USTG Group Reports a Successful Year
Despite a year of crisis in the shipping market, Torben Østergaard-Nielsen, owners of the USTC Group, report record turnover & profits 2011/2012
The Denmark-based group has achieved both record turnover and record profits. With equity in excess of DKK 1.8 billion,and say it is now strongly positioned for further growth.
All three business areas – bunkering (buying, selling and provision of fuel for ships), ship-owning, and shipping and logistics – showed increased turnover.
However, bunkering activities, which make up 99% of total turnover, accounted for the greatest growth in turnover and revenue. Bunker Holding turnover and profit almost doubled in two years Turnover in the bunkering activities of Bunker Holding increased by 33% exclusively from organic growth, while profit was up 29%. The rise in turnover came about via increased volume and a strong rise in oil prices.
Ship-owner Uni-Tankers is defying the crisis with a striking strategic expansion of its fleet: it is purchasing nine tankers, bringing the number of vessels it now operates to 35.
"The improvement in our revenue reflects optimised collaboration with customers and suppliers despite the difficult conditions facing the sector, hedged by particularly proactive credit control,” according to Keld R. Demant, Vice CEO of Bunker Holding.