Update: Bunker Holding Confirms LQM Acquisition

by Ship & Bunker News Team
Monday July 6, 2015

Bunker Holding has bought global bunker brokerage LQM Petroleum Services, Inc. (LQM), CEO Keld Demant has confirmed to Ship & Bunker.

The company has now also issued an official press release commenting on the matter

Read Bunker Holding's Comments on LQM Acquisition »

LQM says it is one of the largest international marine fuel oil brokers with over 30 years of experience and worldwide resources.

Bunker Holding, which is part of Selfinvest owned United Shipping & Trading Company (USTC), says that following the collapse of OW Bunker it is now ranked second in the world market but was "rapidly gaining on" leader World Fuel Services (WFS).

Perhaps telling of the imminent acquisition were comments in last week's financial results.

"Bunker Holding [is] in a position to be able to play a significant role in the sector consolidation process which was further spurred by OW Bunker's bankruptcy," it said.

Last week, Bunker Holding CEO Keld Demant also said that as a result of the demise of OW Bunker, as many has half of global bunker suppliers will not survive.