Editor’s note: The following article was edited on 3 July SGT to rectify a mistake in ZeroNorth’s annual report; that the subsidiary of ZeroNorth is not Prosmar AS, it is Prosmar Bunkering AS.

Maritime technology solutions provider ZeroNorth A/S on Tuesday (1 July) posted a 57% on year increase in net loss for its financial year ended 31 December 2024 (FY 2024), partly weighted down from the acquisition of Singapore-based Alpha Ori Technologies Pte Ltd.

The company reported net loss of USD 65.1 million in FY 2024, higher than loss of USD 41.4 million recorded in FY 2023, according to financial statements seen by Manifold Times.

“The net loss for the year of USD 65.1 million was furthermore impacted by amortisations, depreciations and impairment losses of USD 31.1 million, primarily related to joining forces with Alpha Ori Technologies,” it stated,

Revenue in FY 2024 was USD 36.6 million, representing a 155% increase from revenue of USD 14.3 million in FY 2023.

“The Group delivered more than its prior year outlook for 2024, where recognised revenue demonstrated a year-over-year growth of 155%,” noted management.

“This growth indicates the increasing adoption of ZeroNorth’s technology and data-driven solutions within the maritime industry and contribution from the additional Alpha Ori Technologies revenue.”

ZeroNorth key operational and strategic developments (FY 2024)

• In February 2024, ZeroNorth and Alpha Ori Technologies joined forces, creating a leading entity in maritime optimisation and accelerating the digital transformation of the shipping industry.
• In April 2024, ZeroNorth acquired CMB.TECH’s FAST platform, which collects high-frequency data from sensors across Euronav’s fleet to improve ship reporting, voyage optimisation and overall vessel optimisation.
• In April 2024, ZeroNorth launched a service to facilitate the integration of eBDN (electronic Bunker Delivery Notes) data between suppliers and buyers, enhancing transparency and accuracy.
• In June 2024, ZeroNorth partnered with Hapag-Lloyd to introduce an advanced bunker procurement and planning solution.
• In October 2024, ZeroNorth partnered with RightShip to further industry decarbonisation by integrating RightShip’s GHG 2.0 Rating and ZeroNorth’s CII Emissions Analytics solution.
• In November 2024, ZeroNorth and Vitol initiated a digital bunkering trial at the Port of Rotterdam.
• In December 2024, ZeroNorth A/S secured a USD 20 million credit facility from CIBC Innovation Banking

Liquidation of ZeroNorth Norway (formerly Prosmar Bunkering AS)

Moving forward, ZeroNorth stated it has decided to liquidate ZeroNorth Norway (formerly Prosmar Bunkering AS) by the end of June 2025 due to it being “committed to being a streamlined and efficient organisation”.

“This decision aligns with ZeroNorth’s strategy to consolidate operations into stronger regional hubs, reducing complexity and managing costs as the company scales its services effectively,” it explained.

“ZeroNorth acquired Prosmar Bunkering in Norway as part of its growth strategy. Liquidation is a further step in streamlining operations. All employees have been terminated by the end of February 2025. ZeroNorth Norway’s technology has been integrated into ZeroNorth’s broader suite of digital tools, and all intellectual property rights were transferred to ZeroNorth A/S in October 2023.”

Related: ZeroNorth and Singapore-based Alpha Ori Technologies close deal to merge
Related: ZeroNorth to launch new service enabling integration of eBDN data between suppliers and buyers
Related: ZeroNorth and Hapag-Lloyd partner on digital bunker procurement and planning solution
Related: RightShip and ZeroNorth to integrate platforms to provide emission management solution
Related: ZeroNorth and Vitol launch four-week digital bunkering trial in Port of Rotterdam
Related: ZeroNorth secures USD 20 million funding package from CIBC Innovation Banking
Related: ZeroNorth acquires Prosmar Bunker Dashboard solution and Bunker Pricer module

Photo credit: ZeroNorth
Published: 2 July 2025

Despite a tough year, and notwithstanding recent challenges, Bunker Holding on Tuesday (24 June) said it has succeeded in maintaining volumes and in delivering a profit before tax from continuing operations of USD 46 million. 

The company said the financial year 2024/2025 has presented a new set of challenges. In addition to a year shaped by intensified competition, oil prices reaching a four-year low, and limited volatility, Bunker Holding has also conducted write-downs on assets originating from discontinued operations in the last financial year.

“In many ways, it has been a very demanding year. The market conditions and competition have been tough, and we have seen margins under pressure across the board. Therefore, I am pleased that we have managed to pull through what has been a trying year while maintaining our volumes and our strong customer relations,” said Keld R. Demant, CEO of Bunker Holding.

Last year, Bunker Holding had to make the difficult but necessary decision to exit cargo activities in Africa and close select operations. Contrary to own expectations, further investigation led to additional write-downs on assets originating from the business area closed last year. In total, write-downs from discontinued operations amounted to USD 36 million.

Bunker Holding’s financial result also reflected the Group’s continued investments in supporting the maritime industry’s transition to lower emissions. Over the past year, the Group strengthened partnerships with producers of new fuel and expanded its biofuel footprint, resulting in the industry’s largest biofuel supply network now covering more than 150 ports worldwide.

In late 2024, Bunker Holding relaunched and accelerated its strategy under the banner ‘Fit for Future’. The strategic framework, which also involved restructuring Bunker Holding’s operations and commercial organisation, is designed to better position Bunker Holding to respond to an increasingly complex market.

“With the acceleration of our strategy, we have taken important steps to position the company for growth and to build a world-class organisation to help us prepare for the future and create value today. While a transformation of this scale is never without its challenges, the high level of engagement from our employees gives me strong confidence in the direction we are heading and in what we will achieve together,” said Keld R. Demant.

Bunker Holding’s expectations for the financial year 2025/2026 include continued strong market competition as well as macroeconomic uncertainty.

As the industry continues to evolve, Bunker Holding remains committed to delivering stable results and adapting to regulatory and customer-driven demands.

“I am confident that the operations we continue to invest in remain strong, and that we are heading into the future with purpose and a clear direction of where value can be created,” said Keld R. Demant.

Photo credit: Bunker Holding
Published: 25 June, 2025

Vitol and Grindrod, joint shareholders of bunkering firm Cockett, on Tuesday (13 May) made the strategic decision to conduct an orderly wind-down of Cockett.

“This difficult decision was reached after long consideration and in light of the non-core nature of Cockett’s business to both shareholders,” said a joint statement.

“Cockett is in a sound financial position. It will continue to perform all of its existing contractual obligations, in a timely manner, to both suppliers and customers. As of today however, it will not enter into any new business.

“The shareholders are keen to ensure that the wind-down proceeds on a solvent basis. Cockett anticipates that all relevant suppliers will be paid in full within the next 60 days, in each case in accordance with the terms of their supply contracts. It also anticipates payment of relevant receivables due from customers within a similar timeframe.”

According to the statement, the wind-down process will be led by Cockett’s current management team, Cem Saral and Arnaud Payot, Cockett’s long standing CEO and CFO. They will be supported by Vitol on behalf of the shareholders who, as a leading global energy supplier, holds existing relationships with many of Cockett’s suppliers and customers.  A core team will remain in place to ensure the orderly settlement of payables and receivables.

“The shareholders would like to thank the Cockett employees for their professionalism, hard work and dedication to the company over many years. All employees will receive considered and responsible compensation,” it noted.

“The shareholders would also like to thank all of Cockett’s suppliers and customers for their support over the last 45 years of trading.”

Photo credit: Cockett
Published: 13 May 2025