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Global bunker supplier and trader OW Bunker has recorded a $23.5 million increase in pre-tax profits for 2008 compared to the previous year.

The Danish-based firm saw pre-tax profits rise from $22.9 million in 2007 to $46.4 million last year, an increase of 102 percent.

The significant increase in profit before tax was partly due to a 48 percent rise in revenues from $5.505 billion to $8.155 billion.

OW Bunker said the positive results achieved in 2008 were also due to an effective risk management and hedging strategy which enabled the company to protect margins during a period of volatile fuel prices and a weaker dollar.

Commenting on the company's future prospects, Chief Executive Jim Pedersen said: ‘The unpredictability of the financial markets dictates caution for the coming year, however we remain confident that the strategy we have in place will ensure continued growth and development in the long-term’.