Business

Bunker Holding picks Peder Møller to replace CEO Keld R. Demant

Since Torben Østergaard-Nielsen founded the company in 1981, the position of CEO has only been held by himself and Demant – until now with Møller assuming the role on 6 October.

Published

10 months ago

September 24, 2025

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Bunker Holding picks Peder Møller to replace CEO Keld R. Demant

Bunker Holding on Tuesday (23 September) announced the appointment of Peder Møller as its new Group CEO, replacing Keld R. Demant who has been with the bunker supplier for 27 years.

Møller, 39, will effectively assume the role on 6 October. Since November 2024, he has been part of Bunker Holding’s executive management.

Bunker Holding said it has undergone a remarkable transformation over the past quarter of a century, during which time Demant has played a central role. He joined the company as Sales and Marketing Director and, since 2013, has served as CEO.

Under his leadership, Bunker Holding has grown from revenues of USD 0.2 billion to a global market leader with a revenue of USD 13.7 billion in the most recent financial year, more than 60 offices in over 30 countries, and a global workforce of 1,300 employees. For some time, Demant has expressed his wish to step down once the right successor was identified – and now the time has come.

As a key figure in the development and implementation of Bunker Holding’s current Fit For Future strategy, the company said Møller is the natural choice as the company’s new CEO.

Chairman of the Board, Klaus Nyborg, said: “Under Keld’s leadership, the company has grown to become the world’s largest bunker supplier. He has spearheaded global expansion, delivered impressive results, and most recently strengthened Bunker Holding’s role in the green transition.

“The Board is grateful for his significant contribution over the years. But as the bunker industry is now undergoing a new transformation, it is also the right time to bring in fresh capabilities – something Peder will most certainly deliver.”

The company said its latest annual report underlined the resilience that has always characterised the Group, while also showing that earnings in recent years have not matched past performance.

“The global bunker market is complex, currently marked by geopolitical conflicts, fierce competition among suppliers, and the introduction of new, more sustainable alternatives,” the company added.

When Møller first joined Bunker Holding in 2016, it was as Group Strategy and New Business Director, where he helped shape the company’s then-current strategy. Prior to that, he worked on developing and implementing commercial strategies across Europe and Asia at Carlsberg Group.

Nearly a year ago, he returned to Bunker Holding from sister company Global Risk Management, where, as CEO, he led a comprehensive revitalization of the business. Møller holds a Master’s degree from Copenhagen Business School, an Executive MBA from INSEAD, and has completed the Executive Leadership Program at Harvard Business School. He also enjoys the full confidence of USTC CEO and co-owner, Nina Østergaard:

Nina Østergaard, said: “When I first joined Bunker Holding as a young executive assistant, Keld was my mentor for several years. He has left a strong mark on the organization and has been a unifying figure. But given the recent market developments and the implementation of a new strategy, it is the right time to bring in new energy. Peder has already proven his commercial strengths, and the ongoing transformation of Bunker Holding is clear proof of his ability to make things happen.”

Since Torben Østergaard-Nielsen founded the company in 1981, which later grew into the world’s largest supplier of marine fuels, the position of CEO has only been held by himself and Demant – until now.

Torben Østergaard-Nielsen, founder and co-owner of Bunker Holding’s parent company, USTC, said: “Since I hired Keld 27 years ago, our relationship has grown into a strong and unique partnership. His ability to lead and turn visions into actions has been invaluable. Together we have navigated countless challenges, and I am pleased that we will continue our collaboration in a new capacity, as Keld will remain on board as Senior Advisor to the USTC Group.”

Going forward, Bunker Holding’s Executive Management will consist of: Peder Møller, CEO, Michael Krabbe, CFO and Anders Grønborg, CCO. At the same time, Keld R. Demant will assume the role of Senior Advisor to the USTC Group.

Photo credit: Bunker Holding
Published: 24 September, 2025

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Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

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Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

19 hours ago

July 21, 2026

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Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

19 hours ago

July 21, 2026

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PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026