Bunker Holding Africa Losses Now 'Fully Recognised': USTC

by Ship & Bunker News Team
Tuesday June 30, 2026

USTC, the owner of marine fuels group Bunker Holding, is not expecting any further losses to result from the shutdown of the bunkering firm's onshore cargo trading unit in Africa.

The company made the announcement in a results statement on Wednesday, in which it said its profit before tax in 2025/26 reached more than DKK 1 billion ($152.5 million), up from DKK 775 million the previous year.

"Substantial losses in Africa within subsidiary Bunker Holding have weighed heavily on the financial performance of Selfinvest and USTC over the past two years," the company said in the statement.

"With these extraordinary losses now fully recognised, the Group has regained momentum and delivered the fourth-best financial result in its 150-year history."

After the shutdown of onshore cargo trading unit PSTV Cargo, Bunker Holding noted write-downs from discontinued operations of about $125 million in 2023/24 and about $36 million in 2024/25.

"It is obviously encouraging to deliver a solid financial result with the majority of our companies contributing positively," Nina Østergaard, co-owner and CEO of USTC, said in the statement.

"But we are not where we need to be.

"As a Group, we are in the middle of a transformation, where volatile global trade and unpredictable geopolitical shifts are no longer the exception but the norm. We need to further strengthen our adaptability and commercial discipline across all our companies to maintain the positive momentum."

Ship & Bunker News Team
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