remain strong, and that we are heading into the future with purpose and a clear direction of where value can be created,” said Keld R. Demant.

 

Photo credit: Bunker Holding
Published: 25 June, 2025

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