Bunker Holding Profits More Than Doubled to Record High in 2022/23

The firm's pre-tax earnings more than doubled last year and beat the previous record high. Image Credit: Ship & Bunker / Data Credit: Bunker Holding

Marine fuels conglomerate Bunker Holding, the world's largest bunkering firm by volumes, saw its profits more than double in the last financial year, beating the record set during the IMO 2020 transition.

The firm saw earnings before tax of $222.7 million in the year to April 30, it said in an emailed statement on Monday, up from $103 million the previous year.

The total resoundingly overtook the previous record high of $155.2 million set in 2019/20, when the disruption of the IMO 2020 transition led to healthy margins for the bunker industry as shipping firms were uncertain over the availability of the then new VLSFO blends.

The company's revenue gained 7.6% on the year to $17.8 billion.

The statement does not reveal the firm's volumes performance in 2022/23. Ship & Bunker's Top 10 Bunker Companies for 2023 report estimated the company's volumes for the 2022 calendar year at 30 million mt, little changed from the previous year.

"This past year has been like no other. Energy prices have been fluctuating greatly, underlining the necessity of strong credit lines," Keld Demant, CEO of Bunker Holding, said in the statement.

"This was enabled by our new funding framework with our bank syndicate finalised in Q2 of 2023 and extended to USD 3.2 billion, allowing us to keep our trusted clients sailing by offering strong support.

"While we saw a slight dip in our trade volumes this year, this is explained by a conservative approach towards this year's sanctions regime and our focus on supplying customers where our key value proposition of simplicity and credit strength best fit their requirements.

"We have taken a strong lead in managing risk and are determined to remain best in class in our industry."