Business

INSIGHT INTERVIEW: Bunker Holding reveals FY2017/18 growth strategy

Keld R. Demant, CEO of Bunker Holding Group, tells Manifold Times how the firm managed a 16% improvement in EBT to $40 million despite a challenged bunker market.

Published

8 years ago

July 2, 2018

Admin

Bunker Holding (BH) Group, part of Middelfart-based conglomerate United Shipping & Trading Company (USTC), Monday posted “massive growth” in both turnover and bottom line for its financial year FY2017/18.

The development was the result of careful planning and execution even before FY2017/18, Keld R. Demant, CEO of BH Group, tells Manifold Times.

“Looking into not just last year, there are already three major events that have brought us in to this position,” he says.

“First of all we have been reading the market and formulating a long lasting strategy for sustainable growth, not growth for the sake of growth, but only sustainable growth.”

Demant explained the majority of BH Group’s sustainable growth model consisted of external revenue (20%) coming from the price development in crude oil, whereas the firm sold “slightly” more marine fuel (between 3 to 4%) in FY2017/18 when compared to the earlier year.

“Secondly, the continual investment in staff such as retaining the good people on board, and at the same time spending a lot of money and time and effort training the new incoming people as made an impact,” he adds.

“Thirdly, we all know that marine and oil industry is very dynamic and having an owner [USTC] who understands these issues while having both the will and capability to capitalise on the opportunity has made a great difference.

“These are the major reasons why we have performed better than our peers [in the bunkering sector].”

BH Group noted “massive investments” in strategic IT platforms during FY2017/18; however, these investments were focused on improving the firm’s internal operations, rather than other fields.

“We were not investing in IT platforms like market-based solutions; what we were investing heavily is to ensure all our daily work will run efficiently. We know time is valuable in the shipping industry and what we want to have is a very lean operation so we can add value to our client’s operations while still making money,” notes Demant.

“Secondly, we have also invested heavily in business intelligence so we have very good data on what is going on, who is doing what, who should be granted credit, and who should we avoid credit so these are the two areas that we have invested in the last couple of years.”

The introduction of new bunker trading concepts in three areas during FY2017/18 have further improved BH Group’s operations, resulting in added bunker sales volume.

“We have Bunker ONE which merges our global physical activity into one concept brand; this has added a lot of extra volume because a lot of our clients were earlier unaware in how many destinations we could help them,” explains Demant.

“Secondly, a lot of our biggest clients worldwide have been positive about services we can now provide under the rebranded Bunker ONE Global Accounts, which were formerly called CGA (Corporate Global Accounts).

“Thirdly, we have entered the lube oil market and we have grown substantially and been successful in that area.”

Moving on, Demant says BH Group is well-prepared to help shipowners meet the 2020 sulphur limits for bunker fuels worldwide.

“First of all, we brought in Carlos Torres who was the former Global Head of BP Marine and he has endless knowledge on refineries on who can provide [compliant bunker] product,” he explains.

‘Secondly, we have conducted more than 100 meetings and interviews with clients to understand their current needs and how they see their needs in the future.

“Last but not least, we have spent a lot of time discussing with suppliers worldwide on how they can provide us with the right product when the time comes.

“All of these while making sure we are financially ready to meet the challenges which 2020 will bring.”

Photo credit: Bunker Holding Group
Published: 2 July, 2018

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

19 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

19 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

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.

Published

19 hours ago

July 21, 2026

Admin

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