Glander International Bunkering on Thursday (18 June) said its financial results for the fiscal year 2019/2020 were satisfactory following its successful preparations and execution for the industry’s transition to low-sulphur fuels.
The fiscal year 2019/2020 turned out to be an eventful and dramatic year with the implementation of the Marpol 2020 global sulphur cap as one of the most disruptive events in the marine industry, it noted.
“This was an occasion where every bunkering company and its employees had to face the test of industry change and demonstrate their expertise and level of preparedness,” said CEO Carsten Ladekjær.
“Our people leaned in, and it is very satisfying to see the results of all the hard work.”
The company announced its annual results with earnings in 2019/2020 before tax increasing from USD 15.74 million to USD 27.3 million equivalent to an increase of 73.56%. Total turnover increased by 19.4%.
For many months leading up to 1 January 2020, the company said its staff busily prepared for the transition to low-sulphur fuels.
All departments of the organisation were involved at varying levels and a tailormade IMO 2020 in-house training program was rolled out, it added.
The COVID-19 pandemic, together with the development in oil prices and the world economy in general, will determine the coming year’s playing field and the next annual result.
“I would not be surprised if the coming year leads to more consolidation in the industry, with strong companies emerging even stronger,” added Ladekjær.
“With our sound financial foundation and strong organisation, we look forward to this with humility, but also optimism.
We are prepared to face future challenges and remain ready to seize opportunities.”
Photo credit: Glander International Bunkering
Published: 19 June, 2020
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.