Bunker Holding Aims To Be The Largest Bunker Company in the World

Bunker Holding CEO Keld Demant says "one or two companies" could be acquired in the coming period.

Denmark's Bunker Holding A/S is aiming to become the world's largest bunker company as it goes head-to-head with U.S.-based rival World Fuel Services (WFS), ShippingWatch reports.

The two companies were said to be by far leading the current global race, with both players seeing twice the volume and turnover of their third placed rival.

That player was not identified by name, but it was noted that Chemoil, Aegean, Cockett Marine Oil, and Peninsula Petroleum were all among the top ten. 

"We have seen the two businesses stand significantly apart from all the others, and in this respect one can imagine that there will be two very major players relative to the rest of the industry," said Bunker Holding CEO Keld Demant. 

"This is the scenario that seems to be emerging, and Bunker Holding wants, and expects to, play a significant role in the coming years, with the ambition to become number one or two in the world.

"We are on the inside and playing a role in how the industry will develop in the future."

Last week, Ship & Bunker reported that Bunker Holding had received a new loan facility valued at $650 million, which has taken the group's accumulated funding to over $1 billion.

With the additional funds, the company says it will embark on growth plans that include major contracts with customers, new hires, and possibly further acquisitions. 

"One could easily imagine that one or two companies will come under our umbrella in the coming period," said Demant.

In July Bunker Holding acquired global bunker brokerage LQM Petroleum Services, Inc. (LQM), saying at the time that following the collapse of OW Bunker it was now ranked second in the world market but was "rapidly gaining on" leader WFS.