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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.

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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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Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

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Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

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Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

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