Glander International Bunkering (GIB) has posted a 45.8% drop in earnings before tax (EBT) to $22.17m for the 2023-24 fiscal year, with annual revenue of $3.23bn, a 25% return on equity and a 21% solvency ratio.

The decline in pre-tax profit follows the record high of $40.9m seen in 2022-23, and the latest annual figure is the lowest since the $18.5m achieved in 2020-21.

Commenting on the results, CFO David Varghese said: "As shown by our numbers, we were able to maintain a financially healthy organization because of our resilience, adaptability and commitment to our maritime partners."

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Reflecting on the last two fiscal periods, CEO Carsten Ladekjær said 2022-23 was marked by extreme volatility, price hikes and supply disruptions due to political events, whilst in 2023-24, shipping and bunkering experienced a notable return to normalization with energy prices dropping to stable levels.

GIB noted that demand in 2023-24 was affected by sanctions on specific shipping trades, with Ladekjær emphasizing the role his company played in assisting clients affected by trade disruption in routes covering the Red Sea and Panama Canal.

New fuels and decarbonization

As regards the energy transition, GIB underlined some of its key achievements during the past year: its six ISCC-certified offices; coordinating Hamina's first-ever terminal-to-ship LNG bunker supply by pipeline; collaborating on Kokkola's first LNG supply; helping to coordinate the supply of B100 HVO to a seismic survey vessel in Algeciras; performing the first biofuel supply to asphalt tanker client Rubis; and providing EUA procurement and advisory services to customers.

Ladekjær commented: "Our commitment to decarbonization, innovation and regulatory guidance is not just a strategy, it's a fundamental part of our business ethos. It's an opportunity to lead as a partner that facilitates and simplifies the way for clients and suppliers."