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Selfinvest and USTC Group deliver highest consolidated financial result

Bunker Holding came out of the financial year with the Group’s second-best result to date despite challenges including the war in Ukraine and EU sanctions violations.

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Selfinvest, the Østergaard family office, and its operating company United Shipping and Trading Company (USTC) on Tuesday (21 June) announced their highest consolidated financial result to date with an EBT of more than DKK 1.22 billion (USD 172 million), nearly doubling revenue to DKK 120 billion (USD 16.96 billion). 

Bunker Holding came out of the financial year with the Group’s second-best result to date. Bunker Holding increased its EBT by 49% from DKK 445 million to DKK 664 million despite a year marked by instability in the form of rising raw material and energy prices and the war in Ukraine. 

The statement also noted the serious case of Bunker Holding and subsidiary Dan-Bunkering which were convicted of inadvertently violating EU sanctions on Syria in December 2021, which greatly affected the company financially:

  • For the financial year 2021/22, revenue increased by 81 percent to DKK 120 billion compared with the previous financial year 
  • Earnings before tax (EBT) increased from DKK 621 million in 2020/21 to DKK 1.22 billion in 2021/22 
  • Profit was largely driven by solid investment activities in Selfinvest and strong performance by USTC companies Bunker Holding, SDK FREJA, CM Biomass, each delivering a three-digit million EBT 
  • It was a challenging year marked by the aftereffects of the global pandemic, a rise in energy prices, and disrupted value chains 
  • Another milestone was reached as the Group now employs more than 4,000 people globally 

Selfinvest and USTC Group deliver highest consolidated financial result

Selfinvest managed to increase momentum and growth despite a year characterised by volatility. The Group’s profit was largely driven by Selfinvest’s financial investments and impressive results from USTC companies Bunker Holding, SDK FREJA, and CM Biomass.  

“We are very proud of the result that we can present for the 2021/22 fiscal year. The company’s EBT is very impressive and amounts to more than DKK 100 million per month. This past year was challenging in many ways, but our growth strategy has yet again proven very successful. I am particularly pleased by how all our internal and external stakeholders have supported us through a difficult year,” says co-owner Torben Østergaard-Nielsen. 

In recent years, the Group has pursued a comprehensive growth strategy to widen and strengthen its portfolio through diversification. USTC has grown several of its entities, which solidifies and strengthens its position. In addition to expanding its market positions, the Group has grown its employee base to more than 4,000 globally.  

Bunker Holding landed a very satisfactory result. Volume grew by 3 percent while EBT increased 49 percent to DKK 664 million. 

2021/22 was SDK FREJA’s first consolidated financial year with FREJA fully integrated, and the company announced its finest financial performance to date on the backdrop of congestion in global logistics chains. SDK FREJA increased EBT by 294 percent to DKK 244 million. 

While the global market for wood pellets has been heavily undersupplied, CM Biomass maintains momentum with a 78 percent increase in volume and an EBT of more than DKK 170 million. Unit IT experienced growth with the acquisition of solvo it, increasing Unit IT’s revenue by more than 25 percent to DKK 202 million. Selected Car Leasing presents its best result to date with a revenue of DKK 1.4 billion, which is an 87 percent increase in revenue compared to the previous fiscal year. In a hard-pressed tanker market, Uni-Tankers delivered an increase in revenue by more than DKK 200 million. 

Selfinvest has sustained its upward trajectory through its investment across five portfolios, including direct investments in growth companies, real estate and private equity funds, as well as equities and bonds. The return on the invested capital is 19 percent, which is very satisfactory as the Group has managed to expand momentum despite challenging market conditions especially towards the end of the fiscal year. Selfinvest has gradually achieved a robust portfolio through risk diversification, and the result must also be seen in the light of the long-term investments the Group has made in recent years. 

Selfinvest and USTC Group deliver highest consolidated financial result

IN THE WAKE OF A CHALLENGING YEAR 

Due to strong business acumen, the Group’s entities succeeded in navigating through a turbulent year mainly characterised by the aftereffects of the global pandemic, global supply chain disruptions and congestions, and a rise in raw material and energy prices. 

Following the tragic events of the invasion of Ukraine by Russia, USTC entities have also closed several offices and terminated business and operations with and in Russia.  

“We are very experienced in adapting to new market circumstances as they arise, even during challenging times. Our ability to make quick and agile decisions at the right time has been instrumental in securing an impressive financial performance. Our result is very much a testament to our capable and dedicated employees who have pulled together and worked so hard to ensure we have stayed the course and landed this great result,” says Torben Østergaard-Nielsen. 

Bunker Holding 

Bunker Holding came out of the financial year with the Group’s second-best result to date. Bunker Holding increased its EBT by 49 percent from DKK 445 million to DKK 664 million despite a year marked by instability in the form of rising raw material and energy prices and the war in Ukraine. In December 2021, Bunker Holding and subsidiary Dan-Bunkering were convicted of inadvertently violating EU sanctions on Syria. A serious case that has taken a heavy toll in terms of resources and also financially. The entire organisation has learnt from the case, and Bunker Holding has further strengthened its compliance and sanctions systems across the Group. Bunker Holding has expanded its position as the world’s leading bunkering company with a volume growth of 3%, which is a strong indication that it continues to enjoy the support of all stakeholders.  

SDK FREJA 

SDK FREJA is a full-service logistics and shipping company with 1,350 employees and operating in eight countries. SDK FREJA’s main activities include freight forwarding within Road, Air & Sea, Project, Logistics, as well as Stevedoring, Agency, Customs Clearing, Commercial Chartering, Liner and Cruise services. The financial year 2021/22 was a milestone for SDK FREJA with the company’s first consolidated financial report and the best result to date. EBT grew to 244 million from 62 million compared to the previous fiscal year, corresponding to an increase of 294 percent. At the same time, revenue increased by 128 percent to DKK 6 billion. 

CM Biomass

CM Biomass works with a variety of clients across several markets trading more than 3.5 million tons of industrial and premium grade pellets per year. CM Biomass, which employs more than 145 dedicated professionals in 10 countries, grew from the family-owned Copenhagen Merchants Group; both of which are under management by second generation owner Simon Rodian Christensen. CM Biomass can present a revenue of more than DKK 3 billion and an EBT of DKK 170 million in the period from when USTC became the majority owner.   

Uni-Tankers 

Uni-Tankers is a leading tanker shipping company in the intermediate and small tanker segment. The fleet is one of the youngest in its core market and comprises more than 40 owned and chartered modern and flexible product and chemical tankers. The company has offices in Denmark, Turkey, France, and the US. Despite a tanker market defined by very low rates, Uni-Tankers was able to increase revenue this financial year to DKK 1,461 from DKK 1,250 million last year. EBT was a negative DKK 33 million. Uni-Tankers finished the year very strongly with the last three months delivering positive net income. The outlook for the current fiscal year is very positive. 

Unit IT 

Unit IT includes a wide range of advanced services in infrastructure and private and public cloud solutions, including specialist units in cyber security, business intelligence, and data platform. Unit IT is based in Denmark and has six offices across the country. Unit IT can present an EBT of DKK 21.9 million for the financial year 2021/22. Unit IT are very satisfied with the result, which is characterised by growth through acquisitions and expansion of business areas. At the same time, revenue grew 26 percent to DKK 202 million compared to 2020/21. 

Selected Car Group 

Selected Car Group is a car universe that consists of Selected Car Leasing, which specialises in leasing cars within the premium segment, and Selected Car Investment, which buys and sells investment cars worldwide and in addition offers investment funds where new and existing customers can invest in a unique portfolio of cars. Selected Car Group’s third business is Selected Car Collection, which houses one of Europe’s finest car collections and facilitates events. 

2021/22 marked a new record year for Selected Car Leasing. Now Denmark’s largest leasing company within the luxury and sports segment of cars, Selected Car Leasing can for the first time present an annual result with a revenue of more than DKK 1 billion. Selected Car Leasing achieved a substantial 87 percent growth in revenue compared to the last fiscal year and an EBT of DKK 20 million, corresponding to an increase of 65 percent. 

The current financial year has come off to an outstanding start for Selfinvest and USTC, and although we foresee a challenging year, our expectations for financial year 2022/23 are positive. 

Related: United Shipping and Trading Company welcomes Nina Østergaard Borris as new CEO
Related: Bunker Holding Global Head of Commercial Operations departs for CM Biomass CFO position

Note: Past articles regarding Bunker Holding and Dan-Bunkering’s court case can be found here

 

Photo credit: USTC
Published: 22 June, 2022

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China: Chimbusco and BJEC enter green methanol cooperation agreement

Document was signed between Ding Lihai, deputy general manager of Chimbusco, and Li Jianjun, deputy general manager of BJEC.

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Chimbusco x BJEC MT

China Marine Bunker (PetroChina) Co.,Ltd. (Chimbusco) and POWERCHINA Beijing Engineering Corporation Limited (BJEC) on Thursday (3 July) formally entered into a green methanol strategic cooperation framework agreement.

The document was signed between Ding Lihai, deputy general manager of Chimbusco, and Li Jianjun, deputy general manager of BJEC.

BJEC, a subsidiary of China Power Engineering Group, is experienced in the survey, design, construction and technology research and development of large-scale renewable energy projects.

Moving forward, the two parties said they will respectively focus on their core advantages and work together to promote the production, supply, storage and refuelling of green methanol as an energy source to help support the low-carbon transformation of the shipping industry.

Ding Lihai said: “The shipping industry is one of the important sources of global carbon emissions. Promoting low-carbon fuel is the key to the transformation of the industry. As the main force in the supply of bunker fuel, Chimbusco has been committed to expanding its clean fuel supply capacity. The cooperation with BJEC will integrate the advantages of green energy development and fuel supply, accelerate the large-scale application of green methanol, and meet the needs of shipping companies for clean fuel. We look forward to providing effective solutions for the green transformation of the shipping industry through the joint efforts of both parties.”

Li Jianjun said: “Implementing the ‘dual carbon’ goal is an important responsibility of enterprises. BJEC has accumulated strong technical strength in the field of green energy. This cooperation with Chimbusco will focus on the entire industrial chain of green methanol, from raw materials, production to supply, to provide clean and sustainable fuel solutions for the shipping industry. The complementary advantages of both parties will promote the rapid development of the green methanol industry and inject strong impetus into the low-carbon transformation of the shipping industry.”

 

Photo credit: China Marine Bunker (PetroChina) Co.,Ltd.
Published: 8 July 2025

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Towngas and Royal Vopak collaborate to expand green methanol supply chain network

‘Towngas has recently completed a 6,000-tonne green methanol bunkering project, the largest in Asia,” said its Chief Operating Officer – Green Fuel and Chemicals.

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Towngas x Royal Vopak MT

Hong Kong and China Gas Company Limited (Towngas) and Vopak China Management Co., Ltd. (Royal Vopak) on Tuesday (8 July) said both recently signed a strategic framework cooperation agreement to collaborate in areas such as green methanol production, storage, bunkering, and trading etc.

Focusing on the Chinese mainland, Hong Kong, and Asia-Pacific markets, both parties are joining forces to expand an efficient green methanol supply chain network and support the shipping industry’s low-carbon transition.

The two parties will capitalise on their respective strengths to expand the supply network of green methanol.

Towngas employs proprietary technology to convert agricultural and forestry waste as well as scrap tyres into green methanol, and has obtained multiple international certifications and provides a sufficient supply of green methanol for maritime fuel bunkering.

Royal Vopak provides green methanol storage and terminal services with its comprehensive storage and terminal infrastructure and coastal port network advantages.

Together, the two parties will achieve efficient resource allocation and ship green methanol to the Greater Bay Area, East China, South China, and the broader Asia-Pacific markets, further expanding the green methanol supply chain network.

Towngas and Royal Vopak will further develop multiple areas of regional cooperation, including in the Greater Bay Area. By leveraging the strengths of the ports in Hong Kong, Shenzhen, and Guangzhou, the partnership will focus on “production and storage synergy” as its core to strengthen cooperation around logistics and terminal facility construction, and to build an integrated green methanol storage and transportation network.

In East China, the two parties will centre their collaboration in Shanghai and Ningbo, two major international ports, to further strengthen cooperation in logistics storage and bunkering facility construction to meet the growing demand for green fuels at both ports.

In the Bohai Bay region, with Tianjin as the strategic hub, Towngas will transport green methanol produced at its northern China production base to Royal Vopak’s local storage tank farm, then achieve resource allocation through the Royal Vopak’s distribution network, supporting the supply of green methanol from northern China to the national and Asia-Pacific markets.

The two parties will also target key export markets, such as Singapore, Vietnam, Japan, and South Korea, to accelerate overseas expansion and boost the market competitiveness of clean energy in the Asia-Pacific region.

“Towngas has recently completed a 6,000-tonne green methanol bunkering project, the largest in Asia,” said Sham Man-fai, Towngas Chief Operating Officer – Green Fuel and Chemicals.

“It was completed with the support of Royal Vopak’s Tianjin storage tank farm facilities, laying a solid foundation for this partnership.

“Towngas’s Inner Mongolia green methanol plant is set to increase its annual capacity from 100,000 tonnes to 150,000 tonnes by the end of this year, with plans to further expand to 300,000 tonnes by 2028. Together with Royal Vopak’s storage and terminal services infrastructure and coastal port network, the two parties will build a comprehensive green methanol supply chain network.”

 

Photo credit: Hong Kong and China Gas Company Limited
Published: 8 July 2025

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SEKAVIN starts new physical supply operations in the port of Istanbul and Izmit Bay

Operation is supported by three marine refuelling barges; namely Tarabya-E, Beykoz- E, and Kalamis-E.

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SEKAVIN BARGE

Piraeus-based bunkering firm SEKAVIN on Monday (7 July) said it has recently started new physical supply operations in the port of Istanbul and Izmit Bay.

The operation is supported by three marine refuelling barges; namely Tarabya-E, Beykoz- E, and Kalamis-E. The bunkering vessels have successfully completed numerous deliveries to seagoing vessels.

According to SEKAVIN, Istanbul represents one of the world’s most strategic and challenging maritime environments. The country sees more than 43,000 annual Bosphorus passages and delivers roughly 2 million metric tons per year in bunkers to receiving ships.

In a statement to Manifold Times, John Tsogas, Global Head of Bunkering at SEKAVIN, noted his company intends to offer partners “a very reliable and flexible service” covering the Northeast Med with Istanbul.

The development is in combination with the bunkering firm’s current physical operations in Syros port, together with their traditional Piraeus physical operations which have been carried out for almost 50 years.

Related: SEKAVIN and GCL to strengthen marine fuel supply and logistics in key bunkering hubs

 

Photo credit: SEKAVIN
Published: 8 July 2025

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