Nasdaq CopenhagenIFRS · USD

BUNKER HOLDING A/S

BUNKER HOLDING A/S is a Denmark-based marine fuel supply and trading company serving the shipping industry. Through its bunker trading and physical supply activities, it sources, trades, and delivers marine fuels and related products to vessels and shipping customers across international ports and routes.

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Revenue13.1bn USD
−4.2 %y/y
Operating profit (EBIT)120m USD
+32.7 %y/y
EBIT margin0.9%
+0.3 ppy/y
Net income58.2m USD
+5,214.1 %y/y
Free cash flow-105m USD
−134.9 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

05101520bn USD2021: 16.5 bn USD2021: EBIT 0.12 bn USD20212022: 17.8 bn USD2022: EBIT 0.26 bn USD20222023: 14.5 bn USD2023: EBIT 0.16 bn USD20232024: 13.7 bn USD2024: EBIT 0.09 bn USD20242025: 13.1 bn USD2025: EBIT 0.12 bn USD202513.10.12
RevenueOperating profit (EBIT)
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Business

Share of revenue
Marine fuel supply55 %

Physical delivery of marine fuels to ships in port and at anchorage.

Bunker trading30 %

Trading and brokerage of marine fuels for shipping customers.

Low-carbon fuels10 %

Alternative marine fuels and lower-emission fuel blends for shipping.

Risk management services5 %

Hedging and fuel procurement support tied to marine fuel exposure.

Customers

The company sells primarily to shipowners, operators, and charterers that need reliable marine fuel supply at ports worldwide. It also serves shipping fleets and maritime trading counterparties that need price execution, local availability, and fuel logistics across different trading routes.

Shipowners and operators

Buy marine fuel supply for owned or operated vessels and value reliability at port.

Charterers

Buy bunker fuel procurement services tied to voyage planning and fuel availability.

Shipping fleet managers

Use the company for centralized fuel sourcing, pricing execution, and logistics.

Maritime trading counterparties

Trade fuel cargoes and structured bunker products through the company’s network.

Low-carbon fuel buyers

Purchase alternative fuels or blends to support emissions-reduction targets.

Strategy

The company’s strategic focus is to secure supply reliability while managing exposure to fuel price volatility through trading and hedging. It is also building capability in lower-carbon marine fuels, which matters as shipping customers adapt to emissions rules and fuel-transition requirements.

Fuel supply reliabilityShort term

Shipping customers need dependable bunker availability at ports and along routes.

Price-risk managementShort term

Marine fuel trading is exposed to sharp commodity price moves and basis risk.

Low-carbon fuel developmentMedium term

Shipping decarbonization is changing fuel demand and customer procurement criteria.

Geography

The business operates internationally because bunker demand follows shipping routes rather than domestic consumer markets. Its physical supply, trading, and logistics activities are tied to major port hubs and the company reports a Denmark base with globally distributed maritime exposure. Geography matters because local port access, fuel availability, and regulatory regimes directly affect delivery capability and product mix.

Risks

The business is exposed to volatile fuel prices, supply chain interruptions, and counterparty risk because it sits between commodity markets and shipping customers. It also faces regulatory and transition risk as emissions rules and alternative-fuel adoption can change product demand and working capital needs.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Fuel price volatility1Supply chain and port disruption2Regulatory transition risk3Counterparty credit risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Fuel price volatilityImpact: HighLikelihood: High

    Trading and inventory positions can move quickly with crude and refined-product markets.

    Exposure: Marine fuel trading and supply margins

  2. Supply chain and port disruptionImpact: HighLikelihood: Medium

    Physical bunker delivery depends on port access, logistics, and local availability.

    Exposure: Physical supply operations

  3. Regulatory transition riskImpact: MediumLikelihood: High

    Fuel standards and emissions rules can shift demand toward lower-carbon products.

    Exposure: Product mix and customer demand

  4. Counterparty credit riskImpact: MediumLikelihood: Medium

    The company extends trade and delivery exposure to shipping customers and counterparties.

    Exposure: Bunker trading and receivables

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Accounting

Judgemental items
Derivative and hedge accounting

The report references oil futures and swaps netted against carrying amounts, indicating material hedging activity.

Impact: Can create earnings volatility if hedge relationships are ineffective or market values change

Inventory valuation

Fuel inventories are exposed to commodity price movements and possible write-downs.

Impact: Affects gross margin and working capital

Expected credit losses

Trading and supply receivables depend on counterparties in the shipping sector.

Impact: Can materially affect provisions and net income

Lease accounting

Offices, terminals, and logistics assets may be under lease arrangements.

Impact: Affects EBITDA, liabilities, and depreciation/interest split

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Last updated: 24/10/2026