Glander International Bunkering has announced satisfactory financial results for the fiscal year 2019/2020 and says it looks forward to a challenging year “with optimis”.
The 2019/2020 fiscal year turned out to be an eventful and dramatic one with the implementation of the Marpol 2020 global sulphur cap as one of the most disruptive events in the marine industry.
“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,” said CEO Carsten Ladekjær.
The company announced its annual results with earnings in 2019/2020 before tax increasing from $15.74 million to $27.3 million equivalent to an increase of 73.56%. Total turnover increased by 19.4%.
For months leading up to 1st January 2020, the company and its staff busily prepared for the transition to low-sulphur fuels. All departments of the organisation were involved at varying levels and a tailormade IMO 2020 in-house training program was rolled out.
“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,” said Mr Ladekjær.
The COVID-19 pandemic, together with the development in oil prices and the world economy in general, will determine the coming year’s playing field and the next annual result.
“I would not be surprised if the coming year leads to more consolidation in the industry, with strong companies emerging even stronger,”added Mr Ladekjær.
“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.”