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
Digitalisation makes it easier for shipowners to conform to growing external regulations such as new sulphur regulations and ‘no scrubber’ zones; operators can identify better bunkering options to reduce costs.
‘We’ll start the application [to MPA] before the end of 2022 and hopefully to receive approval within six months or sooner,’ L. Y. Hwang, Director / General Manager of Oval Asia Pacific Pte Ltd, tells Manifold Times.
Rob Ashton, Market Manager of Infineum, explains how Infineum B402 is a relatively easy way for a ship operator to positively influence a vessel’s CII rating while improving its bunker fuel consumption performance.
Eventual adoption of Digital Bunker Document Standard speeds up interoperability between stakeholders from both public and private sectors, learns Singapore bunkering publication Manifold Times.
ISO delegates represented seven countries and were in Singapore to attend a three-day meeting of ISO WG13 to develop two new ISO bunkering standards, learns Singapore bunkering publication Manifold Times.
Cai Zhi Zhong received a total of about USD 1.3m to USD 1.6m, of which he saved a portion and spent the rest, including on property, cars and watches, according to court documents obtained by Manifold Times.