Swedish bunker supplier Gasum on Wednesday (29 July) published its Q2 2020 financial report which shows group operating profit at EUR17.5 million (USD20.6 million), down 21% year on year.
“The first half of the year saw us purposefully continue taking our strategy forward despite the uncertainties brought about by the COVID-19 pandemic,” said Johanna Lamminen, Chief Executive Officer, Gasum.
“We have continued implementing our projects as planned and so far the pandemic has had only minor impacts on our business.
“We have safeguarded the continuity of our business by ensuring the health and safety of our employees and have done everything we can to secure the energy supply, gas sourcing and distribution as well as safe and secure logistics in our recycling and waste services.
“Our revenue during the reporting period was EUR302 million (USD356 million), which was clearly lower compared to a year earlier. Revenue was primarily affected by the price development of gas in Europe.”
Lamminen added that Gasum’s acquisition of Linde AG’s LNG and Biogas business and Nauticor’s Marine Bunkering business in Q2 strengthened its capacity to offer gas solutions, particularly in maritime and heavy-duty transport, in the Nordic countries.
Demand for cleaner energy solutions is currently growing particularly in maritime transport, where total gas sales volumes are forecast to show further growth, noted the CEO.
In Q2, Gasum completed several LNG bunkering operations in maritime transport in the Nordic countries and also in Germany including Heerema’s Sleipnir, the world’s largest semi-submersible crane vessel, and for the product tanker Ramelia.
It also concluded a delivery partnership agreement with the Samskip shipping company and opened the first shipping fuel station in the Ports of Stockholm.
Lamminen also highlighted that biogas is increasingly attracting interest among forerunners in maritime transport and Gasum delivered liquefied biogas (LBG) for the first time to ESL Shipping’s vessel Viikki.
During Q2, Gasum promoted the regional circular economy in our biogas business in Northern Finland by concluding a contract with municipal waste management company Napapiirin Residuum.
“In future, biowaste from residents in Rovaniemi, Ranua and Pello will be turned into renewable biogas and recycled nutrients at our biogas plant in Oulu,” said Lamminen.
“We also made a decision to invest in building a new biogas plant in Götene, Sweden.”
Some key highlights of Gasum’s Q2 2020 financial report are:
* Including comparable figures for continuing operations.
A full copy of Gasum’s Q2 2020 financial report is available here.
Photo credit: Gasum
Published: 30 July, 2020
Spread of COVID-19 escalating on a global scale has resulted in more countries being added to the health declaration watch list to safeguard the maritime industry.
‘We welcome the plans of Russian shipbuilders to create modern large-tonnage LNG-fuelled vessels,’ says Sovcomflot.
Avenir’s second 7,500 cbm LNG Carrier will be used to deliver LNG to various Brazilian ports upon delivery.
Adamsen who holds an Oxford MBA is expected to drive the development and implementation of strategy throughout Bunker Holding, it said.
‘We had grown significantly over the past years and established as a reputable and successful trading company,’ said Sonnich Thomsen, Managing Director, Bunkering.
Los Angeles price assessment is for ex-wharf deliveries ranging between 500 to 3,000 mt; published daily in $/t; with delivery timing 2 to 7 days ahead.
Sukumar Verma, Managing Director at Informa Connect Singapore, explains how the world’s largest bunkering event will be virtually carried out between 6 to 8 October 2020.
David John Kidd amassed losses of over SGD 1 million to Lukoil Asia Pacific Pte Ltd through multiple irregular trades with Transocean Oil over a four-month period in 2016.
Helmsman LLC lawyers discuss pausing of LC payment, what it means for parties buying ships from companies of a group affected by fraud allegations, and trafficking in spent bills of lading.
Beluga Asia has entered into a Memorandum of Agreement with Sun Marine Corporation to acquire bunker tanker M.T. MA Veronica for USD 2.45 million.
Listing of Brightoil’s shares on the Stock Exchange was cancelled on 16 March 2020, according to a written Judgement of Russell Coleman, a Judge of the Court of First Instance.
‘To this end, the Bank has shown there are grounds for suspecting the CIA Contract may be a sham / fake contract and/or was not performed,’ said CMB’s submission to the Singapore court.
