Asia Growth Helps OW Bunker's Sales Volume Rise 15% in Q1

by Ship & Bunker News Team
Thursday May 29, 2014

OW Bunker reports a 15 percent growth in volumes year-over-year to 7.7 million tonnes in the first quarter of 2014 after its initial public offering this spring, which it attributed mainly due to sales growth in Asia.

Revenue grew 7 percent to $4.5 billion, but the company reported a reduced profit of $10.1 million for the quarter, down from $16 million in the same period last year due to an increase in expenses related to the IPO, which also totaled $10.1 million.

Profit for the period before such special items and related taxes was $19.3 million, up from $17.7 million for the period in 2013.

"First quarter of 2014 was indeed a milestone in the history of OW Bunker with the successful listing of the company on NASDAQ OMX Copenhagen," said CEO Jim Pedersen.

"Despite the intense IPO process, we are able to present solid results for the first quarter 2014.

"The 15% volume growth is mainly due to increased volumes in Asia, but also Americas did well."

The company said it expects to gain market share in 2014 and grow its volumes by 10 percent compared with last year while also increasing profits.

Forbes Magazine identified OW Bunker as one of the 2,000 "biggest, most powerful, and most valuable companies in the world" earlier this month.

Ship & Bunker News Team
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