KPI OceanConnect, a leading global marine energy solutions provider, has announced its results for the financial year 2023/2024. KPI OceanConnect delivered an increase in volume of 9% to 12m MTS, with a revenue of USD 5.6 billion. Earnings Before Tax was USD 20m, resulting in a solid balance sheet position of USD 78m total equity.

The trading performance for the year was in line with management expectations in light of the prevailing market conditions. During the financial year 2023/2024, focus on international trade compliance continued in response to geopolitical events and the consequential impact this has had on global oil market fundamentals. Shipping companies have had to deploy more vessels and adapt trade routes. With that, marine fuel demand has been rising in the traditional bunker hubs and elsewhere along the route via South Africa. The recently launched Weekly Market Pulse by KPI OceanConnect provides comprehensive market news via a free subscription.

The implementation of a new regional management structure at the beginning of the year further strengthened KPI OceanConnect’s ability to deliver on its unique partnership approach and meet the changing needs of customers. With the industry’s move towards green transition especially, we have seen a stronger demand for commercial partnerships relating to new fuel strategies and carbon solutions.

The appointment of Jesper Sørensen to Head of Alternative Fuels and Carbon Markets, and investment in a global team of experts, has significantly strengthened KPI OceanConnect’s ability to support business partners on alternative fuel strategies to navigate the energy transition, including EU ETS. A notable contribution to the acceleration of the infrastructure development, through partnerships with suppliers of alternative fuels, has been achieved and in the past year KPI OceanConnect reached the milestone of having 100 biofuel supply locations around the world.

Numerous clients partnered with KPI OceanConnect on trials of alternative fuels and on shaping their green transition strategies. Thus, over the past year we have conducted the first biofuels bunkering in the Port of Fujairah and supported LNG and biofuel bunkering and simultaneous operations (SIMOPS) for clients in the cruise, container, PCTC, bulk, and chemical shipping sectors.

Anders Grønborg, CEO of KPI OceanConnect commented on the results of the business: “Our robust performance and nomination by Thetius as one of the most innovative maritime companies are testament to our continued commitment to partnerships and environmental, social and governance measures. We strive to deliver tailored, value-adding services to our clients and of course have a keen focus on supporting them through the energy transition and its complexities. We firmly believe in the value of collaboration, transparency, and digitalization to drive innovation and future-proofing operations.”

KPI OceanConnect continued to champion ESG and Diversity, Equity and Inclusion especially. Dorthe Bendtsen, COO said, “Through various initiatives such as ‘Women in Shipping’ we support people to reach their full potential. By creating an environment where everyone feels valued, respected and free to express their views and who they are, we are creating a company culture marked by personal responsibility, accountability and openness which is essential for business success, fostering innovation, productivity and better service delivery.”

As KPI OceanConnect works in partnership with clients, so they can take confidence in knowing they are supported by a global, skilled workforce driven by excellence. Apart from investing in continuous training and development of team members at all levels, we have also dedicated significant resources to ‘get fuelled’, a 2-year training programme delivering a comprehensive all-round trading education to young professionals across the organisation.

The annual "50for50" initiative, which donates USD50 for each marine fuel order placed during November and December, last year raised USD123,000 for local charities selected by KPI OceanConnect teams. The initiative is an important way for KPI OceanConnect team members to give back to the local communities in which they operate.

Grønborg continued: “Investing in the wellbeing of our teams and local communities allows us to do our job better every day. It’s with the support of a talented team that we are well positioned to support our clients as a financially strong counterparty, and the industry with our global expertise on conventional and alternative fuels.”