Sing Fuels Profits 50% Up on Pre-Pandemic Levels

by Ship & Bunker News Team
Friday November 25, 2022

Global trading firm Sing Fuels has seen its profits and revenues rise by 50% from the levels before the COVID-19 pandemic.

Both revenue and gross profit in 2022 have risen by 50% from pre-pandemic levels, the company said in an emailed statement on Friday, without revealing the outright numbers.

The statement was noting Sing Fuels having won a place on The Business Times and KPMG's Enterprise 50 list of the fastest-growing companies in Singapore for a fifth consecutive year.

"The recognition underscores the partnerships with the customers, suppliers and government agencies that continue to support us in propelling us forward," Vikash Dhanuka, CEO of Sing Fuels, said in the statement.

"We continue to build on it, transforming our businesses and accelerating our growth in days, months and years to come."

Bunker trading companies have had a strong 2022 as surging energy prices since the Russian invasion of Ukraine have delivered record margins.

Sing Fuels celebrated its 10th year in business earlier this year.