Several large brands have been able to increase their market share while overall bunker demand has declined. File Image / Pixabay
Marine fuels conglomerate Bunker Holding saw its sales volumes rise by 10% in the year to April 30.
The number was revealed in the annual results of Selfinvest, the owner of Bunker Holding parent company USTC. Selfinvest saw its pre-tax profits slide by 37.9% in 2020/21 from the record level seen the previous year.
Bunker Holding has yet to publish its results for the last financial year, beyond a brief mention of 'a declining bottom line' in the Selfinvest release. But the company typically takes up a large share of the Selfinvest result, and it is likely that its pre-tax profits have also tumbled from the record $155.2 million seen in 2019/20.
Several Bunker Holding brands have already revealed their performance over the past year. KPI OceanConnect saw a 26.5% volumes gain from the combined figure for KPI Bridge Oil and OceanConnect Marine the previous year, Dan-Bunkering's increased by 7.2% and Glander International Bunkering's rose by 17.7%.
The increases highlight the trend of bunker demand consolidating among the biggest suppliers and traders during the COVID-19 pandemic and subsequent turbulent oil market. Overall demand has been falling; volumes at 17 leading bunkering areas sank by 11.6% in the year to March 31 compared with the same period a year earlier, according to Ship & Bunker and BLUE Insight's quarterly survey.