United Shipping and Trading Company (USTC) on Wednesday (23 August) said it has moved Energy hedging company Global Risk Management (GRM) from its status as part of Bunker Holding Group to an independent company on equal terms as part of USTC’s growing portfolio of companies.
USTC said the decision was made following GRM’s successful implementation and positive results of a five-year strategy, launched in Spring of 2021, focusing on growth, agility, and cleaner energy.
The decision to make GRM an independent company has no influence on the day-to-day operation of GRM but is a strong signal of USTC’s ambitions for the energy and risk management company, said UCTC.
“When acquiring companies like CM Biomass and Freja Transport & Logistics, we’re always looking for ways to create positive synergies between our companies. In doing this GRM is an important piece to the puzzle. GRM spearheads a business area that we can utilize in a broader sense to our entire organisation,” said Jakob Schultz Nielsen, CFO of USTC.
GRM’s core deliveries, such as risk management and energy hedging, are aimed towards clients with large consumption or resale of energy, especially in the medium sized segment of the transport and production industries, and with a need to safeguard themselves from price fluctuations. The kind of risk management that the events of late with incredibly volatile pricing have emphasized the need for.
In addition, a growing business area for GRM has also been the conveying of CO2 quotas.
“Today aviation and heavy industry, among others, face growing legal requirements for CO2 compensation. In the foreseeable future we expect these demands to also encompass the shipping industry, something that underlines the positive synergies GRM has to offer the USTC portfolio of companies,” said Peder D. Møller, CEO of Global Risk Management.
“It’s an obvious strategic move to put GRM on equal footing as the rest of the companies in the USTC Group, as it gives us further options to offer our sister companies support and added value, while at the same time utilizing the added volume to provide our external clients with an even better service.”
Photo credit: United Shipping and Trading Company
Published: 24 August, 2022
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