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Bunker Holding posts third–highest results in its history, on the back of a ‘challenging year’

In a contracting market, the Group increased its volume, gained market share, and strengthened its position as the world’s leading bunkering company.
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In a challenging year for the shipping industry, Bunker Holding today reported the third–highest results in its history. In a contracting market, the Group increased its volume, gained market share, and strengthened its position as the world’s leading bunkering company, it said on Wednesday (30 June).

Bunker Holding achieved earnings before tax of USD 70.3 million. Revenue was impacted by both the pandemic and lower oil prices, and even though the result is lower than the previous year’s record-setting profit, it is very satisfying.

“This has been a very challenging year for everyone in the industry. Nevertheless, our company has never been stronger,” states Keld R Demant, CEO of Bunker Holding. “Following our record year of 2019/20, we maintained momentum in the midst of a pandemic that impacted most of our employees and disrupted markets globally.”

Nearly all employees in Bunker Holding’s offices around the world were forced to work from home. But, because of the Group’s significant investments in its IT systems over the past several years, traders could immediately continue giving clients the usual level of service.

This, together with Bunker Holding’s industry-leading financial strength delivering the muscles to support all stakeholders in a turbulent market, enabled the Group to increase volume significantly – even though it was facing diminished global bunker demand.

Because the pandemic also impacted oil prices negatively, more than offsetting the increased volume, the year’s revenue was USD 9,769 million.

Agility and fast decision making

During the year, the Group acquired OceanConnect Marine, merged it with KPI Bridge Oil – part of the Bunker Holding Group – and created one of the biggest bunker companies globally, with 170 employees in 15 locations around the world. The merger was accomplished in just four months, and the entire process, including due diligence, was handled in-house.

“I think our ability to seamlessly integrate two such large companies at such a challenging time speaks volumes about our strengths,” says Keld R Demant. “In many ways, this past year has been our finest hour.”

Bunker One, Bunker Holding’s independent physical supplier, also managed to make steady headway by expanding market share and strengthening its physical operations. The company strengthened its foothold in the Caribbean and Brazil, and assumed operation of the Port of Skaw oil terminal at the northern tip of Denmark in June last year.

The value of family ownership

Bunker Holding’s ability to navigate through the pandemic owes much to its ownership by the Østergaard-Nielsen family. As part of the USTC Group Bunker Holding is able to act with agility and make fast decision which enabled it to adapt in record time to radically new working conditions under the pandemic.

The family’s active ownership also allowed Bunker Holding to not only keep a steady course during the crisis, but also make long-term plans. This includes the industry’s transition to sustainable fuels over the coming years and decades. While oil will remain the fuel of choice for most clients for the foreseeable future, the Group insists to be at the forefront of this green revolution and is actively preparing for the next steps and advising clients on the way forward.

 

Photo credit: Bunker Holding
Published: 1 July, 2021

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Environment

Indonesia to expedite removal of sunken Malaysia-flagged tanker “Silver Sincere”

Vessel sank while carrying about 1,000 mt of waste oil on 12 January 2025; the wreck was discovered in March 2025 and was found to have drifted about 13 nautical miles from its original sinking site.

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July 20, 2026

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Indonesia to expedite removal of sunken Malaysia-flagged tanker “Silver Sincere”

Indonesia’s Coordinating Ministry for Political and Security Affairs on Tuesday (14 July) held a cross-agency coordination meeting to expedite efforts in handling the Malaysian-flagged tanker Silver Sincere that sank off Bintan Regency, Riau Islands.

The vessel sank while carrying about 1,000 metric tonnes (mt) of waste oil on 12 January 2025. 

According to authorities, the ship sank within Indonesian waters. After several surveys, the wreck was finally discovered in March 2025 and it was found to have shifted approximately 13 nautical miles from the initial sinking location.

The meeting was aimed to align cross-ministerial and institutional measures to expedite the handling of the Silver Sincere wreck while minimising risks to shipping safety, the marine environment, and national interests.

Deputy for Coordination of State Defense and National Unity Purwito Hadi Wardhono emphasised that the handling of the impact of the Silver Sincere sinking was the first case to be comprehensively coordinated, serving as a model for handling foreign vessels sinking within Indonesian jurisdiction.

Through this cross-sectoral coordination, the government will establish a clear and measurable framework that can serve as a reference for resolving similar cases in the future, while minimising state losses due to environmental pollution, damage to underwater ecosystems and infrastructure, and disruption to shipping lanes.

“The most important thing is to immediately stop and prevent the negative impacts of this ship sinking,” Purwito said.

“Therefore, a coordinating role is crucial, as maritime security governance involves various ministries and institutions with varying authorities, allowing for faster, more integrated, and more effective response,” he said. 

He added that the Silver Sincere was a Malaysian-flagged vessel that sank within Indonesian jurisdiction, and therefore, all handling processes must comply with the provisions of Indonesian laws and regulations.

In the meeting, Prof. Eko Ganis Sukoharsono, representing the SAE Energy Consulting Team, presented the results of an analysis based on 14 observation periods using Sentinel-1 Synthetic Aperture Radar (SAR) satellite imagery. 

The analysis results showed strong indications of a waste oil spill that has resulted in marine pollution, damage to the seabed due to shifting shipwrecks, disruption of coastal ecosystems and fishing grounds, and potentially threatening the livelihoods of fishing communities around the Riau Islands. 

Purwito added these findings further emphasise the importance of accelerating the removal of the shipwrecks to prevent widespread environmental impacts, maintain shipping safety, and avoid the potential for greater state losses.

The meeting brought together representatives of related ministries and institutions including the Ministry of Foreign Affairs, Ministry of Defense, Ministry of Transportation, Ministry of Maritime Affairs and Fisheries, Ministry of Environment, Attorney General’s Office.  

Related: MPA: Malaysia-registered tanker “Silver Sincere” sinks off Pedra Branca

 

Photo credit: MarineTraffic / Julian T
Published: 20 July, 2026

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LNG Bunkering

Singapore: FueLNG achieves 800th LNG bunkering operation milestone

Bunker tanker “FUELNG Venosa” delivered LNG marine fuel to bulk carrier “MV Ubuntu Humanity” at Eastern Bunkering A Anchorage (AEBA) on 11 July.

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Singapore: FueLNG completes 800th LNG bunkering operation

Singapore’s licensed LNG bunker supplier FueLNG on Friday (17 July) announced the successful completion of its 800th LNG bunkering operation in the republic.

The company said bunker tanker FUELNG Venosa delivered LNG marine fuel to bulk carrier MV Ubuntu Humanity at Eastern Bunkering A Anchorage (AEBA) on 11 July. 

“This achievement is more than just a number,” FueLNG said.

“It reflects the trust our customers place in us, the dedication of our operations team, the professionalism of our marine partners, and our unwavering commitment to safe, efficient, and reliable bunker deliveries.” 

Manifold Times previously reported FueLNG completing its 500th LNG ship-to-ship (STS) bunkering operation.

Related: Singapore: FueLNG achieves milestone of 500th STS LNG bunkering operation

 

Photo credit: FueLNG
Published: 20 July, 2026

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Methanol

Western Baltic Engineering unveils green methanol bunkering vessel design for Klaipėda

Designed for flexible operations in shallow waters and local bunkering routes, the concept features an 800-metric-tonne green methanol capacity and the potential to supply up to 250,000 mt annually.

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July 20, 2026

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Western Baltic Engineering unveils green methanol bunkering vessel design for Klaipėda

Ship design and engineering service provider Western Baltic Engineering on Thursday (16 July) showcased its latest concept design for a green methanol bunkering vessel, developed for the operational needs of the Port of Klaipėda.

Designed for flexible operations in shallow waters and local bunkering routes, the concept features an 800-metric-tonne green methanol capacity and the potential to supply up to 250,000 metric tonnes (mt) annually. 

“It is Western Baltic Engineering’s first concept dedicated exclusively to green methanol bunkering, expanding our portfolio of alternative-fuel vessel solutions,” the company said in a social media post.

“Building on our experience in methanol-ready vessel design, it reflects our continued focus on enabling the industry’s transition to cleaner fuels.”

“As the maritime sector evolves, engineering companies have a responsibility not only to respond to market needs but also to anticipate future challenges,” said Marius Arkusauskas, Director at Western Baltic Engineering.

“By exploring emerging technologies and alternative fuel applications, we help our partners prepare for the next generation of maritime operations while contributing to a more sustainable future.”

 

Photo credit: Western Baltic Engineering
Published: 20 July, 2026

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