Bunker Holding Africa Losses Now 'Fully Recognised': USTC
USTC, the owner of marine fuels groupBunker Holding, is not expecting any further losses to result from the shutdown of the bunkering firm's onshore cargo trading unit inAfrica. The company made the. . .
USTC, the owner of marine fuels groupBunker Holding, is not expecting any further losses to result from the shutdown of the bunkering firm's onshore cargo trading unit inAfrica. The company made the announcement in a results statement onWednesday, in which it said its profit before tax in2025/26reachedmore than DKK 1 billion($152. 5 million), up fromDKK 775 millionthe previous year. "Substantial losses in Africa within subsidiary Bunker Holding have weighed heavily on the financial performance of Selfinvest and USTC over the past two years," the company said in the statement. "With these extraordinary losses now fully recognised, the Group has regained momentum and delivered the fourth-best financial result in its 150-year history. "After the shutdown of onshore cargo trading unitPSTV Cargo, Bunker Holdingnoted write-downs from discontinued operationsofabout $125 millionin2023/24andabout $36 millionin2024/25. "It is obviously encouraging to deliver a solid financial result with the majority of our companies contributing positively,"Nina Østergaard, co-owner and CEO of USTC, said in the statement. "But we are not where we need to be. "As a Group, we are in the middle of a transformation, where volatile global trade and unpredictable geopolitical shifts are no longer the exception but the norm. We need to further strengthen our adaptability and commercial discipline across all our companies to maintain the positive momentum. "Ship & Bunker News TeamTo contact the editor responsible for this story email us at[email protected]