OW Bunker has announced that 2013 adjusted profit increased by 37 per cent to US$68.3 million compared to the previous year as the volume of marine fuel distributed rose by 32 per cent to 29.2 million tonnes.
For the three years ended December 31, 2013, the company has recorded volume growth at a compounded annual growth rate (CAGR) of 24 per cent, reported London's Tanker Operator.
CEO Jim Pedersen said, "Last year's results are the continuation of a long track record of profitable, organic growth and a confirmation that our dedication to working integrated with reselling and physical distribution of marine fuel is the right path to success.
"With our well-invested, scalable business platform and global reach, I am confident that we will continue our solid performance and successfully develop our business further."
Highlights of last year include the December signing of a $700 million revolving credit facility, refinancing a $450 million facility. It was more than 100 per cent oversubscribed.
As of the end of last year, the company's total liquidity reserve amounted to $303.2 million.
The company believes that it can boost volume by 10 per cent in 2014 over 2013.
WORLD SHIPPING
11 March 2014 - 19:09
OW Bunker achieves 37pc growth in 2013 earnings
OW Bunker has announced that 2013 adjusted profit increased by 37 per cent to US$68.3 million compared to the previous year as the volume of marine fuel distributed rose by 32 per cent to 29.2 million tonnes.
WORLD SHIPPING
11 March 2014 - 19:09
OW Bunker achieves 37pc growth in 2013 earnings
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