Bunker broking and trading firm KPI Bridge Oil achieved over US$2Bn in revenue for the fiscal year ending 30 April 2020, after successfully transitioning to the IMO 2020 fuel regulations and announcing the acquisition of OceanConnect Marine in February
KPI’s figures for the financial year include earnings before tax (EBT) of US$28.5M, and revenue of US$2.2Bn. The EBT result represents an increase of 70% on the preceding financial year, achieved by a 10% growth in volume and a reduction in operational costs and expenses related to counter party performance.
The company’s chief executive Søren Høll said “2019/20 has been a very satisfactory year. Our experienced and dedicated employees were able to create great value for business partners during the challenging transition to the 2020 IMO sulphur cap, and I am thankful to each of our team members for rewarding the company with this great result.”
Mr Høll attributed part of the success to decisions taken prior to the sulphur cap implementation. “We were thoroughly prepared for the sea-change on 1 January. We anticipated the price increases caused by the introduction of new sulphur limits, and we were prepared for the increased demand for credit from owners and operators. Crucially, we also had both the financial strength and flexibility to provide the right solutions at the right time”
In February, KPI Bridge Oil announced it has agreed to acquire OceanConnect Marine, subject to regulatory approval. The merger will create one of the largest independent marine fuel service and solution providers in the world.
Mr Høll said of the anticipated KPI OceanConnect “With our merger completing in the near future, the new KPI OceanConnect will offer an even broader range of services, stronger financial partnership and a more extensive and flexible platform to support partners from during this testing period.”
Riviera is hosting a week of free to attend 45-minute webinars focused on marine fuels commencing 29 June. Register your interest now