Bunker Holding: Strong Interest from Singapore as Sales Volumes Rise 10%

by Ship & Bunker News Team
Friday July 4, 2014

Bunker Holding, a subsidiary of Denmark-based A/S United Shipping & Trading CO. (USTC), for its 2013/2014 year increased its bunker sales volume by 10 percent, according to an emailed statement.

The company's revenues declined 1 percent to DKK60.5 million ($11.0 million) because the average oil price was lower than in the previous year, but the company said the revenue per tonne level was "very satisfactory" in relation to the industry.

"We are delighted that this year's volume growth mainly comes from major, reliable customers with whom we expect to have long-term, successful collaboration," said Managing Director Keld R. Demant.

"Alongside success in terms of volume, a strategic acquisition in the US and a start-up in
Canada have laid a good foundation for additional growth going forward."

The company said it is pushing for both organic growth and acquisitions and trying to build up a worldwide lubricant oil division.

Bunker Holding said it is now a significant player in Singapore after consolidating its bunker oil purchases into a single unit and has seen strong interest from customers there.

"Overall, we can look back on a good year with an acceptable level of profit from operations and new, very promising initiatives which we expect will soon start to bear fruit," Demant said.

The company's Singapore subsidiary, Unicore Fuel Pte. Ltd., officially started operations on July 1.

Ship & Bunker News Team
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