KPI OceanConnect, a leading global marine energy solutions provider, has announced its results for the financial year 2023/2024. KPI OceanConnect delivered a 9% increase in volume to 12 million MTS, with revenue totaling USD 5.6 billion. Earnings Before Tax were USD 20 million, resulting in a solid balance sheet position with total equity of USD 78 million.
The trading performance for the year was in line with management expectations, considering prevailing market conditions. Throughout the financial year 2023/2024, the focus on international trade compliance continued in response to geopolitical events and their impact on global oil market fundamentals. Shipping companies have increased vessel deployments and adjusted trade routes accordingly. As a result, marine fuel demand has risen in traditional bunker hubs and along routes via South Africa. The recently launched Weekly Market Pulse by KPI OceanConnect provides comprehensive market news through a free subscription.
The implementation of a new regional management structure at the beginning of the year further strengthened KPI OceanConnect’s ability to deliver on its unique partnership approach and meet the evolving needs of customers. With the industry’s increasing shift towards green transitions, there has been heightened demand for commercial partnerships focusing on new fuel strategies and carbon solutions.
The appointment of Jesper Sørensen as Head of Alternative Fuels and Carbon Markets, along with investments in a global team of experts, has significantly bolstered KPI OceanConnect’s capacity to support business partners in navigating the energy transition, including EU ETS. Notably, KPI OceanConnect has made strides in accelerating infrastructure development through partnerships with alternative fuel suppliers, reaching a milestone of 100 biofuel bunker supply locations worldwide this past year.
Numerous clients partnered with KPI OceanConnect for trials of alternative fuels and to shape their green transition strategies. Over the past year, we facilitated the first biofuels bunkering in the Port of Fujairah and supported biofuel and LNG bunkering operations (SIMOPS) for clients in the cruise, container, PCTC, bulk, and chemical shipping sectors.
Anders Grønborg, CEO of KPI OceanConnect, commented on the business results: “Our robust performance and recognition by Thetius as one of the most innovative maritime companies underscore our steadfast commitment to partnerships and environmental, social, and governance measures. We are dedicated to delivering tailored, value-adding services to our clients and remain focused on supporting them through the complexities of the energy transition. We firmly believe in the value of collaboration, transparency, and digitalization to drive innovation and future-proof our operations.”
KPI OceanConnect continues to champion ESG and Diversity, Equity, and Inclusion initiatives. Dorthe Bendtsen, COO, stated, “Through initiatives like ‘Women in Shipping,’ we empower individuals to achieve their full potential. By fostering an environment of respect, inclusivity, and open dialogue, we cultivate a corporate culture grounded in personal responsibility, accountability, and transparency, essential for business success, innovation, productivity, and service excellence.”
As KPI OceanConnect collaborates closely with clients, they can be assured of support from a global, skilled workforce driven by excellence. In addition to investing in continuous training and development at all levels, we have committed significant resources to ‘get fuelled,’ a two-year training program offering comprehensive trading education to young professionals across our organization.
The annual “50for50” initiative, which donates USD 50 for each marine fuel order placed during November and December, raised USD 123,000 last year for local charities selected by KPI OceanConnect teams. This initiative is a meaningful way for our team members to give back to the local communities where we operate.
Grønborg concluded, “Investing in the wellbeing of our teams and local communities enables us to excel in our daily operations. With the support of our talented team, we are well positioned to serve our clients as a financially robust partner and contribute to the industry with our global expertise in both conventional and alternative fuels.”
About KPI OceanConnect
KPI OceanConnect stands as one of the foremost independent marine fuels service and solutions providers globally, formed through the merger of KPI Bridge Oil and OceanConnect Marine. With a dedicated team of 170 seasoned professionals, KPI OceanConnect has been delivering trusted expertise and services to the international shipping community since 1971. Operating across major maritime hubs and time zones, the company maintains a global presence with offices in key locations including Athens, Doha, Dubai, Hamburg, Hong Kong, Istanbul, Jakarta, London, Miami, Middelfart, New York, Rotterdam, Seattle, Seoul, Singapore, and Tokyo.
Source KPI OceanConnect