Tue 23 Apr 2013, 12:45 GMT

Wrist Group posts robust 2012 results


Sales surge almost 20 percent and earnings before tax increase by 16 percent.



Wrist Group, one of the shipping industry's largest global providers of products and services for vessels, today announced robust financial results for 2012.

Sales for 2012 increased by 19.6% to $14.6 billion from $12.2 billion in 2011, and earnings before tax increased by 16% to $76 million, compared to $66 million the previous year. Wrist Group comprises OW Bunker, one of the world's leading marine fuel suppliers, and Wrist Ship Supply, the world's largest ship supply company.

“These are satisfactory results for the Group, and provide a strong platform for further growth and development,” said Morten Skou, Chief Financial Officer, Wrist Group.

“As the shipping industry continues to face challenging economic conditions, our focus has been on working with our customers to provide them with as much operational and cost efficiencies as possible when procuring bunker fuel and ship supplies. We have expanded our global and in-country operations in key growth regions for our customers to provide support and products when and where they need them. And we have also invested in our physical infrastructure, such as our fleet and storage facilities to ensure the quality of both our products and services throughout the entire supply chain, optimising both our offering and the financial benefits we can deliver to customers,” continued Skou.

In 2012, OW Bunker launched new reselling and physical operations in North America, based in Houston and Connecticut respectively. This provides a strategic link with its divisions in Chile, Panama, Brazil and Uruguay, where the company has also expanded and developed its operations.

OW Bunker also expanded its coverage in Scandinavia through a strategic partnership with Bergen Bunkers A/S, and continues to focus on developing its presence in Asia. In 2012, this included the launch of a new office in Beijing, which complements the company's operation in Shanghai.

Within the physical division, OW Bunker has invested in the development of a global standard to ensure the quality of its physical products, as well as investing in innovations and technology such as Coriolis flow meters to guarantee product quantities.

In 2012, Wrist Ship Supply grew its global market share to above 7%. It successfully concluded the integration of the company's recent acquisitions into its global network, in particular offshore catering specialist Strachans Ltd and the OneSource Group of companies in the USA and Canada. This has created economies of scale and a foundation for further growth.

As well as developing its regional networks to provide customers with a dedicated on the ground outsourced service in key areas, it has also invested in its physical and technology infrastructure. This includes expanding warehouse facilities, as well as developing new systems to streamline the procurement process for ship supplies to secure optimum value and cost efficiencies for customers.

Jim Pedersen, Chief Executive Officer, Wrist Group, commented: "We are satisfied with our performance in what remains challenging times for the shipping industry and our customers. Our conservative approach to controlled expansion has provided us with sustained growth over the past few years as well as financial stability. This has enabled us to support our customers in tough market conditions, investing in our products, services and infrastructure to improve their cost and operational efficiencies, as well as providing the best terms and prices. While we remain cautious on the future outlook for the industry, we are confident that our business model and the foundations that we have put in place will create the opportunity for further growth and development."


Titan Optimus alongside Peony Leader vessel. FuelEU pooling drives surge in bio-LNG demand, Titan analysis finds  

Clean fuel supplier's modelling shows pooling mechanism turning overcompliance into tradable value for LNG-fuelled ships.

Keith Johnstone, Lloyd’s Register. Ports told to prepare now for advanced nuclear power  

Joint paper sets out a readiness pathway for ports facing nuclear-powered vessels, floating reactors and small modular units

Terra Clove vessel. Eastern Pacific Shipping takes delivery of first ammonia dual-fuel VLAC  

Terra Clove powered by first Everllence B&W 6G60ME-C10.5-LGIA ammonia dual-fuel two-stroke engine.

BV grants type approval to WinGD. Bureau Veritas approves WinGD's variable compression ratio technology for dual-fuel engines  

Classification society grants type approval to engine technology enabling compression ratio adjustment across different marine fuels.

Joe Kramek, WSC. Dual-fuel fleet passes 500 ships as investment tops $200bn  

World Shipping Council data shows dual-fuel container ships and vehicle carriers growing fast, with IMO rules uncertain.

VPS Carbon Reduction seminar in Athens graphic. VPS to host Athens seminar on fuel efficiency and carbon reduction  

VPS's final European round table of 2026 will cover marine fuels, lubricants and decarbonisation in Athens.

Aurora Botnia vessel. Wasaline secures locally produced biogas supply from St1 Biokraft for Vaasa–Umeå ferry  

Agreement will supply 42 GWh of liquefied biogas annually, with deliveries due to start in January 2028.

Kypros Island delivery ceremony. Safe Bulkers takes delivery of first dual-fuel methanol Kamsarmax newbuild  

Kypros Island becomes the first dual-fuel bulker to enter the Cyprus Registry.

Singapore waterfront skyline. PetroChina seeks LNG bunker trader to expand Asian marine fuel business  

Role requires five to ten years of commercial experience in LNG, bunker trading, marine fuels, commodities, or energy trading.

Shanghai–Melbourne Green Shipping Corridor (GSC). Shanghai and Melbourne ports move green shipping corridor into delivery phase  

Ports launch implementation plan targeting green methanol, biofuels and shore power by 2035.