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Glander International Bunkering IMO 2020 preparations boost 73.56% earnings increase

19 Jun 2020

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


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