CEO Carsten Ladekjaer expects to see further consolidation in the bunker industry this year. Image Credit: Glander International Bunkering
Marine fuel trader Glander International Bunkering saw a 73.6% jump in earnings before tax in its financial year, the company said Thursday.
Earnings before tax in the 2019/2020 financial year to April 30 surged to $27.3 million, from $15.7 million a year earlier, the company said in an emailed statement.
Total turnover increased by 19.4%, Glander said.
"This was an occasion where every bunkering company and its employees had to face the test of industry change and demonstrate their expertise and level of preparedness," Carsten Ladekjaer, CEO of Glander, said in the statement..
"Our people leaned in, and it is very satisfying to see the results of all the hard work."
Ladekjaer also warned of the risks facing the industry in the wake of the COVID-19 pandemic and this year's drop in oil prices.
"I would not be surprised if the coming year leads to more consolidation in the industry, with strong companies emerging even stronger," he said.
"With our sound financial foundation and strong organisation, we look forward to this with humility, but also optimism.
"We are prepared to face future challenges and remain ready to seize opportunities."