Middelfart, Denmark | September 23, 2025 – In a pivotal moment for the global bunkering industry, Bunker Holding, the world’s leading supplier of marine fuels, has announced a historic leadership transition. After an extraordinary 27-year journey, Keld R. Demant will officially step down as CEO, passing the baton to Peder Møller, who will assume the role of Group CEO effective October 6, 2025.
This transition marks only the third CEO appointment in the company’s more than 40-year history, signaling a generational change while securing continuity at the highest level of global bunker leadership.
A Leadership Era that Transformed the Bunkering World
Keld R. Demant’s legacy is nothing short of transformative. Joining Bunker Holding in 1998 as Sales and Marketing Director, and rising to CEO in 2013, Demant has overseen the company’s evolution from a regional player into a USD 13.7 billion global powerhouse. Under his leadership, Bunker Holding expanded into more than 60 offices across over 30 countries, employing 1,300 people and consistently steering the company through complex geopolitical, regulatory, and market changes.
“Since I hired Keld 27 years ago, our relationship has grown into a strong and unique partnership,” said Torben Østergaard-Nielsen, founder and co-owner of USTC, Bunker Holding’s parent company. “Together we have navigated countless challenges, and I am pleased that we will continue our collaboration, as Keld will remain on board as Senior Advisor to the USTC Group.”
Demant’s decision to step down follows his long-standing wish to conclude his tenure when the right successor had been identified. That moment has arrived.
Introducing Peder Møller: Charting the Next Chapter
Taking the helm is Peder Møller, a 39-year-old executive with deep roots in Bunker Holding and a proven record of strategy execution, innovation, and leadership. Since November 2024, Møller has served as a member of the Group Executive Management, quickly earning respect for his inclusive leadership and forward-thinking commercial acumen.
Møller originally joined Bunker Holding in 2016 as Group Strategy and New Business Director, before advancing to CEO of Global Risk Management, a sister company within the USTC Group. There, he led a sweeping revitalization of the business, positioning it for growth amid global energy transition pressures. He returned to Bunker Holding’s executive team in 2024, playing a central role in the implementation of the company’s Fit For Future strategy.
“Peder has already proven his commercial strengths, and the ongoing transformation of Bunker Holding is clear proof of his ability to make things happen,” said Nina Østergaard, USTC CEO and co-owner. “It is the right time to bring in new energy.”
Strategic Continuity Meets New Vision
The appointment comes at a critical juncture for the global bunker industry. Rising geopolitical tensions, rapid technological innovation, and the urgent shift toward green marine fuels are redefining what it means to be a global market leader.
“Under Keld’s leadership, Bunker Holding became the world’s largest bunker supplier,” said Klaus Nyborg, Chairman of the Board. “But as the industry undergoes a new transformation, it is the right time to bring in fresh capabilities – something Peder will most certainly deliver.”
Møller’s academic credentials reinforce his readiness to lead: he holds a Master’s degree from Copenhagen Business School, an Executive MBA from INSEAD, and has completed the Executive Leadership Program at Harvard Business School.
A Glimpse into the Future
As Peder Møller steps into the CEO role, he will lead an executive team comprising Michael Krabbe, CFO, and Anders Grønborg, CCO. Together, they are expected to steer Bunker Holding through its next phase of strategic growth — one defined by decarbonization, digital transformation, and market consolidation.
Bunker Holding’s most recent annual report underscores both the Group’s enduring resilience and the challenges ahead, as earnings have not mirrored past highs amid increasing competition and evolving fuel technologies. Møller’s leadership is expected to focus on sustainable growth, operational excellence, and maintaining the company’s position at the forefront of a rapidly changing maritime fuel landscape.
A Moment that Defines the Industry
This leadership change is more than a corporate reshuffle — it’s a landmark moment in maritime and energy history. As Keld R. Demant exits the CEO chair, he does so having reshaped the global marine fuel industry, leaving behind a legacy of vision, scale, and stability.
And as Peder Møller prepares to lead the world’s largest bunker supplier into a new era, the industry will be watching — and charting a new course alongside him.
About Bunker Holding Group
Bunker Holding is part of the family-owned USTC Group and is a global leader in the purchasing, selling, and supplying of 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 1,613 ports worldwide and is present in 32 countries with 62 offices and over 1,300 skilled employees.
Bunker Holding has a long history but remains forward-looking and focused on answering the needs and challenges of an ever-changing industry. The Group is advancing and expanding its efforts in the green transition with an ambition to facilitate the decarbonization of the shipping industry.
Source Bunker Holding Group