World News
KPI OceanConnect Earnings More Than Triple in 2022/23
Global hybrid marine fuels firm KPI OceanConnect saw its earnings more than triple in the last financial year after taking on its parent company's global accounts unit.
The firm saw earnings before tax of $49 million in the year to April 30, it said in an emailed statement on Tuesday, up from $15.4 million the previous year. Revenues jumped to $5.87 billion, from $2.94 billion the previous year.
The company's volumes climbed by 50% on the year, the firm said, without revealing an outright number.
Parent company Bunker Holding moved its key account management unit, Bunker One Global Accounts, to sit under KPI OceanConnect's aegis in September 2022, renaming it KPI OceanConnect Global Accounts. At the same time, Anders Grønborg was appointed CEO of KPI OceanConnect.
"The robust results for the year demonstrate KPI OceanConnect's position as a preferred partner for the shipping industry during a period of uncertainty and market volatility," Grønborg said in the statement.
"It is also an expression of KPI OceanConnect's commitment to providing innovative solutions, transparency and added value to our partners.
"Looking ahead as the shipping industry continues to transform, KPI OceanConnect is well positioned to lead the way as it remains a financially strong and innovative counterpart, offering expertise, resources and global capabilities, as well as counsel clients on all aspects of the marine fuels supply and value chain.
"Beyond financial performance, the company's wide range of ESG initiatives and especially its track record on diversity showcases its commitment to sustainability and social responsibility, fostering positive change for the whole industry."
Last year's run of the firm's 50 for 50 campaign, which involved the company donating $50 to charity for every deal made by any of its offices in a 50-day period between November 11 and December 31, raised $110,000, the company said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 624.50 | 1.00 | 732.00 | 8.50 |
| Rotterdam | 571.00 | 3.00 | 758.00 | 16.50 |
| Houston | 591.50 | 4.00 | 760.00 | 5.50 |
| Fujairah | 629.00 | 0.50 | 877.50 | 3.00 |
| Global 20 Ports Average | 637.00 | 0.00 | 819.00 | 3.00 |
| Global 4 Ports Average | 604.00 | 0.00 | 782.00 | 5.50 |
| Global Average Bunker Price | 688.00 | 2.50 | 879.00 | 1.00 |
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