Bunker Holding Group manages new record result in volatile year

One year into a new Group strategy, and during a year of geopolitical turmoil, high inflation, and heavy sanctions across the industry, Bunker Holding Group delivers an excellent annual result of USD 222.7 million in earnings before tax, more than doubling the previous year’s record-setting result.

Raising the revenue by 7.6 percent to USD 17.8 billion, Bunker Holding Group, the world’s leading supplier of marine fuels and lubricants, breaks the previous year’s record results. With an EBT of USD 222.7 million, Bunker Holding Group more than doubles its EBT year-on-year.

Delivering this result is remarkable in a year of significant investments in ESG, supply constraints, and volatile pricing. Bunker Holding Group effectively came through due to high levels of agility and strong financial backing by banking partners.

“This past year has been like no other. Energy prices have been fluctuating greatly, underlining the necessity of strong credit lines. This was enabled by our new funding framework with our bank syndicate finalised in Q2 of 2023 and extended to USD 3.2 billion, allowing us to keep our trusted clients sailing by offering strong support,” says Keld R. Demant, CEO of Bunker Holding Group, adding:

“While we saw a slight dip in our trade volumes this year, this is explained by a conservative approach towards this year’s sanctions regime and our focus on supplying customers where our key value proposition of simplicity and credit strength best fit their requirements. We have taken a strong lead in managing risk and are determined to remain best in class in our industry.”

Bunker Holding Group’s new bank syndicate is backed by 15 banks from Europe, the Middle East, and Asia, adding an increased global aspect as well as local market familiarity to the Group’s banking partners. This underlines the trust shown in Bunker Holding Group across international markets.

ESG takes up the agenda

Going into the financial year of 2022/23, Bunker Holding Group released its first ever ESG report with the second report scheduled for publishing in September of 2023. This marks the full commitment by Bunker Holding Group towards environmental, social, and governance issues.

“As Bunker Holding Group looks ahead, the green transition leads the race on our agenda, and we are taking many measures to address this. However, this year we also prioritised new global policies regarding parental leave, a senior policy, as well as a stress policy. We believe in our ability to remain competitive is only as strong as our many talented employees to whom we owe a great thanks for this year’s results,” says Keld R. Demant.

Bunker Holding Group has established an internal Centre of Excellence dedicated to supporting the Group’s role in facilitating the decarbonisation of the industry. Bunker Holding Group has appointed global experts with specialist knowledge of LNG, ammonia, and biofuels, as well as experts on environmental regulatory and public affairs, a subject that is becoming even more important to the industry. Furthermore, the Group has participated in ten ambitious development projects.

Bunker Holding Group is optimistic in its competitive position for the coming financial year, and eager to take on the complexity of a changing industry.