Business

Ultimate parent company of Bunker Holding records $150 million profit for FY 2019/20

Bunker Holding Group does not expect a repeat of the good results for the new financial year 2020/21 due to decline in world trade and markets.

Published

6 years ago

July 1, 2020

Admin

Middelfart-based Selfinvest, which includes global group A/S United Shipping & Trading Company (USTC), on Wednesday (1 July) presented a record financial statement for 2019/20 with a pre-tax profit of approximately DKK 1 billion (USD 150 million).

SelfInvest profits

USTC’s subsidiaries, which includes the Bunker Holding Group, and its car activities have all contributed to this year’s growth with strong results despite the impact of the Coronavirus crisis in the final months of the financial year, according to Selfinvest.

However, the outlook for the coming year is more uncertain, it notes.

“It is in every way a remarkable result, borne of the fact that our companies have succeeded in taking advantage of the special market conditions the year offered,” says Selfinvest’s CEO and founder Torben Østergaard-Nielsen.

“This is particularly true in the Bunker Holding Group but also for our tanker shipping company Uni-Tankers, which can deliver a good result on top of last year’s negative figures.”

Bunker Holding Group

Bunker Holding, the USTC Group’s largest business unit, doubled its bottom line compared to the previous year.

The development represents an amazing result that reflects the Bunker Holding Group’s preparations for the period after January 2020, when the new environmental requirements for low-sulphur fuels came into force, said Selfinvest.

“The preparations were unparalleled in the industry and benefited the Group particularly in the last few months prior to the phase-in,” it notes.

“Here, Bunker Holding cemented and strengthened its position in the market. Subsequently, the Group’s resilience, stamina and not least risk management have been tested by the trade war, the lowest oil price in nearly 20 years and the COVID-19 pandemic.

“So, despite Bunker Holding being strongly positioned in ‘the new normal’, the Group does not expect a repeat of the good results for the new financial year 2020/21, especially due to the decline in world trade and markets that are still heavily affected by the Coronavirus crisis.”

Uni-Tankers

Uni-Tankers, USTC’s tanker shipping company, achieved its best result in four years.

The company is beginning to see the impact of the last two years’ initiatives aimed at bringing the business back into the black.

The full impact is still expected to materialise only in the 2020/21 financial year, but Uni-Tankers has also benefited from the good market conditions for the tanker market in the last quarter of the financial year, where both the low oil prices and rising tank rates positively affected the market.

At the same time, the company’s fleet continues to move towards both younger and more modern ships and with a flexible composition of own and hourly-chartered ships, which also contributes to the positive expectations for 2020/21, where only the impact of the Coronavirus crisis is a factor of uncertainty.

“Last year, we chose to write down the value of the company’s fleet to the current, estimated sales value, a new long-term financing agreement was negotiated, and the ownership of Uni-Tankers came back 100% into USTC’s hands,” said Torben Østergaard-Nielsen.

“The company was thus given the best possible starting point for 2019/20, which they have used satisfactorily and with a tidy profit as a result.

“It also represents a pat on the back for Uni-Tankers’ employees and provides a renewed fighting spirit. It’s more fun to have the right colour showing on the bottom line.”

SDK

SDK, the Group’s shipping and logistics company, has again delivered record profits, thus continuing its growth, noted Selfinvest.

“But with modest growth in 2019/20, as the Cruise segment, which is one of the company’s business areas, was particularly hard hit by the COVID-19 pandemic,” it said.

“Here, the entire 2020 season is considered to be lost, which will also have an impact on expectations for the new financial year, which is already well underway.

“Uncertainties notwithstanding, SDK continues its growth strategy, which also includes acquisitions and during the financial year has resulted in the addition of five companies to the portfolio. The companies, based in Odense and Esbjerg, are all well-known players within SDK’s existing business areas: Stevedoring, Agency, Chartering, Cruise and Logistics.”

Unit IT

Unit IT, the name of the USTC Group’s IT operations following the merger of the companies Outforce, MindZet and IT-Craft, continues to benefit from synergies between the three companies and presented a new record profit of DKK 16 million before tax.

During the year, the consultancy HostHouse has been incorporated into the business and has contributed positively to the result for the year.

However, Unit IT is ready for more acquisitions and thus continues its ambitious growth strategy within the company’s business areas Private & Public Cloud, SQL, Business Intelligence, Support, Governance and Security.

Selected Car Group

The Selfinvest Group’s car activities, Selected Car Group, is also concluding an incredible year.

The Group’s three areas of activity are Selected Car Leasing, which provides premium cars and sports cars for leasing, and Selected Car investment, which provides advice on, purchases and sells classic cars for investment purposes.

Furthermore, Selected Car Collection, which owns one of Europe’s finest car collections of its kind and also acts as an exclusive conference and event centre.

The Group’s 2019/20 accounts offer record profits on both the top and bottom line, and Selected Car Leasing is close to doubling the number of leased cars under contract compared to last year.

During the year, strategic partnerships have been established with renowned importers of sports cars and the premium car segment, which is already positively affecting the level of activity, and the group has expanded the physical facilities – both at the head office in Middelfart and with the addition of a new, impressive domicile in Køge. With the many new initiatives, Selected Car Group is expected to continue to grow and prosper.

Selfinvest Family Office

The Selfinvest Family Office, which, among other things, manages Selfinvest’s investment assets, followed a cautious investment strategy throughout the year and had already uncovered significant risk factors before the pandemic took place.

At the end of the financial year, Selfinvest therefore saw a positive investment performance well above the benchmark. In the overall portfolio, the positive contributions have mainly concentrated on private equity and properties, where returns have more than doubled compared to last year.

On the negative side, exposure to the credit markets resulted in losses that were not regained before the end of the year.

Selfinvest’s equity grew to DKK 4.6 billion by the end of 2019/20.

“The 2019/20 financial year has been a unique year in every way. We have completed the first financial step in the planned generational change, so that my two daughters, Nina and Mia, are now co-owners of Selfinvest,” concludes Torben Østergaard-Nielsen.

“We can present a record financial statement for the group, where we have managed to take advantage of the special opportunities there have been in the market.

“We have the financial strength to grow and expand our market positions, and then we have an ongoing Coronavirus crisis, a trade war and a collapsed oil price that makes the road ahead both clouded and unpredictable.

“We therefore do not expect to reach the same excellent results for 2020/21, although I have to say that all of the group’s activities are strongly positioned for an exciting year.”

Selfinvest had more than 2,500 employees at the end of the financial year.

Photo credit: Selfinvest
Published: 1 July, 2020

Legal

Singapore police arrest eight over alleged illegal MGO transaction off Tuas

SPF says preliminary investigations found that crew members of a Singapore-registered tugboat misappropriated MGO worth about SGD 10,570 without their company’s knowledge and sold it illegally.

Published

9 hours ago

August 14, 2026

Admin

Singapore police arrest eight over alleged illegal MGO transaction off Tuas

The Singapore Police Force (SPF) on Thursday (13 August) said it has arrested eight men, aged between 25 and 54, for their suspected involvement in an illegal transaction of Marine Gas Oil (MGO).

On 13 August 2026 at about 1.05am, officers from the Police Coast Guard (PCG) conducted a check on a Singapore-registered tugboat in the waters off Tuas and discovered that eight crew members were possibly involved in the illegal transaction of MGO.

“Preliminary investigations revealed that the crew members of the tugboats misappropriated MGO valued at about SGD 10,570 (USD 8,258), without their company’s knowledge,” SPF said in a statement.

“The MGO was sold illegally for their personal financial gain.”

The eight crew members will be charged in court on 14 August 2026 with the offence of theft by servant of property in possession of master under Section 381 of the Penal Code 1871 If convicted, they shall be punished with an imprisonment term that may extend to seven years and shall also be liable to fine.

“The Police take a serious view of illegal transaction of MGO in Singapore Territorial Waters and will continue to conduct enforcement and security checks to prevent, deter and detect such illicit activities in Singapore waters,” SPF added.

Photo credit: Singapore Police Force
Published: 14 August, 2026

Port & Regulatory

Gard: Sulphur-related bunker claims rise amid tighter China MSA enforcement

Claims involving excessive sulphur content in marine fuels have been rising, while stricter inspections by the China MSA have heightened the focus on sulphur compliance, particularly in the Bohai Sea.

Published

9 hours ago

August 14, 2026

Admin

Maritime protection and indemnity (P&I) club Gard on Wednesday (12 August) highlighted that claims involving excessive sulphur content in marine fuels have been rising, while stricter inspections by the China MSA have heightened the focus on sulphur compliance, particularly in the Bohai Sea:

Rise in off-spec sulphur claims

Recent claims experience indicates that bunker quality continues to pose a significant operational risk for shipowners. In our earlier review of bunker-related claims during the first five months of 2026, we highlighted a rise in off-specification bunker incidents amid increased pressure on global fuel supply chains following the escalation of the conflict in the Middle East.

Specifically for Sulphur compliance, between January and June 2026, the number of sulphur-related cases increased by more than threefold compared with the same period in 2025. Notably, the number of cases recorded in the first six months of this year has already exceeded the total number reported during the whole of last year by approximately 40%.

While each case is fact-specific, the increase is notable because excessive sulphur content constitutes a MARPOL compliance issue. Unlike many other bunker quality problems, sulphur non-compliance identified through port state inspections can result in vessel delays, enforcement action, and substantial costs associated with debunkering and fuel disposal.

The map below illustrates the geographical distribution of sulphur-related claims recorded during the first six months of 2026, based on the location where the bunkers were stemmed.

Distribution of sulphur related claims

China MSA steps up sulphur compliance enforcement

According to our correspondent, Huatai, on 5 June 2026, the maritime authorities of Tianjin, Hebei, Liaoning and Shandong jointly launched a special campaign on ship pollution prevention and control in the Bohai Sea region. The campaign involves coordinated supervision by local MSA branches across the region and is expected to last nearly five months. It covers major ports and surrounding port areas in the Bohai Sea region, including Tianjin, Tangshan, Qinhuangdao, Huanghua, Jinzhou, Yingkou and Longkou.

While the initiative is broader than bunker sulphur compliance alone, its scope includes inspections relating to air pollution prevention, SOx emissions, fuel compliance and other high-pollution-risk operations. Enforcement measures are expected to comprise onboard inspections, cross-regional enforcement activities, unannounced spot checks and remote monitoring. These efforts will be supported by a combination of UAV patrols, maritime patrol vessels, shore-based monitoring systems and rapid on-site fuel testing.

As a result, vessels trading in the Bohai Sea region may experience increased scrutiny of fuel compliance documentation, fuel sampling records, onboard fuel management procedures, and the handling or disposal of suspected non-compliant fuel.

Documents typically requested by China MSA

Based on our recent experience, including the case discussed above, and subject to the specific requirements of the local MSA office, owners and operators may be requested to provide supporting documentation such as:

Bunker documentation – Bunker Delivery Notes (BDNs), MARPOL fuel sample records, fuel test reports, and relevant fuel quality certificates.
Statutory certificates – including the International Air Pollution Prevention (IAPP) Certificate and International Oil Pollution Prevention (IOPP) Certificate.
Operational records – engine logbooks, deck and navigation logbooks, Oil Record Book entries, and records relating to fuel transfers, storage and consumption.
Sampling documentation – the Master’s statement and any records demonstrating how fuel samples were drawn, sealed, labelled, handled and retained.
Correspondence records – communications with the authorities, bunker suppliers, charterers and other relevant stakeholders.
Fuel disposal records – approved disposal plans, debunkering documentation, receipts and evidence of final disposal, where applicable.

The exact documentation required will depend on the nature of the investigation, the findings of the inspection, and the requirements of the local enforcement authority.

Possible regulatory consequences in China

Under the Air Pollution Prevention and Control Law of the People’s Republic of China, ocean-going vessels are required to use fuel oil meeting atmospheric pollutant control requirements after berthing. Vessels operating within designated emission control areas must also comply with applicable emission standards. Article 106 provides that where vessel fuel oil fails to meet applicable standards or requirements, the competent maritime authorities may impose fines ranging from RMB 10,000 to RMB 100,000. Liability may extend to shipowners, ship operators and ship managers depending upon the circumstances of the case.

Recommendation

Sulphur compliance should be treated as both a fuel quality and regulatory risk. Owners and operators are encouraged to take preventive steps before bunkering, act promptly if non-compliant fuel is suspected, and preserve evidence carefully if an inspection or claim arises. Under amended

Resolution A.1206(34), Appendix 18, 2.1.5, if the BDN shows compliant fuel, but the master has independent test results of the fuel oil sample taken by the ship during the bunkering which indicates non-compliance, the master may document this by notifying the ship’s flag Administration, with copies to:

the competent authority of the relevant port of destination,
the Administration under whose jurisdiction the bunker deliverer is located,
and to the bunker deliverer.

Photo credit: shraga kopstein on Unsplash / Gard
Published: 14 August, 2026

LNG Bunkering

Shell expands LNG bunkering footprint in Spain with Valencia

As one of the region’s key maritime hubs, the company said Valencia expands the options available to shipowners seeking LNG supply along major shipping routes.

Published

9 hours ago

August 14, 2026

Admin

Shell expands LNG bunkering footprint in Spain with Valencia

British oil giant Shell on Thursday (13 August) said Valencia has joined its growing network of bunkering locations, making LNG available as a marine fuel.

The successful completion of the first LNG bunkering operation in Valencia marked an important milestone for Spain and further strengthened Shell’s LNG supply capabilities across the Mediterranean.

In a video shared by the company, bunkering vessel Alice Consulich was shown supplying an undisclosed volume of LNG to the container ship MSC Sabrina.

“As one of the region’s key maritime hubs, Valencia expands the options available to shipowners seeking LNG supply along major shipping routes,” Shell said in a social media post.

Shell said the achievement reflected the strong collaboration across the maritime value chain, including MSC Mediterranean Shipping Company, the Port of Valencia and Fratelli Cosulich Group.

“We look forward to making more LNG bunker deliveries in Valencia and across the Mediterranean as LNG infrastructure and capabilities continue to expand,” the company said.

Photo credit: Shell
Published: 14 August, 2026