Bunker Holding Pre-Tax Earnings Slumped by 43% in 2023/24

by Ship & Bunker News Team
Tuesday June 25, 2024

Global marine fuels group Bunker Holding saw its pre-tax earnings slump by 43% last year amid falling bunker prices and an exit from cargo activities in Africa.

The firm reported profit before tax of $127 million from continuing operations in the year to April 30, down from $222.7 million a year earlier, it said in an emailed statement on Tuesday.

Revenue sank to $14.5 billion from $16.6 billion a year earlier.

"The financial year 2023/2024 stands out as a challenging year for Bunker Holding due to encountering geopolitical tensions, macroeconomic shifts, and mixed demands across shipping segments," the company said in the statement.

"In addition, by cause of unfavourable market conditions and political instability, Bunker Holding terminated its cargo activities in Africa that focused on non-maritime onshore customers."

The firm expects to continue investing in alternative fuels this year, the company added."

"This past year, the green transition has really begun to take hold, and we have been experiencing an increase in demand for especially lower-carbon fuels," Keld Demant, CEO of Bunker Holding, said in the statement.

"Bunker Holding has thus been mobilising to respond to this rise in demand as well as the increase in complexity as a result of the implementation of new environmental regulations."

Ship & Bunker News Team
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