A year of high and volatile fuel prices sees marine energy provider consolidate position as energy transition partner of choice for many shipping companies

KPI OceanConnect, a leading global marine energy solutions provider, has announced its results for the financial year 2022/2023.

Growth in both market share and profit was strongly supported by the company joining forces with Global Accounts during the year. KPI OceanConnect saw an increase in volume of 50% with a revenue of $5.87 billion. Earnings Before Tax increased to $49 million with all parts of the business seeing strong performance throughout the year.

The appointment of CEO Anders Grønborg further strengthened the company’s focus on its unique partnership approach, digitalisation and value-adding services, especially within the green offering.

Anders Grønborg comments: “The robust results for the year demonstrate KPI OceanConnect’s position as a preferred partner for the shipping industry during a period of uncertainty and market volatility. It is also an expression of KPI OceanConnect’s commitment to providing innovative solutions, transparency and added value to our partners.”

KPI OceanConnect made significant strides in its digitalisation drive during the year, closing around a fifth of its revenue through its AuctionConnect platform and successfully completing the first digital marine fuels deal outside Singaporean waters on SGTraDex, a digital marine fuels trading platform. The recently announced partnership with Deloitte and ZTLment to ensure carbon credit integrity and transparency in the shipping value chain using blockchain technology further emphasises KPI OceanConnect’s commitment to innovation.

Anders continues: “Looking ahead as the shipping industry continues to transform, KPI OceanConnect is well positioned to lead the way as it remains a financially strong and innovative counterpart, offering expertise, resources and global capabilities, as well as counsel clients on all aspects of the marine fuels supply and value chain. Beyond financial performance, the company’s wide range of ESG initiatives and especially its track record on diversity showcases its commitment to sustainability and social responsibility, fostering positive change for the whole industry.”

KPI OceanConnect continued to advocate the importance of diversity, equity, and inclusivity in the industry. Through the Women in Shipping campaign, the company aims to empower the voices of women in the sector and raise awareness of the excellent career opportunities that exist in shipping.

During the year, KPI OceanConnect invested in a series of global initiatives, including 20 weeks paid parental leave for all employees, stress and wellbeing, grandparental leave and stepped retirement.

KPI OceanConnect also continued its successful engagement of local stakeholders and communities through its “50for50” campaign, donating $50 for every deal for 50 days, which raised $110,000 for local organisations supporting environmental and social causes as selected by employees in each office.

In 2023, KPI OceanConnect launched its annual “get fuelled” talent programme, designed to provide young professionals with a structured education and skills for a successful career in the marine fuels industry. This initiative seeks not only to develop key competences and knowledge of the marine fuels supply chain, but to also to instil ethical business values while fostering a profound understanding of the sustainable solutions and the expertise needed to guide shipping through the green transition.