Dan-Bunkering Pre-Tax Profits Climb to New Record High in 2023/24

CEO Claus Bulch Klausen said the firm is shifting its focus to decarbonisation. Image Credit: Dan-Bunkering

Global hybrid marine fuels firm Dan-Bunkering saw an increase in its pre-tax earnings to a new record high in the last financial year, adding to the previous year's 241% gain.

The company saw pre-tax earnings of $47 million in the year to April 30, it said in an emailed statement on Tuesday, up from $46 million the previous year and a new record for the firm.

Revenue slipped to $3.8 billion, down from a record $4.1 billion the previous year.

The company's pre-tax profits had surged by 241% in the 2022/23 financial year after a jump in oil prices and the firm's acquisitions of South African Bunkering & Trading and Amoil, and the firm has added to those gains in 2023/24.

The company's pre-tax profits had surged by 241% in the 2022/23 financial year after a jump in oil prices and the firm's acquisitions of South African Bunkering & Trading and Amoil. Image Credit: Ship & Bunker / Data Credit: Dan-Bunkering

"In a year characterised by geopolitical tensions and shifting demands across shipping segments, we are immensely proud of the results we have achieved," Claus Bulch Klausen, CEO of Dan-Bunkering, said in the statement.

"They are a testament to the great work from the teams around the world in navigating these challenges.

"The past financial year saw an increased focus on the transition towards decarbonisation.

"We have put increased effort into assisting our clients and suppliers in adapting to the recently implemented environmental regulations, such as the EU ETS scheme, and demands within for instance the alternative fuels space.

"We are therefore investing time and resources to assist our partners with finding the best way forward."

The jump in pre-tax profit for Dan-Bunkering is in contrast to some other Bunker Holding subsidiaries like Glander International Bunkering and KPI OceanConnect, which reported declines of 45.8% and 59%, respectively, in 2023/24. Bunker Holding's overall pre-tax profits from continuing operations dropped by 43% on the year.