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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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Bunker Fuel

Singapore confirms bunker spill from damaged shore fuel hose at Brani Regional Base

Authorities said about 23 metric tonnes had leaked from a damaged shore fuel hose used to refuel patrol craft at Selat Sengkir and no oil slicks observed.

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RESIZED SG bunker tanker

Singapore authorities on Thursday (6 February) confirmed that a diesel oil leak was discovered at the Police Coast Guard (PCG) Brani Regional Base on 5 February, at around 11.40am (Singapore Time). 

The leak was eventually isolated at about 3.40pm. 

“About 23 metric tonnes had leaked from a damaged shore fuel hose used to refuel patrol craft at Selat Sengkir,” said Singapore Police Force, Maritime and Port Authority (MPA) and National Environment Agency (NEA) in a joint statement. 

PCG and the Maritime and Port Authority of Singapore have deployed patrol craft and spill response resources to clean up small patches of light oil sheens observed in our southern waters. 

Contractors have also been activated to support the operation. There are no oil slicks observed. 

Navigational traffic in the area is not affected. There is no impact to operations in the Port of Singapore.

 

Photo credit: Manifold Times
Published: 7 February, 2025

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LNG Bunkering

LNG bunkering at Port of Barcelona increases by 60.5% on year in 2024

Port said 229,750 cubic metre of LNG were supplied at the port in 2024, achieving an increase of 60.5% compared to 2023 and a total of 491 LNG bunkering operations were carried out at the port.

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LNG bunkering at Port of Barcelona increases by 60.5% on year in 2024

The Port of Barcelona on Wednesday (5 February) said 229,750 cubic metre (m³) of LNG were supplied at the port in 2024, achieving an increase of 60.5% compared to 2023.

The Port said the achievement placed Barcelona as the leading port in the state - with 40% of the total m³ of LNG supplied - and one of the first in Europe in LNG bunkering. 

In 2024, a total of 491 LNG bunkering operations were carried out for ships, of which 402 were via tankers trucks, with 45,427 m³ supplied, and 89 were ship-to-ship (STS) transfers from barges, with 184,324 m³ delivered. 

Of the 8,398 ship calls at the Port of Barcelona during 2024, 822 calls were from ships using LNG, about 10% of the total calls at the port.  

The ships that have received LNG bunker fuel in Barcelona have been mainly cruises and ferries, reaching close to 23% and 19% of the calls of both types of ships and contributing to a reduction in nitrogen oxide (NOx) emissions of 20% for cruises and 18% for ferries. 

The top cruise companies have incorporated LNG-powered ships into their fleets, a good number of which operate regularly in Barcelona. During 2024, a total of 1,664,712 cruise passengers (45.5%) passed through Barcelona on board an LNG-powered cruise ship.

The increase in bunker supply of 60.5% has been possible due to several factors: 

  • the presence of the LNG supply barge based in the Haugesund port Knutsen, from the company Knutsen-Scale Gas,
  • the commitment of the shipping company Baleària to LNG, provided by several tanker trucks at the same time,
  • and the incorporation of new types of ships that use LNG in the port, notably car carriers. The Lake Herman ship, from Japanese shipping company MOL, was the first vehicle carrier to carry out LNG bunkering at the Port of Barcelona, ​​followed by four more ships of the same service, to which two new ships have been added at the beginning of 2025. 

During 2024, the fast ferry Margarita Salas, powered by dual LNG engines, was also added. Operated by Baleària, this ship began operating last June, connecting Barcelona with Mallorca and Menorca at high speed. This new connection reinforces the commitment to integrating LNG into passenger transport and significantly reduces the emissions generated on this route.

The Port of Barcelona said it will continue to facilitate the introduction of LNG with measures such as administrative simplification to facilitate the authorisation of LNG bunkering operations; and the availability of generic risk analyses to be able to expand these operations to other types of ships. 

During 2025, new risk analyses will be carried out to allow the supply of LNG to container ships, for which the port has already received interest from supply operators.

 

Photo credit: Port of Barcelona
Published: 7 February, 2025

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Shipping Corridor

Clear plan developed for Stockholm-Turku green shipping corridor

After a year of cooperation, Viking Line, Port of Turku and Ports of Stockholm said they have now laid a solid foundation for the green corridor project and developed a clear plan for a common way forward.

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Clear plan developed for Stockholm-Turku green shipping corridor

Viking Line, Port of Turku and Ports of Stockholm on Thursday (6 February) said they have now laid a solid foundation for a green shipping corridor project and developed a clear plan for a common way forward.

This comes after working together for a year on the project which aims to establish a green, fossil-free shipping corridor between Stockholm and Turku. 

On the anniversary on 6 February, the parties and a large number of invited stakeholders gathered for an open seminar in Turku, Finland. Results, experiences, challenges and opportunities were discussed based on the common goal of establishing a green maritime corridor between Stockholm and Turku by 2035.

Magdalena Bosson, CEO Ports of Stockholm, said: “We are very pleased with the cooperation and the work done during the first year.”

“We have been investing in onshore power supply infrastructure for ships for many years and Viking Line is one of the pioneers. Now we are further sharpening our goals together with the other parties to establish a fossil-free shipping corridor between Stockholm and Turku.”

Jan Hanses, CEO Viking Line, said: “We are proud to be part of this important co-operation project for a cleaner Baltic Sea. Our most significant investment so far is to offer all our passengers and freight customers biofuel for transport between Stockholm and Turku, reducing emissions for their journeys by 90%.”

“In addition, a possible battery installation and Elogrids, which reduces energy consumption, are important elements of our work in the coming years.”

Elogrids is a grid system installed on the ship's hull to reduce resistance and improve fuel efficiency. It optimises water flow and reduces turbulence, resulting in lower energy consumption.

Erik Söderholm, CEO Port of Turku, said: “A green shipping corridor gives us the opportunity to promote sustainable development and reduce the environmental impact of shipping.”

“During the past year, we have started more detailed planning of measures related to the green shipping corridor, such as updating our carbon footprint calculation and preparing for the development of charging stations for heavy traffic.”

During the first year, the parties have identified and prioritised the most important goals and measures to reduce carbon dioxide emissions in shipping. 

A clear project plan with activities has been developed, including:

Viking Line

  • Pre-study of battery installation on Viking Grace and Viking Glory
  • Installing Elogrids on the vessels
  • Increase sales of biogas supplements for transport between Stockholm and Turku

Port of Turku

  • Study and pilot project for onshore power supply at the quay
  • Zero emissions from Viking Line vessels at berth
  • Guidelines and incentives for port operators for zero emissions
  • In collaboration with external actors, develop concepts that link the green shipping corridor with sustainable transport from and to the port on land
  • Opportunity for shipping companies to bunker sustainable fuels

Ports of Stockholm

  • Zero emissions from Viking Line vessels at the quayside
  • In collaboration with external actors, develop concepts that link the green shipping corridor with sustainable transport from and to the port on land
  • Opportunity for shipping companies to bunker fossil-free fuels

 

Photo credit: Ports of Stockholm
Published: 7 February, 2025

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