World News
Bunker Holding Parent Firm USTC Plans Greater Alignment Between Subsidiaries
Danish conglomerate the United Shipping and Trading Company, the parent company to Bunker Holding, is setting a new five-year strategy aimed at delivering better alignment of its subsidiaries.
The new strategy, spearheaded by CEO Nina Østergaard Borris, includes a formalised approach to future acquisitions as well building a group-based approach to public affairs, risk and compliance, mergers and acquisitions, and bank and investor relations, the company said in a statement on its website on Thursday.
The firm has applied the group approach to its HR and communications functions since 2021.
"We want to underline the common belief system within USTC," Torben Østergaard-Nielsen, chairman of USTC's board, said in the statement.
"Up until now, we have maintained the individual identity of each of our companies, and we want to keep it that way; however, being part of USTC should also create a two plus two equals five-situation, where our companies and colleagues experience an added value due to the common ownership.
"We act within different industries but stand on common ground."
As well as Bunker Holding, the group includes companies such as SDK Freja, Uni-Tankers, Selected Car Group, CM Biomass, Global Risk Management and Unit IT. The group has more than 4,300 employees in more than 160 offices worldwide.
Bunker Holding itself is made up of a variety of well-known brands in the bunker industry including Dan-Bunkering and Bunker One.
"As the conglomerate grows, alignment between subsidiaries is needed; and the diverse nature of USTC's subsidiaries necessitates the strategy to implement overarching frameworks and policies for every company in the portfolio to create coherence and cohesion between companies and ownership," the company said in the statement.
"At the same time from a governance perspective this ensures the companies are moving in the same direction."
Bunker Holding is the world's largest marine fuels firm by volumes, selling about 30 million mt/year of bunkers.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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