KPI OceanConnect reports that profit before tax fell by 59.2% to $20m in its results for the 2023-24 financial year, ending on April 30.
The decline in earnings was recorded despite a 9% year-on-year rise in sales volume to 12m tonnes.
Revenue, meanwhile, dipped 4.6% to $5.6bn following the previous year's 99.7% jump to $5.87bn, and total equity at year-end was $78m.
KPI OceanConnect said the results were "in line with management expectations in light of the prevailing market conditions."
| Year | Profit before tax ($m) |
|---|---|
| 2020-21 | 15.1 |
| 2021-22 | 15.4 |
| 2022-23 | 49.0 |
| 2023-24 | 20.0 |
Annual bunker sales volume for KPI Oceanconnect, 2021/22 - 2023/24
Sales volume in million tonnes.
| Year | Sales volume (MMT) |
|---|---|
| 2021-22 | 7.3 |
| 2022-23 | 11.0 |
| 2023-24 | 12.0 |
Annual revenue for KPI Oceanconnect, 2020/21 - 2023/24
Revenue in $m.
| Year | Revenue ($m) |
|---|---|
| 2020-21 | 2000 |
| 2021-22 | 2940 |
| 2022-23 | 5870 |
| 2023-24 | 5600 |
Commenting on the impact that geopolitical events have had on international trade compliance requirements and global oil market fundamentals, the bunker seller pointed out that shipping firms have needed to deploy more vessels and adapt trade routes.
And as regards marine fuel demand, KPI OceanConnect noted that it had been increasing "in the traditional bunker hubs and elsewhere along the route via South Africa."
On the issue of the energy transition, KPI OceanConnect stated it had seen stronger demand for commercial partnerships relating to new fuel strategies and carbon solutions.
Over the past year, the firm conducted the first biofuel bunker delivery in the Port of Fujairah and supported LNG and biofuel bunkering and simultaneous operations (SIMOPS) for clients in the cruise, pure car and truck carrier (PCTC), bulk, container and chemical shipping sectors.
KPI OceanConnect also reached the milestone of having 100 biofuel supply locations around the world.
Anders Grønborg, CEO, remarked: "We strive to deliver tailored, value-adding services to our clients and of course have a keen focus on supporting them through the energy transition and its complexities. We firmly believe in the value of collaboration, transparency, and digitalization to drive innovation and future-proofing operations."
|
Changhong International delivers final LNG dual-fuel container ship 205 days early
Chinese shipbuilder completes 10-vessel series for MSC with delivery of 11,500-teu MSC Migsan. |
|
|
|
||
|
Global Ethanol Association to present on ethanol marine fuel at London shipping expo
Morten Thomas Jacobsen will discuss ethanol fuel trials and maritime decarbonisation challenges in June. |
|
|
|
||
|
IBIA warns of structural shift in marine fuel market following Arabian Gulf tensions
Association chair says geopolitical disruptions signal lasting changes to bunker supply dynamics and pricing. |
|
|
|
||
|
Rotterdam bunker volumes plunge 25% in first quarter amid regulatory shifts
Fossil fuel sales decline sharply while alternative fuels show modest growth in Dutch port. |
|
|
|
||
|
Norsepower completes factory tests for 18 rotor sails bound for Airbus fleet
Wind propulsion units cleared for installation on LD Armateurs vessels targeting 50% emissions reduction. |
|
|
|
||
|
Ernst Russ acquires four chemical tankers with five-year charters worth $126m
Hamburg shipowner enters tanker segment with methanol-ready newbuildings delivering from Q4 2026. |
|
|
|
||
|
Wärtsilä boosts ammonia engine power output to match LNG equivalent
Finnish technology group raises Wärtsilä 25 Ammonia engine output, enabling simpler vessel designs. |
|
|
|
||
|
Fincantieri secures order for three LNG-fuelled cruise ships from Princess Cruises
Italian shipbuilder to construct vessels at Monfalcone yard, with deliveries scheduled through 2039. |
|
|
|
||
|
DNV says existing LNG infrastructure can support low-GHG methane transition
Classification society finds biomethane and e-methane compatible with current LNG fleet and bunkering networks. |
|
|
|
||
|
IBIA launches Bunker Buyers Working Group for fuel procurement end users
New forum aims to represent shipowners, charterers and ship managers in policy and regulatory discussions. |
|
|
|
||
| KPI OceanConnect and Uni-Tankers complete biofuel trial [News & Insights] |
| Bunker Holding and NeoGreen Hydrogen sign MoU for green ammonia and synthetic fuels [News & Insights] |
| Wallenius Sol joins Gasum's FuelEU Maritime compliance pool as bio-LNG generator [News & Insights] |
| AYK Energy secures second battery contract with Mureloil for chemical tankers [News & Insights] |
| Bahía de Bizkaia Gas launches bio-LNG loading service after ISCC certification [News & Insights] |
| IAPH launches products portal with ammonia bunker safety checklist [News & Insights] |
| Hapag-Lloyd orders eight methanol-powered container ships worth over $500m [News & Insights] |