USTG Group Reports a Successful Year

Press Release
Wednesday, July 04, 2012

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.




 

 


 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Three European firms win Angola deepwater deals

Three European companies have won contracts for almost half the value of Angola's $16 billion ultra-deepwater Kaombo oil project, confirming a trend toward bigger

Litigation Can Cost Shipbrokers an Arm & a Leg

A survey of London solicitors by specialist intermediaries insurer ITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts,

Scorpio Tankers' Latest Sale & Purchase Deals

Scorpio Tankers says it recorded a gain of US$51-million from the sale of the 7 VLCC newbuilding contracts announced earlier. In March 2014, the Company received

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1419 sec (7 req/sec)