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Glander International Bunkering posts 73% profit rise

Pre-tax earnings up to $27.3m as CEO warns of industry consolidation following Covid-19.

Carsten Ladekjær, CEO of Glander International Bunkering. Image credit: Glander International Bunkering.

Updated on 18 Jun 2020 09:59 GMT

Glander International Bunkering (GIB) reports that earnings before tax increased by $11.6m, or 73.6 percent, to $27.3m during the fiscal year 2019-20.

The improved results, which also saw turnover jump 19.4 percent, were achieved during a challenging period in which the 0.5 percent global cap on fuel sulphur content was implemented in January 2020.

"This was an occasion where every bunkering company and its employees had to face the test of industry change and demonstrate their expertise and level of preparedness. Our people leaned in, and it is very satisfying to see the results of all the hard work," remarked CEO Carsten Ladekjær.

During the months leading up to January 2020, GIB says it busily prepared for the transition to lower-sulphur fuels via a process that involved all departments of the organisation and which included the rollout of an IMO 2020 in-house training program.

"The need for knowledge and expertise turned out to be immense. We were able to help our customers through the transition as seamlessly as possible, and our people's success is reflected by the annual result. To me, this proves that if an organisation makes a real effort to create value for its counterparties, it will also serve that organisation as well," commented Ladekjær.

Discussing the year ahead, GIB posited that the Covid-19 pandemic together with developments in the world economy and oil prices will play a key part in determining the company's next annual result and the outlook for bunker industry players.

"I would not be surprised if the coming year leads to more consolidation in the industry, with strong companies emerging even stronger," Ladekjær said.

"With our sound financial foundation and strong organisation, we look forward to this with humility, but also optimism. We are prepared to face future challenges and remain ready to seize opportunities."

Earlier this month, and during the pandemic, GIB absorbed Canden Marine Fuel Services into its global setup, with the Quebec-based business becoming GIB's second office in North America and ninth worldwide.

In addition to its head office in Dubai, GIB also has subsidiaries in Florida, Geneva, Mumbai, Oslo, Singapore, Tønsberg and Valencia.

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