OW Bunker believes that it will continue to benefit from scale in its cost base and aims to increase profit for the year at least in line with the growth in volume.
Last year, the Danish fuel supplier recorded an annual net profit of 68.3m, up 37% year-on-year.
The volume of marine fuel distributed increased 32% to 29.2m metric tonnes in 2013 from 22.1m metric tonnes in 2012.
“Last year's results are the continuation of a long track record of profitable, organic growth and a confirmation that our dedication to working integrated with reselling and physical distribution of marine fuel is the right path to success,” said Jim Pedersen, ceo of OW Bunker.
Meanwhile, OW Bunker's major shareholder Altor Equity Partners has confirmed plans for the bunker supplier to launch an initial public offering (IPO) in Copenhagen.
The contemplated IPO is expected to consist of a sale of shares owned by Altor, and through an issue of new shares by OW Bunker. The expected amount of money to be raised from the IPO was not revealed.
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