Bunker Holding, a global leader in purchasing, selling, and supplying marine fuel and lube oil, announces its financial results for the year 2023/2024. In a year characterized by geopolitical unrest, macroeconomic shifts, and instability in the energy markets, Bunker Holding emerges from a challenging year with a modest profit of USD 1.7 million.
The financial year 2023/2024 stands out as a challenging year for Bunker Holding due to encountering geopolitical tensions, macroeconomic shifts, and mixed demands across shipping segments. Additionally, due to unfavorable market conditions and political instability, Bunker Holding terminated its cargo activities in Africa, which focused on non-maritime onshore customers.
Despite these challenges, Bunker Holding has managed to deliver a gross profit of USD 418 million and a profit before tax of USD 127 million from continuing operations. This achievement is attributable to Bunker Holding’s well-diversified income stream across its broad range of trading clusters. Furthermore, owing to Bunker Holding’s financial robustness and resilient business model, the Group can report an equity base of USD 359 million.
Bunker Holding’s decline in revenue from USD 16.6 billion to USD 14.5 billion during the past financial year is a result of a decrease in the price of marine fuel. However, Bunker Holding continues to sustain a strong market share and trading results in the market.
Advancing Efforts in the Green Transition
Throughout 2023/2024, Bunker Holding has continued investing in the green transition and actively engaging on multiple levels. Bunker Holding has been extending its reach and collaborating closely with strategic partners around developing low- and zero-carbon fuels and building the infrastructure for last-mile delivery.
“This past year, the green transition has really begun to take hold, and we have been experiencing an increase in demand for especially lower-carbon fuels. Bunker Holding has thus been mobilizing to respond to this rise in demand as well as the increase in complexity as a result of the implementation of new environmental regulations,” says Keld R. Demant, Group CEO, Bunker Holding.
For 2024/25, Bunker Holding anticipates continued investments in low- and zero-carbon fuel projects.
Bunker Holding’s Annual Report will be submitted to the Danish Business Authority in July, once it has been finally approved by the boards and shareholders.
About Bunker Holding Group
Bunker Holding is the global leader in purchasing, selling, and supplying marine fuel and lube oil as well as providing risk management and other vital services for the shipping industry. The company operates via more than 1,591 ports worldwide and is present in 30 countries with 60 offices and more than 1,500 skilled employees.
The Group has a long history but remains forward-looking and focused on answering the needs and challenges of an ever-changing industry.
Source Bunker Holding Group