International bunkering firm KPI OceanConnect on Tuesday (28 June) reported its fiscal performance for the financial year 2021/22 with a “significant volume increase” across Asia, with Hong Kong and China volumes 65% and 20% higher respectively.
The company said this was due to fewer restrictions on bunker-only calls.
Its overall revenue improved slightly to USD 2.94 billion, from USD 2 billion in 2020/21, maintaining its market share.
Annual earnings before tax (EBT) also increased from USD 15.1 million to USD 15.4 million.
Søren Høll, CEO at KPI OceanConnect, commented: “We are very pleased to report such solid financial results, despite the uncertainty within the market, and on the back of a global pandemic. It shows the strength of our consultative and partnership-based approach, our reputation for being a trustworthy and reliable partner, as well as the hard work of the entire global team at KPI OceanConnect.”
2021 saw many significant developments for KPI OceanConnect as the company continued to support its partners to meet the challenges of the global pandemic, accelerate the drive for decarbonisation, support the demands for increased transparency in the supply chain, and empower change through diversity and inclusivity.
Two significant milestones on the sustainability front include the successful delivery of one of the first carbon offset transactions in the bunkering sector, and the launch of a dedicated Alternative Fuels and Special Projects division led by industry expert Bill Wakeling. The new division has significantly expanded the company’s future fuels expertise and capabilities, as well as enhanced sustainability in its supply chains. The company is actively working in partnership with clients to support and guide the development of future fuels strategies that achieve net-zero emissions and meet sustainability goals.
Søren Høll continued: “As the market continues to rapidly change and becomes increasingly complex, it is clear that ship owners and operators need expert counsel founded on in-depth knowledge and insight into how the energy transition and future fuels market impact their businesses. In conjunction with our financial strength, ability to innovate, and global focus, we have the capability to ensure fuel procurement strategies help our clients meet the needs of their operations and continue to thrive as the market transforms.”
As part of its commitment to diversity and inclusivity in shipping, KPI OceanConnect launched its ‘Women in Shipping’ initiative to drive awareness of the many great career opportunities that exist in the shipping industry, and to highlight how an informed, inspired and connected workforce delivers more added value for the business and its partners.
The initiative is part of KPI OceanConnect’s journey to attract more women into the industry, driving greater gender balance and demonstrating how an inclusive, diverse and supportive organisation can deliver more innovation and dynamic thinking, which in turn stimulates effective, high performance working environments and empowers change.
Looking ahead, KPI OceanConnect remains a financially strong counterpart, and is well positioned to lead partners through the green transition by consulting on new fuels and carbon offsets – whether voluntary or mandatory – while also delivering innovative initiatives that will bring positive change to the whole industry, according to the firm.
Photo credit: KPI OceanConnect
Published: 29 June, 2022
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