- KPI OceanConnect reports increase in market share
- The successful merger and integration of KPI Bridge Oil and OceanConnect enabled robust first consolidated results for KPI OceanConnect
- KPI OceanConnect strengthened its partnerships and service offering during the transition to IMO 2020 and challenges of the pandemic
- KPI OceanConnect expects its financial strength, innovation, and expert counsel to be critical for its customers to achieve their long-term goals
Leading independent marine energy solutions provider KPI OceanConnect today announced its fiscal performance for 2020-21 with a volume increase of 26.5% compared to the previous year, and increased market share in a volatile market. Revenue remained stable at USD 2 billion and the Earnings Before Tax (EBT) at USD 15.1 million, an expected small decrease due to the one-time costs of the merger and the challenges caused by the pandemic worldwide.
The creation of KPI OceanConnect was timely in relation to the new market dynamics and increased volatility experienced in the marine fuels space. KPI OceanConnect was well-positioned to navigate the dual challenges of Covid-19 and IMO 2020, and also to guide business partners through the resulting uncertainties.
Combining the knowledge and expertise of its people with a renewed dynamism has been a key driver to KPI OceanConnect’s success in its first year of operation. The goals set when forming the merger, including creating a common culture founded on shared values and exploring the synergies to provide enhanced services to business partners, have been successfully implemented by the company.
Søren Høll, CEO of KPI OceanConnect, commented, “2020 was a challenging yet rewarding year. We owe the success of our merger to our dedicated, skilful and agile team. Considering the scale and complexity of the merger we effected during the pandemic and the inevitable organisational changes and costs, I’m extremely pleased with our bottom-line result.
“Our people have met the challenges of the pandemic extremely well, not only in relation to the merger but across the board. Although many have been working from home for long periods under difficult conditions, our team has maintained a great fighting spirit and exceeded our expectations in terms of what’s possible to achieve during such challenging times. I am proud of our people – they have made all the difference over the past year.”
Høll continued, “The added value for shipowners, operators, and charterers of partnering with us is that we build long-term partnerships through our people-first approach, focusing on adding value and providing bespoke solutions, as well as having unparalleled financial strength. These pillars enable us to deliver advanced marine energy solutions on a global scale.
“We guided our partners through IMO 2020 very well, notwithstanding the challenges from Coronavirus and regulatory change, and now we are looking ahead to the 2030 and 2050 targets. We have already completed our first decarbonisation transaction, which demonstrates our commitment to shipping’s sustainability goals and our long-term partnership approach. Going forward, we are dedicating further resources to developing our marine fuels mix as we work in partnership with our clients to safely risk manage their future fuels choices.”
In the year ahead, KPI OceanConnect will also continue to focus on delivering excellence and creating added value for its partners through innovation, digitalisation, and increased effectiveness of the organisation.