World News
Bunker Holding to Merge Baseblue Into KPI OceanConnect
Bunker Holding, the world's largest marine fuels firm, is integrating the Baseblue brand into its subsidiary KPI OceanConnect by the financial year ending April 2026.
The move is part of Bunker Holding's plan to streamline operations and better align its global network, the company said in an emailed statement on Tuesday. The combining of the two firms is set to be completed by the end of the 2025-26 financial year.
It follows earlier steps in Hong Kong, where Baseblue and KPI OceanConnect were combined under one brand to expand market share and strengthen supply links.
Bunker Holding said it has started merging its Eastern Mediterranean operations, shifting Baseblue staff and assets to KPI OceanConnect to improve coordination and service quality.
"Streamlining our structure enables our teams to work as one and focus resources where they have the most impact," Anders Grønborg, chief commercial officer of Bunker Holding, said.
"As an industry leader, we continuously strive to innovate and fully utilise all our strengths in a coordinated and optimal way."
In 2024/25 Bunker Holding saw pre-tax profit from continuing operations of $46 million, down by 63.8% from a year earlier and the least since 2017/18. KPI OceanConnect reported earnings before tax of $9 million, down from $20 million in the same period a year earlier.
"I really look forward to bringing the teams together and further explore the many synergies," Dorthe Bendtsen, CEO of KPI OceanConnect, said.
"In the coming months, we will focus on integrating teams, building a common culture, and expanding our operations in the East Med region."
Baseblue was formed in February 2023 from the merger of BMS United, Bunkernet and Sea Bunkering International. At that time the company covered about 5 million mt/year of bunker sales.
The firm has four offices - in Piraeus, Limassol, Groningen and Buenos Aires - and about 30 specialist traders covering marine fuels, lubricants, alternative fuels and risk management consulting.
Baseblue's chief operating officer, Antonis Xiros, stepped down in August, having worked for the firm and its predecessors - originally for Brilliant Maritime Services - since 1995.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 471.50 | 7.00 | 737.00 | 1.50 |
| Rotterdam | 434.00 | 0.50 | 705.00 | 4.00 |
| Houston | 446.00 | 0.50 | 674.50 | 5.00 |
| Fujairah | 464.50 | 5.50 | 747.00 | 2.00 |
| Global 20 Ports Average | 495.00 | 4.00 | 780.00 | 1.50 |
| Global 4 Ports Average | 454.00 | 3.50 | 716.00 | 1.00 |
| Global Average Bunker Price | 533.50 | 3.50 | 817.00 | 4.50 |
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