Glander International Bunkering Ends Fiscal Year with Strong Results

July 4, 2024

Leading bunker trading firm, Glander International Bunkering delivered robust financial performance and industry milestones during its fiscal year 2023/2024.

“Throughout the year, we maintained a strong focus on facilitating global trade, with teams around the world dedicated to supporting our clients,” CEO Carsten Ladekjær said.

Reflecting on 2022/23, he said it was marked by extreme volatility, price hikes and supply disruptions due to political turmoil compared to 2023/24, when shipping and bunkering experienced a notable return to normalization with energy prices dropping to stable levels.

Demand was affected due to prevailing and continuously increasing sanctions on specific shipping trades. Ladekjær mentioned the role that Glander International Bunkering plays during such critical trade disruption was to guide clients affected by routes in the Red Sea and the Panama Canal.

Financial recap
Glander International Bunkering remained resilient, achieving a turnover of $3.23 billion and an Earnings Before Tax of $22.17 million. The company boasted a 25% return on equity and 21% solvency ratio.

CFO David Varghese said, “Despite a turbulent energy sector, we demonstrated our ability to navigate dynamic market conditions, while delivering new products and new value to our stakeholders.”

He continues, “As shown by our numbers, we were able to maintain a financially healthy organization because of our resilience, adaptability and commitment to our maritime partners.”

Firsts for new fuels industry
As the shipping industry shifts focus to decarbonization, Glander International Bunkering has been at the forefront of facilitating the transition to new fuels. Ladekjær says, “While we continue to fuel vessels with traditional products, we are proud to be involved in significant milestones and firsts for the new fuels industry.”

Glander International Bunkering’s achievements during the past year include:

  • Six ISCC certified offices
  • Hamina’s first-ever terminal to ship LNG bunker supply
  • B100 HVO for seismic survey vessel in coordination with CEPSA
  • Kokkola port’s first LNG supply
  • The first biofuel supply for an asphalt tanker client
  • EUA procurement and advisory services with the onset of EU ETS in January 2024

New role for bunker traders
Glander International Bunkering also initiated strategic partnership with clients, encompassing digital tracking and documentation of bunker procurement, onboard fuel-saving measures and bunker planning and management. The company also played a more significant advisory role, especially on new regulations affecting the maritime industry globally such as EU ETS, Fuel EU Maritime and IMO targets.

Ladekjær concludes by saying “Our commitment to decarbonization, innovation and regulatory guidance is not just a strategy, it’s a fundamental part of our business ethos. It’s an opportunity to lead as a partner that facilitates and simplifies the way for clients and suppliers.”