Business

Bunker Holding records ‘best-ever’ annual result on diligent and long planned strategy

Group announced earnings before tax doubling from USD 77.3 million to USD 155.2 million, while revenue grew to USD 10.9 billion.

Published

5 years ago

June 29, 2020

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Bunker Holding on Monday (29 June) posted its “best-ever” annual result due to a diligent and long planned strategy.

The international bunkering firm announced earnings before tax doubling from USD 77.3 million to USD 155.2 million, while revenue grew to USD 10.9 billion.

It ended the year with an equity base of USD 357 million – the highest in the Group’s history. Net borrowings were significantly below its net working capital; 92% of its balance sheet was reported as current assets.

“All of us at Bunker Holding are proud to be part of this success. It is the result of relentless strategical execution, and by abilities that we have built up over the past many years,” says CEO Keld R. Demant.

“Our success has been enabled by our long-term commitment to recruit and retain the most capable and committed employees. At the same time, rock-solid financial foundations have enabled us to maintain both strong creditworthiness and offer attractive lines of credit.”

The 2019/20 result reflects increased margins per tonne sold of marine fuel.

“Bunker Holding creates value for clients every day by working with them as a trusted partner and help them manage an ever more complicated and critical bunkering process,” says Demant.

“We make bunkering seem simple by providing our clients with expert advice on crucial issues such as bunkering strategy, financing and availability, and with local intelligence in ports all over the world.”

Also contributing to the record-breaking year was a strong result from Bunker One, Bunker Holding’s physical operations, which has 22 supply locations worldwide.

In its second full year of operations, Bunker One entered West Africa, strengthened its portfolio in Scandinavia, and became the market leader in the US Gulf Offshore and Caribbean.

The circumstances that led to this year’s record-setting result will be followed by yet another extraordinary business environment caused by the COVID-19 pandemic, according to Bunker Holding.

The long-term trajectory and effects of the volatile oil prices and the pandemic remain unpredictable, and the crisis will most likely affect the entire industry.

“But we are confident that the strengths that carried us through last year will also help us through the coming turbulent months,” notes Demant.

“We enjoy superior financial strength as well as great stability afforded by our family ownership, and we have highly skilled employees and market expertise. All these advantages mean that we can and will keep pursuing sustainable growth.”

Photo credit: Bunker Holding
Published: 29 June, 2020

Safety

Singapore: MPA urges port users to stay vigilant during monsoon surge

Moderate to heavy showers and strong winds are expected from 19 to 21 March due to a north-east monsoon surge and as such, vessels must be properly secured for sea at all times, says MPA.

Published

22 hours ago

March 20, 2025

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The Maritime and Port Authority of Singapore (MPA) on Wednesday (19 March) has reminded owners, agents and masters of vessels to stay vigilant from 19 to 21 March due to a north-east monsoon surge.

“Moderate to heavy showers, and strong winds are expected during this period. Vessels must be properly secured for sea at all times,” MPA said in a port marine notice.

“The life-saving and firefighting equipment onboard must also be in good working condition and in accordance with the International Code for the Safety of Life at Sea (SOLAS) regulations,” it said.

“Crew members shall be familiar with all emergency procedures, especially when embarking and disembarking passengers during adverse weather conditions. Vessels should maintain safe speeds, observe International Regulations for Preventing Collisions at Sea (COLREGs).”

Masters of vessels are reminded to keep a safe anchor watch.

Photo credit: Manifold Times
Published: 20 March, 2025

Alternative Fuels

Hong Kong-based Sun Ferry takes delivery of diesel-electric ferry “Xin Ming Zhu 30”

New vessel, designed by Incat Crowther and constructed by Guangzhou-based shipbuilder AFAI Southern Shipyard, will serve inter-island commuter and tourism operations across Hong Kong.

Published

22 hours ago

March 20, 2025

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Hong Kong-based Sun Ferry takes delivery of diesel-electric ferry “Xin Ming Zhu 30”

Global digital shipbuilder Incat Crowther on Wednesday (19 March) said Hong Kong-based ferry operator Sun Ferry has taken delivery of Xin Ming Zhu 30, a new, 35-metre diesel-electric ferry.

The new vessel, designed by Incat Crowther and constructed by Guangzhou-based shipbuilder AFAI Southern Shipyard, is the third vessel to join a fleet of seven new vessels designed by Incat Crowther for the mass transit operator.

The vessel will serve inter-island commuter and tourism operations across Hong Kong, connecting Peng Chau, Mui Wo, Chi Ma Wan and Cheung Chau.

The 300-seat passenger ferry boasts Veth azimuth thrusters that provide high manoeuvrability at operating speeds of 14 knots. The adoption of this technology makes the vessel suitable for berthing at piers on inter island routes.

The vessel is also fitted with 72 solar panels providing 7.5 kilowatts of on-board power.

Sam Mackay, Technical Manager at Incat Crowther, said: "This vessel reflects Sun Ferry’s commitment to future focused design solutions that not only meet operational needs, but that exceed customer expectations.”

“With diesel-electric propulsion, solar technology, and passenger-centric design, it sets a new benchmark for sustainable and efficient ferry services in Hong Kong.”

The delivery of the 35-metre hybrid vessel follows the delivery of two 45-metre conventional diesel-powered vessels to Sun Ferry. The final three vessels, all 45-metre vessels, will be delivered by the end of 2025. All vessels in the fleet have been designed by Incat Crowther and built by AFAI Southern Shipyard.

Photo credit: Incat Crowther
Published: 20 March, 2025

Biofuel

PRIO delivers Eco Bunkers B30 to two cargo ships at ports in Portugal

Company supplied the bio bunker fuel, a product containing 30% renewable raw materials, to “BBC Lisbon” at Port of Aveiro on 3 March and to “ANNA” at Port of Leixões on 18 March.

Published

22 hours ago

March 20, 2025

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PRIO delivers Eco Bunkers B30 to two cargo ships at ports in Portugal

Biofuels producer PRIO on Wednesday (19 March) said it carried out Eco Bunkers B30 fuel deliveries to shipping company Briese Chartering in collaboration with its partner UFS Unites Fuel Services this month.

On 3 March, PRIO supplied the biofuel to cargo vessel BBC Lisbon at the Port of Aveiro and to another cargo vessel, ANNA, at the Port of Leixões on 18 March.

“With these two Eco Bunkers B30 deliveries, a product containing 30% renewable raw materials, PRIO enabled Briese Chartering to reduce around 60 tons of CO2 in just two port calls in Portugal,” it said in a social media post.

“Produced at PRIO’s Aveiro plant, biodiesel has the potential to reduce GHG emissions by approximately 88% compared to fossil fuels.”

“PRIO has been demonstrating its commitment to decarbonising the maritime sector by supplying more sustainable products, ranging from 1% to 100% renewable content.”

Manifold Times previously reported PRIO launching its ECO Bunkers B30 biofuel in partnership with Norwegian Cruise Line Holdings and World Fuel Services.

PRIO previously launched ECO Bunkers B15, a green fuel for ships with 15% biodiesel and the company then launched a 20% biofuel blend, ECO Bunkers E20.

Photo credit: PRIO
Published: 20 March, 2025