Sign up
Log in Sign up
Wed 5 Mar 2014 13:44

OW Bunker sells 29.2 million tonnes in 2013


Bunker firm reports strong 2013 results with above 30% growth in volume and profitability.

For OW Bunker, one of the world’s leading marine fuel suppliers, 2013 was a year of strong financial results, most notably witnessed by a 37% growth in adjusted profit for the year on a 32% growth in volume of marine fuel distributed.

For the three years ended 31 December 2013, OW Bunker’s volume grew at a compounded annual growth rate (CAGR) of 24%, while adjusted gross profit and adjusted profit for the year grew at a CAGR of 23% and 33%, respectively. In the same period, OW Bunker has delivered an average adjusted return on equity of 27%.

Financial highlights

- Volume of marine fuel distributed increased 32% to 29.2 million tonnes in 2013 from 22.1 million tonnes in 2012.

- Adjusted gross profit was USD 218.8 million in 2013 - an increase of USD 54.3 million (33%) compared to USD 164.5 million in 2012.

- Adjusted gross profit per tonne was stable at USD 7.5 in 2013 (2012: USD 7.5).

- Adjusted profit before tax (EBT) was USD 86.5 million in 2013 - an increase of USD 22.8 million (36%) from USD 63.7 million in 2012, corresponding to an adjusted EBT per tonne of USD 3.0 in 2013 (2012: USD 2.9).

- The adjusted profit for the year was USD 68.3 million - an increase of USD 18.5 million (37%) compared to an adjusted profit for the year of USD 49.8 million in 2012.

- Adjusted return on equity was 31% in 2013, up from 25% in 2012.

- In December 2013, OW Bunker signed a USD 700 million revolving credit facility, refinancing a USD 450 million facility. The new facility was more than 100% oversubscribed.

- As at 31 December 2013, OW Bunker's total liquidity reserve amounted to USD 303.2 million. In addition, as part of the credit facility, OW Bunker has an option to request a USD 100 million accordion facility at the discretion of each lender.

Commenting on the results, Jim Pedersen, OW Bunker’s CEO, said: "Last year’s results are the continuation of a long track record of profitable, organic growth and a confirmation that our dedication to working integrated with reselling and physical distribution of marine fuel is the right path to success. With our well-invested, scalable business platform and global reach, I am confident that we will continue our solid performance and successfully develop our business further."

Outlook 2014

OW Bunker said it expects to continue to develop its business, strengthen its market position and further gain market share, and based on current market conditions and outlook, OW Bunker believes that it can grow volume by approximately 10% this year compared to 2013.

The company said it expects to continue to benefit from scale in its cost base and aims to increase profit for the year at least in line with the growth in volume.

Tallink’s MyStar vessel. Tallink targets full bio-LNG transition for Baltic shuttle vessels within a year  

Estonian ferry operator aims to replace all fossil LNG with renewable fuel on the Helsinki-Tallinn route.
Grimaldi's Grande Melbourne vessel. Grimaldi takes delivery of third ammonia-ready car carrier from Chinese shipyard  

Grande Melbourne is the third of seven vessels ordered from Shanghai Waigaoqiao Shipbuilding for Asia-Europe service.
BPCL and Cochin Port sign MoU. BPCL and Cochin Port sign MoU for LNG bunkering facilities  

Indian oil company and port authority agree to develop LNG refuelling infrastructure for vessels.
ClassNK Guidelines front cover. ClassNK publishes world-first guidelines for membrane-based onboard CO2 capture systems  

Classification society expands guidelines to cover membrane separation method for capturing ship exhaust emissions.
April Tan, Flex Commodities. Flex Commodities hires April Tan as lead trader for China  

Dubai-based marine fuels trader appoints experienced professional to Singapore office to drive regional expansion.
Contract signing ceremony. Yang Ming finalizes contracts for six methanol dual-fuel-ready boxships  

Taiwanese carrier signs deals with Japanese shipbuilders for vessels scheduled for delivery from 2028.
China’s Da Qing 268 vessel. China's first newbuild dual-fuel methanol bunkering vessel launched in Zhoushan  

Da Qing 268 can supply methanol and conventional fuels to ships at anchorage.
Graphic announcing Standard Fuel Oils FT recognition. Standard Fuel Oils recognized in Financial Times Europe's Long-Term Growth Champions  

Liverpool-based fuel supplier included in ranking of 300 European companies with sustained revenue growth.
Naming ceremony of Wilhelmshaven Express. Hapag-Lloyd completes newbuild programme with delivery of dual-fuel vessel  

German carrier christens Wilhelmshaven Express, marking completion of 12-vessel Hamburg Express class series.
Adani Ports and BPCL sign MoU. MoU signed to develop LNG bunkering facility at Vizhinjam  

Partnership aims to establish LNG refuelling hub for international vessels at Kerala.




 Recommended