Tue 9 Jul 2024, 12:14 GMT | Updated: Wed 10 Jul 2024, 14:22 GMT

Dan-Bunkering posts profit rise in 2023-24


EBT climbs to $46.8m, whilst revenue dips from previous year's all-time high.


Claus Bulch Klausen, CEO of Dan-Bunkering.
Claus Bulch Klausen, CEO, said he was "proud" of the group's performance, noting that "geopolitical tensions and shifting demands across shipping segments" were key issues in 2023-24. Image credit: Dan-Bunkering

Dan-Bunkering has posted a profit before tax of $46.8m for the 2023-24 fiscal year, up 1% from $46.3m in 2022-23.

Revenue over the same period fell by $289.9m, or 7.1%, from the firm's all-time high of $4.06bn to $3.77bn.

Dan-Bunkering began presenting its financial performance in a combined group format last year, with results dating back to 2018-19. Pre-tax profit for 2023-24 is the best over this six-year period, whilst revenue is the second highest.

Chart: Bunker Index. Data credit: Dan-Bunkering

Annual profit before tax with YoY changes for Dan-Bunkering, 2018/19 - 2023/24

Profit before tax in $m.

YearProfit before tax ($m) Change ($m)Change (%)
2018-1924.334
2019-2024.6270.2931.2
2020-2118.304-6.323-25.7
2021-2219.5861.2827.0
2022-2346.30826.722136.4
2023-2446.7900.4821.0

Table: Bunker Index. Data credit: Dan-Bunkering

Chart: Bunker Index. Data credit: Dan-Bunkering

Annual revenue with YoY changes for Dan-Bunkering, 2018/19 - 2023/24

Revenue in $m.

YearRevenue ($m) Change ($m)Change (%)
2018-192503.755
2019-202373.982-129.773-5.2
2020-212000.608-373.374-15.7
2021-223280.5631279.95564.0
2022-234059.604779.04123.7
2023-243769.732-289.872-7.1

Table: Bunker Index. Data credit: Dan-Bunkering

"This year's result Dan-Bunkering continues to build on strong financial performances of the past fiscal year," Dan-Bunkering said.

Claus Bulch Klausen, CEO of Dan-Bunkering, remarked: "In a year characterised by geopolitical tensions and shifting demands across shipping segments, we are immensely proud of the results we have achieved. They are a testament to the great work from the teams around the world in navigating these challenges.

"The past financial year saw an increased focus on the transition towards decarbonisation. We have put increased effort into assisting our clients and suppliers in adapting to the recently implemented environmental regulations, such as the EU ETS scheme, and demands within for instance the alternative fuels space. We are therefore investing time and resources to assist our partners with finding the best way forward."



Proteus Supply and Trading and Propeller Fuels logo. Propeller Fuels and Proteus Supply and Trading form commercial partnership to expand Americas coverage  

US-based Proteus and UK-based Propeller Fuels unite operations across the Americas and beyond.

Kasif Kalkavan vessel. Turkon Line’s LNG-powered Kaşif Kalkavan makes maiden call at Marport  

Türkiye’s largest domestically built LNG-fuelled container ship has docked at Marport for the first time.

Vinoth Kumar, Flex Commodities. Flex Commodities appoints Vinoth Kumar as general accountant  

Dubai-based bunker trader strengthens finance team with new accounting hire.

Kota Elok vessel. PIL's first LNG dual-fuel boxship receives cybersecurity certification on Singapore maiden call  

Pacific International Lines' 13,000-teu vessel Kota Elok becomes the first PIL ship certified to IACS cyber-resilience standards.

Princess cruise ship. Wärtsilä and Carnival Corporation sign 8-year lifecycle agreement for LNG-fuelled cruise vessels  

Deal covers four vessels across the Princess Cruises and Carnival Cruise Line fleets.

Antwerpen vessel. Exmar vessel completes first commercial voyage on ammonia dual-fuel  

Antwerpen sailed from China to India using ammonia in dual-fuel mode during commercial service.

Keel-laying ceremony of vessel with builder's hull no. CHB3016. Changhong International launches ninth LR2 tanker in Navios series  

Vessel includes future methanol and LNG conversion capability as well as shore power provision.

ECSA logo. European shipowners back EU ETS revenue earmarking but warn proposal falls short on clean technology support  

ECSA welcomes fuel support and revenue earmarking but calls for broader technology eligibility and a clear IMO withdrawal clause.

World Shipping Council logo. WSC backs EU ETS fuel revenue reinvestment but warns over port competitiveness rules  

The World Shipping Council welcomes proposed ETS fuel mechanism changes but flags concerns over neighbouring port proposals.

Green methanol bunkering vessel render. Western Baltic Engineering unveils green methanol bunkering vessel concept for Klaipėda  

Concept vessel design features an 800-tonne capacity and annual supply potential of 250,000 tonnes.