Glander showed agility during the market turmoil of the past 12 months, according to CEO Carsten Ladekjaer. Image Credit: Glander International Bunkering
Marine fuel trading firm Glander International Bunkering saw a healthy rise in its market share in the 2020/21 fiscal year accompanying a sharp fall in profits.
The firm reported pre-tax profit of $18.5 million in the year to April 30, down from $27.3 million the previous year but up from $15.7 million the year before that. The company's volumes climbed by 18.7% on the year.
The drop in profits can at least partly be explained by the abnormally high bunker margins seen during the IMO 2020 transition, when the new VLSFO blends were less familiar and pricing was more opaque.
"Although we didn't match last year's exceptional results, this year proved our company's agility despite global lockdowns, significant price drops and lower sales in the industry as a whole," Carsten Ladekjaer, CEO of Glander, said in the statement.
"Amid this crisis, we worked shoulder to shoulder with our valued business partners and we moved closer with them during the hard times."