OW Bunker Volumes Up 32% in 2013

by Ship & Bunker News Team
Wednesday March 5, 2014

As it moves toward an initial public offering (IPO), Danish marine fuel company OW Bunker reports that it increased its volumes of bunkers distributed by 32 percent in 2013 to 29.2 million metric tonnes (mt).

"Last year's results are the continuation of a long track record of profitable, organic growth and a confirmation that our dedication to working integrated with reselling and physical distribution of marine fuel is the right path to success," said CEO Jim Pedersen.

"With our well-invested, scalable business platform and global reach, I am confident that we will continue our solid performance and successfully develop our business further."

The company's profits grew 48 percent to $63.4 million, and revenues were up 20 percent to $17.0 billion.

OW Bunker noted that shifts in the marine fuels market in recent years, including consolidation and the withdrawal of large energy companies, has benefitted large independent suppliers like it.

It said its growth strategy includes adding physical locations in Asia, Europe, and the Americas and pursuing "selective acquisitions when attractive opportunities arise."

OW Bunker predicts it will continue to add market share in 2014 and increase volumes by 10 percent.

The company released the results Wednesday, the same day it officially announced plans for an IPO.

Ship & Bunker News Team
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