Leading bunker trading firm, Glander International Bunkering showcased robust financial performance and achieved significant industry milestones throughout its fiscal year 2023/2024.
“Throughout the year, we maintained a strong focus on facilitating global trade, with teams around the world dedicated to supporting our clients,” Carsten Ladekjær, CEO of Glander International Bunkering said.
Reflecting on 2022/23, he noted it was marked by extreme volatility, price hikes, and supply disruptions due to political turmoil compared to 2023/24, when shipping and bunkering experienced a notable return to normalization with energy prices stabilizing.
Demand was affected by prevailing and continuously increasing sanctions on specific shipping trades. Ladekjær mentioned that Glander International Bunkering played a critical role during such trade disruptions, guiding affected clients through routes in the Red Sea and the Panama Canal.
Glander International Bunkering Financial Year 2023/2024 Recap
Glander International Bunkering remained resilient, achieving a turnover of $3.23 billion and Earnings Before Tax of $22.17 million. The company boasted a 25% return on equity and a 21% solvency ratio.
David Varghese, CFO of Glander International Bunkering said, “Despite the turbulent energy sector, we demonstrated our ability to navigate dynamic market conditions while delivering new products and value to our stakeholders.”
David continued “As evidenced by our numbers, we maintained a financially healthy organization through our resilience, adaptability, and commitment to our maritime partners.”
Firsts for the New Fuels Industry
As the shipping industry shifts focus to decarbonization, Glander International Bunkering has been at the forefront of facilitating the transition to new fuels. Ladekjær stated “While we continue to fuel vessels with traditional products, we are proud to be involved in significant milestones and firsts for the new fuels industry.”
Glander International Bunkering’s achievements over the past year include:
- Six ISCC certified offices
- Hamina’s first-ever terminal to ship LNG bunker supply
- B100 HVO for a seismic survey vessel in coordination with CEPSA
- Kokkola port’s inaugural LNG supply
- The first biofuel supply for an asphalt tanker client
- EUA procurement and advisory services with the onset of EU ETS in January 2024
New Role for Bunker Traders
Glander International Bunkering also initiated strategic partnerships with clients, encompassing digital tracking and documentation of bunker procurement, onboard fuel-saving measures, and bunker planning and management. The company also played a more significant advisory role, especially regarding new regulations affecting the global maritime industry such as EU ETS, Fuel EU Maritime, and IMO targets.
Ladekjær concluded by stating “Our commitment to decarbonization, innovation, and regulatory guidance is not just a strategy; it’s a fundamental part of our business ethos. It’s an opportunity to lead as a partner that facilitates and simplifies the way for clients and suppliers.”
About Glander International Bunkering
Initially established in 1961, Glander International Bunkering is one of the largest and most respected bunker trading and brokering firms in the world. Serving over a thousand international ship owners in all major ports, the company is known for its integrity, professionalism and enduring business relationships. Stemming from one of the oldest shipping companies in the world, Glander International Bunkering is an expert in assisting clients with purchasing the highest quality products in a cost-effective manner. Serving you 24 hours a day, 7 days a week, through a global network of offices and associates, Glander International Bunkering is your partner in success.
A shipping legacy
In 1961, shipping pioneers Clifford Mallory and Otto Glander established CD Mallory & Co. in New York, building on a family legacy of successful shipownership and brokerage spanning six generations. Renamed Glander International in 1980 upon Mallory’s retirement, the company pioneered the bunker brokerage and played a key role in developing the worldscale system still integral to shipowners and charterers today. Glander International was also the first US brokerage to operate a full-time telex service in London.
Relocating to Florida in 1991 and merging with International Bunkering Middle East in 2013, the company expanded rapidly, establishing offices in Dubai, Geneva, Montreal, Mumbai, Oslo, Singapore, Tønsberg, and Valencia. Today, Glander International Bunkering operates from nine global locations, honoring its rich maritime heritage while embracing a forward-looking vision.