World News
Unstable Bunker Prices Boost Firm's Growth
Denmark-based Global Risk Management says it gained clients and increased total business volume over the last financial year as companies saw greater need for fuel hedging strategies.
"We see an increasing number of companies wishing to secure their fuel budgets", said Hans Erik Christensen, the firm's managing director.
"Geopolitical and financial events as well as changes in the supply/demand situation continue to make oil one of the most volatile commodities in the world.
"Our company offers facilities to trade the barrel of oil, credit to clients as well as advice on developing hedging strategies – this is one of the areas where we can add value to our clients."
Global Risk Management, which is a decade old, made a profit before taxes of $5.3 million, up from $5.2 million last year.
The firm is planning to hire additional employees and has launched a new three-year strategy focused on helping new and existing clients implement hedging plans.
The firm announced in May that it had expanded its Singapore team to handle increasing business there.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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