Danish shipping conglomerate United Shipping and Trading Company (USTC) continues to increase its shares in biomass market leader CM Biomass.

In 2021 when family owned USTC bought a majority share of wood pellet and biomass supplier CM Biomass it was based in a clear strategy of increasing USTC’s shares in the company in the years to come.

In the Spring of 2023 USTC increased its ownership by seven percent to 67 percent, and now a little over a year later, USTC is now again taking a leap forward in acquiring an additional 22 percent of shares.

“When USTC acquired the majority shares of CM Biomass in 2021, it was because we saw a strong business case and a tremendous synergy potential with the rest of the USTC Group. Since then, CM Biomass has continued to show strong performance and we have been able to profit from the synergies within the Group, especially regarding logistics and risk management,” says Nina Østergaard Borris, CEO of USTC.

Prior to the acquisition USTC owned two thirds of the shares in CM Biomass. As several minority shareholders have agreed to sell of their shares, USTC is now able to bring the total ownership to 89 percent.

The change in owner shares will not affect or change the strategic direction or priorities of CM Biomass going forward.