Image credit: Bunker Holding

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Bunker Holding Group has named Michael Krabbe as its new chief financial officer (CFO).

Krabbe will be joining Bunker Holding from Maersk Supply Service, where he will continue to serve as CFO until end of the year before assuming his new position at Bunker Holding's head office in Middelfart, Denmark, from January.

Prior to joining Maersk Supply Service, Krabbe held senior finance management positions at Welltec International between 2011 and 2018, with the last three years as CFO.

Krabbe replaces Jesper Klokker Hansen, who has served as CFO since 2004 and will be focusing his time on his career as board member and advisor, Bunker Holding explained.

Keld Demant, CEO of Bunker Holding, remarked: "I am delighted to welcome Michael Krabbe to Bunker Holding Group to take up a key management role at an exciting time for our company. Michael is a business-oriented CFO who actively seeks to develop the strategic agenda backed by facts. He brings an ideal combination of extensive experience and an innovative mindset - a strong profile that will help drive the company to even better results based on our strong position in a challenging market. Also, I thank Jesper Klokker Hansen for his substantial contributions to Bunker Holding Groups success over the past 15 years."

Bunker Holding forms part of United Shipping & Trading Company (USTC) and is the parent group of a number of businesses specializing in marine fuels, lubricants and hedging, including BMS United Bunkers, Bunker One, Dan-Bunkering, Glander International Bunkering, Global Risk Management, KPI Bridge Oil, LQM Petroleum Services, Unicore Fuel, Unimarine and Unioil Supply.

In its financial results for the last financial year, Bunker Holding recorded a 16 percent improvement in earnings before tax to $40 million, a rise in sales volume, and a year-on-year jump in revenue of 26.2 percent to $8,153m - the best since 2014-15.