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KPI OceanConnect earnings surge more than three-fold in FY2022/2023

Growth in both market share and profit was strongly supported by Bunker Holding’s key account management unit BOGA and KPI OceanConnect joining forces in 2022.

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Anders Gronborg

Marine energy solutions provider KPI OceanConnect on Tuesday (18 July) has announced its results for the financial year 2022/2023 with earnings before tax increasing from USD 15.4 million the previous year to USD 49 million and revenue jumping from USD 2.94 billion to USD 5.87 billion.

KPI OceanConnect also saw an increase in volume of 50%.  

Growth in both market share and profit was strongly supported by Bunker Holding’s key account management unit BOGA and KPI OceanConnect joining forces and operating under the name KPI OceanConnect in 2022. 

The appointment of CEO Anders Grønborg further strengthened the company’s focus on its unique partnership approach, digitalisation and value-adding services, especially within the green offering.

Anders Grønborg, said: “The robust results for the year demonstrate KPI OceanConnect’s position as a preferred partner for the shipping industry during a period of uncertainty and market volatility. It is also an expression of KPI OceanConnect’s commitment to providing innovative solutions, transparency and added value to our partners.”

KPI OceanConnect made significant strides in its digitalisation drive during the year, closing around a fifth of its revenue through its AuctionConnect platform and successfully completing the first digital marine fuels deal outside Singaporean waters on SGTraDex, a digital marine fuels trading platform.

The recently announced partnership with Deloitte and ZTLment to ensure carbon credit integrity and transparency in the shipping value chain using blockchain technology further emphasises KPI OceanConnect’s commitment to innovation.

Anders added: “Looking ahead as the shipping industry continues to transform, KPI OceanConnect is well positioned to lead the way as it remains a financially strong and innovative counterpart, offering expertise, resources and global capabilities, as well as counsel clients on all aspects of the marine fuels supply and value chain. Beyond financial performance, the company’s wide range of ESG initiatives and especially its track record on diversity showcases its commitment to sustainability and social responsibility, fostering positive change for the whole industry.”

KPI OceanConnect continued to advocate the importance of diversity, equity, and inclusivity in the industry. Through the Women in Shipping campaign, the company aims to empower the voices of women in the sector and raise awareness of the excellent career opportunities that exist in shipping.

During the year, KPI OceanConnect invested in a series of global initiatives, including 20 weeks paid parental leave for all employees, stress and wellbeing, grandparental leave and stepped retirement.

KPI OceanConnect also continued its successful engagement of local stakeholders and communities through its “50for50” campaign, donating USD 50 for every deal for 50 days, which raised USD 110,000 for local organisations supporting environmental and social causes as selected by employees in each office.

In 2023, KPI OceanConnect launched its annual “get fuelled” talent programme, designed to provide young professionals with a structured education and skills for a successful career in the marine fuels industry. This initiative seeks not only to develop key competences and knowledge of the marine fuels supply chain, but to also to instil ethical business values while fostering a profound understanding of the sustainable solutions and the expertise needed to guide shipping through the green transition.

Related: Bunker Holding’s key account management unit BOGA and KPI OceanConnect to join forces
Related: KPI OceanConnect reports significant increase in bunker sales volume across Asia
Related: KPI OceanConnect, Deloitte and ZTLment partner on using blockchain in shipping value chain
Related: PIL and partners complete first SGTraDex digital bunker fuels deal outside Singapore waters

 

Photo credit: KPI OceanConnect
Published: 19 July, 2023

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Bunker Fuel

China: Zhoushan to host 7th IPEC commodities, bunker conferences on 16 to 17 October

Global marine bunker development will be among main topics of discussion at the 7th International Petroleum and Natural Gas Enterprises Conference (IPEC).

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China: Zhoushan to host 7th IPEC commodities, bunker conferences on 16 to 17 October

The 7th International Petroleum and Natural Gas Enterprises Conference (IPEC) is taking place at Zhoushan, Zhejiang province, China between 16 to 17 October.

 The agenda, provided by the Zhoushan High-tech Zone Administrative Committee to foreign event media partner Singapore bunkering publication Manifold Times, is as follows:

16 October

  • Registration and sign-in for participating guests
  • Meetings between Zhejiang Provincial and Zhoushan Municipal leaders with VIPs

17 October

Morning

Plenary Session of the Conference (Oriental Hall, Zhoushan International Conference Center)

  • Leader’s speech, guest keynote speech, signing of major projects

China: Zhoushan to host 7th IPEC commodities, bunker conferences on 16 to 17 October

Discussion Topics [*17 October, 2pm to 5pm]

Global marine bunker development*
Location: Haitian Hall, Haizhongzhou International Hotel, Zhoushan
“Global Marine Fuel Development” Focus Topic Meeting (Haitian Hall, Haizhongzhou International Hotel, Zhoushan)

14:00-14:05 - Opening of the Meeting

14:05-14:15 - Speech by Leaders

14:15-14:30 - Announcement of "Top Ten Global Bunkering Ports" and "Top Ten Global Bunkering Companies"

14:30-14:40 - Announcement of Construction Work of Northeast Asia Bonded Marine Fuel Bunkering Hub

14:40-14:50 – Launch ceremony of Zhoushan "White-list" Bunker Barge Mass Flow Meter System Pilot Certification Programme

14:50-15:10 - Signing Ceremony

15:10-16:10 - Keynote speech

16:10-16:35 - Coffee break

16:35-17:05 - Roundtable forum (Topic: Facing green and low-carbon transformation in global shipping, how do marine fuels change in response to the trend?)

17:05-17:35 - Roundtable forum (Topic: The road to develop high-quality offshore fuel bunkering metering under the new developments)

17:35-17:40 - Moderator’s summary

Utilising financial innovation, futures and spot cooperation to promote the construction of a hub for the allocation of bulk commodity resources*
Location: Putuo Hall, Zhoushan International Conference Center

Open development of global shipping trade*
Location: Donghai Hall, Hilton Zhoushan

International iron ore trade development*
Location: Banquet Hall 1/3, The Westin Zhujiajian Resort, Zhoushan

Development of China's new chemical materials industry during the “15th Five-Year Plan”*
Location: Banquet Hall 1/3, The Westin Zhujiajian Resort, Zhoushan

Development of non-ferrous metal mining industry*
Location: Lianhua Ocean Hall, Hilton Zhoushan

16 and 17 October
International maritime law of the free trade port (zone)
Location: Fortune Hall, Zhoushan CaiFu Hotel

 

Photo credit: Zhoushan High-tech Zone Administrative Committee
Published: 11 October, 2024

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Alternative Fuels

SIBCON 2024: Vitol anticipates securing LNG bunker licence in Singapore

‘It would be unthinkable not to deploy at least one of the three barges Vitol has on order in Singapore,’ says Vitol’s Head of Asia Mike Muller during a panel discussion.

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SIBCON 2024: Vitol anticipates securing LNG bunker licence in Singapore

Energy trader Vitol’s Head of Asia Mike Muller on Wednesday (9 October) said the company is anticipating being granted a LNG bunker licence in Singapore soon. 

“It would be unthinkable not to deploy at least one of the three barges Vitol has on order in Singapore,” he said. 

Mike Muller made the announcement during the Viewing the Energy Transition Through the Lens panel discussion at the 23rd Singapore International Bunkering Conference (SIBCON).

“We expect to see growth in LNG use as a bunker fuel for at least another decade, and probably longer,” he added. 

On the increasing uptake of biofuels, he said Vitol is seeing demand for biofuel blended bunkers in Singapore roughly doubling every year at the moment, heading for around 1 million mt this year and maybe 2 million mt next year. 

“Demand for 100% biofuel from shipping customers is also starting to pick up as of this year and we have led the way in commissioning new IMO type 2 barges to fulfil this demand - indeed an important Asian customer of ours has taken three deliveries of B100 UCOME biofuel just in recent weeks here in Singapore,” Muller explained. 

Manifold Times previously reported Vitol securing three LNG Bunkering Vessels (LNGBV) through its shipping company, Vitol International Shipping Pte Ltd (VIS).

The vessels were secured via a seven to ten year time charter agreement with Avenir LNG Limited (Avenir) and an order for two vessels at the CIMC Sinopacific Offshore & Engineering Co. Ltd shipyard in Nantong, China.

The time charter agreement with Avenir is for one newbuild 20,000m3 LNGBV. The time charter will commence at delivery from the shipyard in China in Q4 2026 and will serve a period of seven years with options to extend up to ten years in total

Vitol also ordered one 12,500 m3 and one 20,000 m3 LNGBV at the CIMC SOE shipyard in China. The vessels will be delivered in Q4 2026 and Q3 2027 respectively.

Related: Vitol secures LNG bunker vessel trio with time charter deal and newbuilding order

 

Photo credit: Vitol
Published: 11 October, 2024

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Bunker Fuel

SIBCON 2024: Bunker players sign SCMA pledge to drive progress within Maritime Singapore

Bunker players involved include Consort Bunkers, Equatorial Marine Fuel, Golden Island, Hong Lam Marine, Kenoil Marine Services, Marubeni International Petroleum and Sinopec Fuel Oil.

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SIBCON 2024: Bunker players sign SCMA pledge to drive progress within Maritime Singapore

Some 10 bunker players on Tuesday (8 October) signed a pledge with Singapore Chamber of Maritime Arbitration (SCMA) at the 23rd Singapore International Bunkering Conference and Exhibition (SIBCON).

The bunker players involved are Consort Bunkers Pte Ltd, Equatorial Marine Fuel Management Services Pte Ltd, Fratelli Cosulich Bunkers (S) Pte Ltd, Global Energy Trading Pte Ltd, Golden Island Pte Ltd, Hong Lam Marine Pte Ltd, Kenoil Marine Services Pte Ltd, Marubeni International Petroleum (S) Pte Ltd, Sinopec Fuel Oil (Singapore) Pte ltd and Victory Pte Ltd.

SCMA and the pledgees will work together to promote and enhance the capabilities  and opportunities within the Maritime Singapore community and ecosystem.

Among the aspirational goals embodied by the SCMA Pledge is that the pledgees give preferential consideration, where appropriate, for the use of the SCMA Arbitration Rules for the resolution of their maritime or international trade disputes.

The bunker players may also use its best endeavours to support the Maritime Singapore community and ecosystem, including contributing to the development and dissemination of best practices as well as providing support and opportunity to young maritime legal and dispute resolution professionals in the form of internships, mentorships, and educational seminars aimed at fostering the next generation of maritime leaders.

SCMA, a specialist arbitration institution, is the only arbitration institution in Singapore focused on maritime and international trade disputes.

It offers the maritime and international trade sectors a set of arbitration rules and guidelines which are flexible and cost effective.

Users of SCMA arbitration include maritime companies, international traders and commodity companies for the resolution of their disputes such as those involving charterparty, bunker, commercial sales, cargo, oil and gas, shipbuilding and ship repair.

 

Photo credit: Singapore Chamber of Maritime Arbitration
Published: 11 October, 2024

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