Business

USTC and Selfinvest more than double best consolidated annual result

‘For many years, Bunker Holding has been the dominant company in USTC, and they continue to be the primary contributor to our record result,’ says Nina Østergaard Borris, CEO and co-owner of USTC.

Published

3 years ago

June 21, 2023

Admin

Family-owned Selfinvest and its operating company USTC on Wednesday (21 June) said they emerged with their best financial year to date despite geopolitical unrest, inflation, and volatile energy prices.

Strong results across all USTC companies have contributed to a record EBT of just above DKK 2.9 billion, which is more than a doubling of last year’s EBT of DKK 1.2 billion. Revenue grew by 25% from DKK 120 billion to DKK 150 billion.

The Østergaard family conglomerate, which consists of the Selfinvest family office and the operating companies under USTC, presented a record financial result with an EBT of just above DKK 2.9 billion while revenue grew to DKK 150 billion.

Growth was driven by positive results across USTC’s seven companies operating within energy, shipping, logistics, environment, recycling, risk management, car activities, and IT.

“If I were to summarise in one word why Selfinvest and USTC have delivered such impressive results, I would say it’s due to our ability to be agile. Our companies and employees have an outstanding ability to navigate through unforeseen challenges such as geopolitical events, extreme price fluctuations, and a surging inflation. That is of course an accomplishment that we as owners are very proud of,” Torben Østergaard-Nielsen, working Chairman, founder, and co-owner, said.

In addition to a strong focus on building and developing the companies in the Group’s portfolio, USTC’s growth strategy is based on acquiring companies that operate in the industries where the Group possesses knowledge and insights, and where synergies to the remaining companies can be found. It is therefore satisfactory for the Group to experience several companies delivering significant financial results.

“For many years, Bunker Holding has been the dominant company in USTC, and they continue to be the primary contributor to our record result. But over the past few years we have built a robust conglomerate that stands on several pillars. That Bunker Holding, SDK FREJA, Uni-Tankers, and CM Biomass can all deliver an EBT of over DKK 200 million each is solid proof that our strategy is a success,” Nina Østergaard Borris, CEO and co-owner of USTC, said.

During recent years, USTC has acquired notable Danish companies such as FREJA Transport & Logistics, CM Biomass, and Nordic Waste and DSH Recycling. All companies are now integrated into the USTC Group and have contributed significantly to this year’s financial result.

Despite disruptions in shipping and logistics, SDK FREJA can report their highest financial result to date with an EBT of DKK 287 million. CM Biomass can also announce a record-breaking result with a revenue of more than DKK 6 billion and an EBT of DKK 224 million, despite a market characterised by a lack of raw materials and extreme price fluctuations.

Growth across companies

Bunker Holding has always been the main growth engine in USTC, and last year was no exception. Bunker Holding reported a highly satisfactory EBT of more than DKK 1.6 billion, which is almost half a billion more than Selfinvest’s and USTC’s hitherto best result from last year.

“Bunker Holding has shown an impressive feat of strength. In a time of very high and volatile energy prices, they have managed to stay focused on the business while also rolling out a number of important ESG initiatives such as parental- and grandparental leave policies, which go far beyond current rules in force in many of the countries in which Bunker Holding operates. I would also like to point out Uni-Tankers’ impressive result. They have delivered a massive turnaround with profit after tax amounting to DKK 437 million, while also shearing off 70% of their debt following several challenging years,” says Nina Østergaard Borris.

During the previous year, Global Risk Management moved from Bunker Holding to USTC. Global Risk Management provides risk management and hedging solutions in the energy markets and this year, they have contributed with an EBT of DKK 192 million. And finally, the Group’s IT company Unit IT continued growing its revenue by 14% and can report an EBT of DKK 22 million.

Expectations to 2023/24

The previous fiscal year has yielded an exceptionally positive result, which Selfinvest and USTC do not expect to repeat this fiscal year 2023/24. Despite the ongoing uncertainty in various markets, the expectation is still that the Group will deliver a solid financial result on par with or higher than the previous year.

Photo credit: Selfinvest
Published: 22 June, 2023

Mass Flowmeter

Hong Kong backs MFM adoption with voluntary scheme to boost bunkering competitiveness

Hong Kong’s Marine Department launched the Quality Bunker Operator Scheme to encourage bunker operators to install and use mass flow meter systems on their bunker vessels.

Published

4 hours ago

June 4, 2026

Admin

Hong Kong’s Marine Department (MD) on Wednesday (3 June) launched the Quality Bunker Operator Scheme to encourage bunker operators to install and use mass flow meter systems (MFM systems) on their bunker vessels.

MD said the scheme aims to enhance Hong Kong’s bunkering service quality and the competitiveness of Hong Kong ports, thereby further consolidating Hong Kong’s position as an international maritime centre and a major bunkering port.

Under the Scheme, bunker operators of traditional maritime fuel and biodiesel that install and use MFM systems on their bunker vessels, with the MFM systems inspected and certified by an accredited body in accordance with the International Organization for Standardization’s ISO 22192 Standard or equivalent requirements, can apply to the MD for inclusion in the scheme’s “List of Quality Bunker Vessels”, provided they meet the relevant technical and operational requirements.

Details of the bunker vessels successfully included in the List will be published on a dedicated page on the MD’s website for reference by shipping companies and relevant stakeholders.

Participation in the Scheme is voluntary. In addition to receiving recognition from the MD, participating bunker operators will benefit from enhanced corporate image and competitiveness through the adoption of MFM systems, thereby boosting customers’ confidence and helping to create new business opportunities.

A spokesman for the MD, said: “As an international maritime centre supported by our country, Hong Kong has a strategic location adjacent to major international fairways. Coupled with years of development in marine fuel bunkering, Hong Kong possesses rich experience and talent in the field. For many years, Hong Kong has consistently ranked as the seventh-largest bunkering port globally, the second-largest in our country, and the largest in the Greater Bay Area, providing reliable and competitive fuel bunkering services to ocean-going vessels from around the world.

“As the international shipping industry has an increasing demand for accuracy and transparency in bunkering services, service quality and measurement precision in bunkering operations have become important indicators of a bunkering port’s competitiveness. The Scheme will enhance bunkering accuracy and transparency, further enhancing the quality of Hong Kong’s bunkering services.

The spokesman added that comprehensive port services are one of Hong Kong’s key advantages as an international maritime centre.

“We will also mandate the use of MFM systems on all methanol bunker vessels this year to ensure that Hong Kong continues to provide high-quality bunkering services in the era of green maritime fuels.”

Note: The application form for the Scheme can be found on the MD’s website. Interested bunker operators can download the application form from the website or contact the MD’s Green Maritime Fuel Team via email ([email protected]) for details.

Photo credit: Manifold Times
Published: 4 June, 2026

Alternative Fuels

MPA and MSC ink MoU to support adoption of alternative bunker fuels

MPA and MSC will explore new routes and services to strengthen connectivity, support the adoption of alternative marine fuels such as bio-LNG, and advance technologies to improve vessel energy efficiency.

Published

4 hours ago

June 4, 2026

Admin

MPA and MSC ink MoU to support adoption of alternative bunker fuels

The Maritime and Port Authority of Singapore (MPA) on Wednesday (3 June) said it signed a Memorandum of Understanding (MoU) with MSC Mediterranean Shipping Company to strengthen collaboration in maritime decarbonisation, digitalisation, innovation, and manpower development.

The MoU was signed on 25 May 2026 by Mr Ang Wee Keong, Chief Executive of MPA, and Mr Soren Toft, Chief Executive Officer of MSC.

The MoU underscores the shared commitment of MPA and MSC to foster a sustainable, digital, and future-ready maritime sector, while enhancing MSC’s operational and business activities in Singapore. This year also marks the 30th anniversary of MSC establishing its Asia Regional Office and local office in Singapore.

Under the MoU, MPA and MSC will explore new routes and services to strengthen connectivity, support the adoption of alternative marine fuels such as bio-LNG, and advance technologies to improve vessel energy efficiency and operational performance.

MPA and MSC will also collaborate on maritime digitalisation initiatives to improve operational efficiency, including streamlining vessel arrivals and port operations.

On manpower development, MSC will support internship and scholarship opportunities through Singapore Maritime Foundation’s Maritime Outreach Network (MaritimeONE) platform, an industry-led tripartite partnership comprising industry, government and institutes of higher learning that aims to raise awareness of the maritime industry and attract quality talent into the maritime sector.

Mr Ang Wee Keong, Chief Executive of MPA, said: “This partnership reflects the strong collaboration between MPA and MSC in driving sustainability and digitalisation in the maritime sector. By working together on decarbonisation, operational efficiency and talent development, we aim to strengthen Maritime Singapore’s position as a trusted and future-ready global maritime hub.”

Mr Soren Toft, Chief Executive Officer of MSC, said: “Singapore is a strategically important hub for MSC and a key gateway to the broader Asia region. As we mark 30 years in Singapore, this MOU reinforces our long-term commitment to strengthening our presence here. MSC and Singapore are closely aligned on the priorities shaping the future of global shipping, and we look forward to deepening this partnership to drive the continued growth and resilience of the maritime industry.”

Photo credit: Maritime and Port Authority of Singapore
Published: 4 June, 2026

Emissions reporting

StormGeo and OceanScore link emissions data, compliance workflows

Cooperation combines StormGeo’s expertise in operational vessel and emissions data with OceanScore’s expertise in emissions compliance workflows across EU ETS, FuelEU Maritime and UK ETS requirements.

Published

4 hours ago

June 4, 2026

Admin

StormGeo and OceanScore link emissions data, compliance workflows

Weather intelligence and decision support solutions provider StormGeo and Hamburg-based technology platform OceanScore on Wednesday (3 June) said they have deepened their ongoing cooperation through the signing of a collaboration agreement during Posidonia 2026 in Athens on 2 June.

The cooperation combines StormGeo’s expertise in operational vessel and emissions data with OceanScore’s expertise in emissions compliance workflows across EU ETS, FuelEU Maritime and upcoming UK ETS requirements.

Together, the companies aim to help shipping companies seamlessly navigate increasing regulatory complexity more efficiently — from emissions reporting and data validation to compliance exposure management, pooling and financial settlement.

As emissions regulation becomes an increasingly important part of commercial shipping operations, the need for reliable operational data and streamlined compliance processes continues to grow. The cooperation between StormGeo and OceanScore is designed to support shipping companies with more connected, transparent and actionable processes across operational and commercial teams.

“From the outside, companies like StormGeo and OceanScore may sometimes be perceived as competitors because both operate around emissions and compliance workflows,” said Albrecht Grell, Managing Director at OceanScore.

“But in reality, the industry increasingly needs both perspectives working together: trusted operational emissions data on one side and commercial compliance execution on the other. Our cooperation reflects that shipping companies are no longer looking for isolated solutions — they need connected processes, automated across different systems and reliable decision-making throughout the full compliance chain.”

By connecting validated operational emissions data with commercial compliance management, the cooperation supports workflows across:

emissions reporting and validation
compliance management across EU ETS, FuelEU Maritime and upcoming UK ETS requirements
exposure visibility and cost transparency
pooling, settlement and financial processes

The cooperation also aims to improve commercial transparency and coordination across operational and commercial stakeholders.

“StormGeo plays a central role in helping shipping companies turn operational vessel and emissions data into trusted, decision-ready insights,” said Espen Martinsen, Chief Commercial Officer at StormGeo.

“As emissions regulations become more complex, this data is essential for transparent and efficient compliance management. By working with OceanScore, we can help customers connect StormGeo’s validated operational data with commercial compliance processes, creating a more integrated and practical approach to emissions management.”

The signing ceremony took place at the StormGeo booth during Posidonia 2026 in Athens and was attended by representatives from both companies.

Both companies expect the cooperation to continue evolving alongside upcoming regulatory developments, including FuelEU Maritime, EU ETS, the upcoming UK ETS and future emissions-related frameworks affecting global shipping.

Photo credit: StormGeo
Published: 4 June, 2026