Bunker Holding Group, part of USTC (A/S United Shipping & Trading Company), posted “massive growth” in both turnover and bottom line for its financial year 2017/18, it says.
The Group sold “slightly” more marine fuel and delivered a 16% improvement in earnings before tax (EBT) to USD 40 million despite a challenged bunker market.
“This year’s result is very satisfactory and fully in accordance with our expectations not least considering the challenging market we operate in,” says CEO, Bunker Holding Group, Keld R. Demant.
“Once again, we have been able to grow in a retracting market, manage risk with great confidence and sustain a healthy business in a period of aggressive competition. Bunker Holding Group is in better shape than ever before.”
He notes the year’s results was achieved despite massive investments in strategic IT platforms and increasing costs due to a weak U.S. dollar.
In addition, Bunker Holding Group was able to invest in several new concepts launched during the financial year which have been very well received by the market.
“While other bunker companies have been forced to resort to not satisfying results, Bunker Holding Group has been able to attain a healthy and sustainable business, harvesting on the capital structure and size we possess,” says Demant.
“We constantly gaze towards future business opportunities and are ready for any changes the industry may undergo. Our ambition is to grow steadily – driven by opportunity, not necessity.”
The group says it is well-prepared to meet the sulphur limits for bunker fuels worldwide and welcomes the changes in the industry from 2020.
Moving forward, it expects to improve its result for the financial year 2018/19 due to the potential effect of the company’s strategic initiatives and some slightly improved market conditions in the horizon for the entire shipping industry.
Performance of Bunker Holding Group
| USD m | 2017/18 | 2016/17 |
| Revenue | 8,153 | 6,459 |
| Earnings before tax | 40 | 35 |
| Earnings after tax | 31 | 27 |
| Equity | 254 | 253 |
| Solvency ratio | 20% | 24% |
| Average number of employees | 631 | 630 |
Photo credit: Bunker Holding Group
Published: 2 July, 2018
Kwek Kee Seng, director of the Swanseas Port Services, engaged in an extensive scheme to evade U.S. and U.N. sanctions by covertly transporting fuel to North Korea in violation of U.S. law.
‘We look forward to welcoming key leaders from around the world to Singapore next October,’ says MPA.
‘Our crew ensured the vessel was biofuel-ready and the trial conducted safely,’ says Rajesh Unni, Founder and CEO of Synergy Marine Group.
Vessel has been developed through a joint development project (JDP) between KR, KMS EMEC, and Singaporean shipping company Navig8, it said.
‘Malaysia's shipping operations seem to be intact, similar to when Singapore went into lockdown, so I don't expect much impact,’ said one local trader.
In a contracting market, the Group increased its volume, gained market share, and strengthened its position as the world’s leading bunkering company.
Glander International Bunkering (Norway) AS seeking payment of USD 115,963.52 (not including contractual compensation and interests) from the vessel’s demise charterer, according to court documents.
“In TotalEnergies, we already have projects along the e-Fuel value chain, from green electricity and green / blue hydrogen to e-Fuel production that will be integrated along the marine fuels value chain in time to come,” shares Louise Tricoire.
Buyers can nominate deliveries on platform and plan operations together with suppliers following ‘one single truth’ concept with all players aware of what has been agreed when and by whom, says DNV spokesman.
Rotterdam’s intention to mandate the usage of MFMs goes down well with licensed bunker supplier VT Group; MFM providers supportive of move but stressed continuous monitoring is needed for optimum performance.
Cost of alternative bunker fuels, bunker operations and technology advancement are some considerations to be examined by the maritime industry, says Neo, director of SDE International Pte Ltd.
Kim Hyung Joon and Han Donghoon were planning to join the Singapore entities of Hartree Group - either Hartree Partners Singapore Pte Ltd or Hartree Marine Fuels - in October, discovered management.
