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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.
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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.

Related: Selfinvest and USTC Group deliver highest consolidated financial result

 

Photo credit: Selfinvest
Published: 22 June, 2023

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Technology

Singapore: Ofiniti, ONE trial direct platform integration to streamline bunker workflows

Ofiniti started a trial in Singapore, integrating FuelBoss directly with a bunker buyer’s own platform, with Ocean Network Express as its first buyer-side integration partner.

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July 22, 2026

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Singapore: Ofiniti, ONE trial direct platform integration to streamline bunker workflows

Ofiniti, the digital platform for maritime fuel operations, on Tuesday (21 July) said it has started a trial in Singapore, integrating FuelBoss directly with a bunker buyer’s own platform.

The company announced Singapore-headquartered container shipping firm Ocean Network Express (ONE) as its first buyer-side integration partner. 

“It is no coincidence we start in Singapore, as the Maritime and Port Authority of Singapore (MPA) remains at the forefront of digitalisation of all things bunkering,” the company said in a social media post.

In November 2023, MPA launched its digital bunkering platform, becoming the world’s first port to implement e-BDN. 

Ofiniti said every bunker delivery still runs on retyped data. 

“The buyer’s system says one thing, the supplier says another, and someone reconciles the gap by email, phone, or PDF. On every stem,” the company said. 

“We built FuelBoss to change this reality.”

With the integration, operational data now flows without manual re-entry, fewer reconciliation errors and faster processing and data, instead of documents, are readily available for procurement and claims workflows. 

“One connection will not transform the industry on its own, but digitalisation gets built one integration at a time. We are grateful to ONE for being willing to go first,” Ofiniti added.

Manifold Times previously reported ONE completing its successful trial of the electronic Bunker Delivery Note (e-BDN) with Shell. 

The e-BDN trial, using the digital bunkering solution developed by Angsana Technology, was conducted on 9 September 2023 at the Port of Singapore, with support from the MPA.

In March 2025, Ofiniti acquired Singapore-based Angsana Technology, with the entire Angsana team joining Ofiniti as part of the acquisition.

Related: MPA Chief Executive: Port of Singapore begins digital bunkering initiative today
Related: Singapore set to become first port in the world to debut electronic bunker delivery notes
Related: ONE completes e-BDN adoption trial with Shell in Port of Singapore
Related: Ofiniti acquires Singapore-based Angsana Technology to advance digital bunkering solutions

 

Photo credit: Ofiniti
Published: 22 July, 2026

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Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

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July 21, 2026

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RESIZED Sora Shimazaki on Pexels

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July). 

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions. 

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Related: Singapore: Hin Leong Founder OK Lim gets jail term slashed to 13.5 years

 

Photo credit: Sora Shimazaki
Published: 21 July, 2026

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Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

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23 hours ago

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July 21, 2026

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RESIZED Drew Beamer

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

  • That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

  • that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
  • that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
  • that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd. 

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Related: Singapore: Director declares Heng Tong Fuels & Shipping’s inability to continue business
Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market

 

Photo credit: Drew Beamer
Published: 21 July, 2026

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