Bunker Holding has appointed Peder Møller as its new group CEO, replacing Keld R. Demant who is stepping down after 27 years with the company.

Møller, 39, will take up the role on October 6. He has been part of Bunker Holding's executive management since November 2024 and previously worked with at the company from 2016 as Group Strategy and New Business Director.

Demant joined Bunker Holding as sales and marketing director and has served as CEO since 2013. Under his leadership, the company grew from revenues of $0.2bn to $13.7bn in the most recent financial year, expanding to more than 60 offices in over 30 countries with 1,300 employees globally.

"Under Keld's leadership, the company has grown to become the world's largest bunker supplier," said Klaus Nyborg, chairman of the board. "But as the bunker industry is now undergoing a new transformation, it is also the right time to bring in fresh capabilities — something Peder will most certainly deliver."

Bunker Holding noted that the appointment comes as Bunker Holding's earnings in recent years have not matched past performance. "The global bunker market is complex, currently marked by geopolitical conflicts, fierce competition among suppliers, and the introduction of new, more sustainable alternatives," the firm added.

Before rejoining Bunker Holding, Møller served as CEO of sister company Global Risk Management, where he is said to have led a business revitalisation. He previously worked at Carlsberg Group, developing commercial strategies across Europe and Asia.

Møller holds a master's degree from Copenhagen Business School, an executive MBA from INSEAD, and has completed the executive leadership programme at Harvard Business School.

"Peder has already proven his commercial strengths, and the ongoing transformation of Bunker Holding is clear proof of his ability to make things happen," said Nina Østergaard, CEO and co-owner of parent company USTC.

Since founder Torben Østergaard-Nielsen established the company in 1981, only he and Demant have held the CEO position. Demant will remain with the organisation as senior advisor to the USTC Group.

The new executive management team will comprise Møller as CEO, Michael Krabbe as CFO, and Anders Grønborg as CCO.

Bunker Holding operates as the marine fuels selling arm of family-owned United Shipping & Trading Company, specialising in selling, delivering and purchasing bunker fuel and lubricants to the shipping industry.