Independent marine energy solutions provider KPI OceanConnect on Monday (21 June) announced its fiscal performance for 2020-21 with a volume increase of 26.5% compared to the previous year, and increased market share in a volatile market.
Revenue remained stable at USD 2 billion and the Earnings Before Tax (EBT) at USD 15.1 million, an expected small decrease due to the one-time costs of the merger and the challenges caused by the pandemic worldwide.
The company noted the creation of KPI OceanConnect to be “timely” in relation to the new market dynamics and increased volatility experienced in the marine fuels space. KPI OceanConnect was well-positioned to navigate the dual challenges of Covid-19 and IMO 2020, and also to guide business partners through the resulting uncertainties.
“2020 was a challenging yet rewarding year. We owe the success of our merger to our dedicated, skilful and agile team. Considering the scale and complexity of the merger we effected during the pandemic and the inevitable organisational changes and costs, I’m extremely pleased with our bottom-line result,” commented Søren Høll, CEO of KPI OceanConnect.
“Our people have met the challenges of the pandemic extremely well, not only in relation to the merger but across the board. Although many have been working from home for long periods under difficult conditions, our team has maintained a great fighting spirit and exceeded our expectations in terms of what’s possible to achieve during such challenging times. I am proud of our people – they have made all the difference over the past year.”
“The added value for shipowners, operators, and charterers of partnering with us is that we build long-term partnerships through our people-first approach, focusing on adding value and providing bespoke solutions, as well as having unparalleled financial strength. These pillars enable us to deliver advanced marine energy solutions on a global scale.
“We guided our partners through IMO 2020 very well, notwithstanding the challenges from Coronavirus and regulatory change, and now we are looking ahead to the 2030 and 2050 targets. We have already completed our first decarbonisation transaction, which demonstrates our commitment to shipping’s sustainability goals and our long-term partnership approach. Going forward, we are dedicating further resources to developing our marine fuels mix as we work in partnership with our clients to safely risk manage their future fuels choices.”
In the year ahead, KPI OceanConnect will also continue to focus on delivering excellence and creating added value for its partners through innovation, digitalisation, and increased effectiveness of the organisation.
Related: KPI OceanConnect: Transparent partnerships will guide shipping towards 2030 and 2050
Related: KPI OceanConnect: What the global bunkering industry should expect in 2021
Related: KPI OceanConnect: Modern bunker traders need to act as trusted partners after 2020
Photo credit: KPI OceanConnect
Published: 22 June, 2021
‘Economics of the shipping market will be the key driver enabling methanol to be adopted at a higher pace going forth over next couple years as market begins to return to more normal rates,’ states COO.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
Livestock carrier also involved in earlier bunker claim with Glander International Bunkering due to remaining unpaid fuel bill of approximately USD 116,000, according to court documents obtained by Manifold Times.
A blend of standard MGO and biodiesel, MGO B20 is distributed at the company’s floating kiosk CNC 5 which is located off the buoy of West Coast Pier; PS Energy has been stamped with globally recognised ISCC.