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Glander International Bunkering pre-tax profit drops by 45.8% from previous year

Firm reported a turnover of USD 3.23 billion and an Earnings Before Tax of USD 22.17 million for 2023/2024, down by 45.8% from USD 40.9 million a year earlier.

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Glander International Bunkering pre-tax profit drops by 45.8% from previous year

Bunker trading firm Glander International Bunkering on Thursday (4 July) reported a turnover of USD 3.23 billion and an Earnings Before Tax of USD 22.17 million for 2023/2024, down by 45.8% from USD 40.9 million a year earlier. 

The company boasted a 25% return on equity and 21% solvency ratio.

Last year, the firm reported a record-breaking year despite market volatility and geopolitical turmoil. 

Glander International Bunkering said it delivered a robust financial performance and industry milestones during its fiscal year 2023/2024.

“Throughout the year, we maintained a strong focus on facilitating global trade, with teams around the world dedicated to supporting our clients,” CEO Carsten Ladekjær said.

Reflecting on 2022/23, he said it was marked by extreme volatility, price hikes and supply disruptions due to political turmoil compared to 2023/24, when shipping and bunkering experienced a notable return to normalisation with energy prices dropping to stable levels.

Demand was affected due to prevailing and continuously increasing sanctions on specific shipping trades. Ladekjær mentioned the role that Glander International Bunkering plays during such critical trade disruption was to guide clients affected by routes in the Red Sea and the Panama Canal.

CFO David Varghese, said: “Despite a turbulent energy sector, we demonstrated our ability to navigate dynamic market conditions, while delivering new products and new value to our stakeholders.”

“As shown by our numbers, we were able to maintain a financially healthy organisation because of our resilience, adaptability and commitment to our maritime partners.”

As the shipping industry shifts focus to decarbonisation, Glander International Bunkering said it has been facilitating the transition to new fuels. 

Ladekjær said: “While we continue to fuel vessels with traditional products, we are proud to be involved in significant milestones and firsts for the new fuels industry.”

Glander International Bunkering’s achievements during the past year include:

  • Six ISCC certified offices
  • Hamina’s first-ever terminal to ship LNG bunker supply
  • B100 HVO for seismic survey vessel in coordination with CEPSA
  • Kokkola port’s first LNG supply
  • The first biofuel supply for an asphalt tanker client.
  • EUA procurement and advisory services with the onset of EU ETS in January 2024

Glander International Bunkering also initiated strategic partnerships with clients, encompassing digital tracking and documentation of bunker procurement, onboard fuel saving measures and bunker planning and management. 

The company also played a more significant advisory role, especially on new regulations affecting the maritime industry globally such as EU ETS, Fuel EU Maritime and IMO targets.

Ladekjær concluded: “Our commitment to decarbonisation, innovation and regulatory guidance is not just a strategy, it’s a fundamental part of our business ethos. It’s an opportunity to lead as a partner that facilitates and simplifies the way for clients and suppliers.”

 

Photo credit: Glander International Bunkering
Published: 5 July, 2024

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LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

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PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions. 

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post. 

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024. 

 

Photo credit: Pacific International Lines
Published: 21 July, 2026

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LNG Bunkering

CIMC SOE secures order for 12,000-cbm LNG bunkering vessel from Sinopec Clean Energy

Once operational, the vessel is expected to strengthen Sinopec’s domestic coastal LNG bunkering network and help address gaps in China’s alternative fuel bunkering infrastructure.

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CIMC SOE secures order for 12,000-cbm LNG bunkering vessel from Sinopec Clean Energy

China’s Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. (CIMC SOE) recently signed a contract with Sinopec (Beijing) Clean Energy Co., Ltd. to build a 12,000-cubic metre (m3) LNG bunkering vessel, according to Chinese maritime media.

The vessel is scheduled for delivery in 2028 and will support Sinopec’s efforts to expand its presence in the marine clean energy sector.

Once operational, the vessel is expected to strengthen Sinopec’s domestic coastal LNG bunkering network and help address gaps in China’s LNG bunkering infrastructure.

With this signing , CIMC Pacific Offshore Engineering’s LNG bunkering vessel orderbook is further strengthened, maintaining its leading position in the global market for small and medium-sized LNG bunkering vessels.

The contract also marked another milestone for CIMC SOE, which has seen a sharp increase in orders and business performance this year amid a surge in domestic LNG vessel demand.

 

Photo credit: Nantong CIMC Sinopacific Offshore & Engineering
Published: 21 July, 2026

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Nuclear

ABS awards AiP to Korean institute for SMR-powered container ship concept design

KRISO says AiP recognises the technical feasibility and safety of its concept design, marking an important milestone toward the development of next-generation nuclear-powered commercial ships.

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ABS awards AiP to Korean institute for SMR-powered container ship concept design

Korea Research Institute of Ships & Ocean Engineering (KRISO) on Thursday (16 July) received Approval in Principle (AiP) from the American Bureau of Shipping (ABS) for its concept design of a 15,000 TEU Small Modular Reactor (SMR)-powered container ship utilising Molten Salt Reactor (MSR) technology.

KRISO said the AiP recognises the technical feasibility and safety of its concept design, marking an important milestone toward the development of next-generation nuclear-powered commercial ships.

“This achievement demonstrates international recognition of KRISO’s technological capabilities in the rapidly evolving field of nuclear-powered shipping, supporting the transition toward low-carbon maritime transport,” it said. 

Building on this milestone, KRISO will continue advancing basic and detailed ship design, paving the way for future demonstration and commercialisation of SMR-powered vessels. 

Through continued R&D and international collaboration, KRISO remains committed to strengthening next-generation maritime technologies and contributing to the safe deployment of nuclear propulsion in the maritime industry.

 

Photo credit: Korea Research Institute of Ships & Ocean Engineering
Published: 21 July, 2026

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