KPI OceanConnect announces solid 2021/22 financial results

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July 12, 2022

Performance demonstrates financial strength and a commitment to innovation and inclusivity in the transitioning shipping industry.

  • Following its successful merger in 2020, KPI OceanConnect reports profitable results of increased revenue to $2.94 billion in a post-pandemic and highly volatile market.
  • KPI OceanConnect continues to place sustainability and inclusivity at the forefront of its business strategy, launching an Alternative Fuels and Special Projects division and supporting women in shipping through innovative activations.
  • Financial strength, global reach and partnership-based strategy provide a strong foundation for the global organisation to guide shipping through the energy transition.

KPI OceanConnect, a leading global marine energy solutions provider, today announces solid results for the financial year 2021/22. For the past 12 months, the company has maintained its market share with revenue increasing to $2.94 billion and Earnings Before Tax improving to $15.4 million.

The company saw a significant increase in volume across Asia, with Hong Kong and China volumes 63 per cent and 20 per cent higher respectively, as a result of fewer restrictions on bunker-only calls.

This year’s performance demonstrates the company’s continuing leadership credentials within the market, its financial strength, and its ability to effectively deliver the solutions partners need in a rapidly transitioning marine fuels market. The organisation also enhanced its counterparty assessment in light of the volatility within the market.

Søren Høll, CEO at KPI OceanConnect, commented: “We are very pleased to report such solid financial results, despite the uncertainty within the market, and on the back of a global pandemic. It shows the strength of our consultative and partnership-based approach, our reputation for being a trustworthy and reliable partner, as well as the hard work of the entire global team at KPI OceanConnect.”

2021 saw many significant developments for KPI OceanConnect as the company continued to support its partners to meet the challenges of the global pandemic, accelerate the drive for decarbonisation, support the demands for increased transparency in the supply chain, and empower change through diversity and inclusivity.

Two significant milestones on the sustainability front include the successful delivery of one of the first carbon offset transactions in the bunkering sector, and the launch of a dedicated Alternative Fuels and Special Projects division led by industry expert Bill Wakeling. The new division has significantly expanded the company’s future fuels expertise and capabilities, as well as enhanced sustainability in its supply chains. The company is actively working in partnership with clients to support and guide the development of future fuels strategies that achieve net-zero emissions and meet sustainability goals.

Søren Høll continued: “As the market continues to rapidly change and becomes increasingly complex, it is clear that ship owners and operators need expert counsel founded on in-depth knowledge and insight into how the energy transition and future fuels market impact their businesses. In conjunction with our financial strength, ability to innovate, and global focus, we have the capability to ensure fuel procurement strategies help our clients meet the needs of their operations and continue to thrive as the market transforms.”

As part of its commitment to diversity and inclusivity in shipping, KPI OceanConnect launched its ‘Women in Shipping’ initiative to drive awareness of the many great career opportunities that exist in the shipping industry, and to highlight how an informed, inspired and connected workforce delivers more added value for the business and its partners.

The initiative is part of KPI OceanConnect’s journey to attract more women into the industry, driving greater gender balance and demonstrating how an inclusive, diverse and supportive organisation can deliver more innovation and dynamic thinking, which in turn stimulates effective, high performance working environments and empowers change.

2021 also marked the organisation’s 50th anniversary in the marine fuels industry in which it has maintained a reputation for being a trusted, reliable and innovative partner. In celebration, KPI OceanConnect launched its ‘50 for 50’ charity initiative. Under the initiative, each office at KPI OceanConnect –- donated $50 for every deal made in a 50-day period, raising $100,000 sum for important local social, maritime, children’s and environmental causes. 

Looking ahead, KPI OceanConnect remains a financially strong counterpart, and is well positioned to lead partners through the green transition by consulting on new fuels and carbon offsets – whether voluntary or mandatory – while also delivering innovative initiatives that will bring positive change to the whole industry.

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