Bunker Holding Annual Report 2024/25
1
1 2 3
ANNUAL REPORT
2024-2025
The Annual Report was presented and adopted at the
Company’s Annual General Meeting on 18 July 2025.
Chairman of the meeting: Peter Appel
Financial year 1 May 2024 – 30 April 2025
Bunker Holding A/S, Strandvejen 5, DK-5500 Middelfart
Company reg. no. 75 26 63 16
4 Introduction
5 Key figures
6 Around the world
7 A year of transformation
9 Built on trust and focused on the future
10 Fueling the Future
11 Connecting the dots
12 Performance Review
13 Financial highlights
14 Performance review 2024/25
15 Risk Governance in Bunker Holding
18 Sustainability Statements
19 Introductions
19 ESG Highlights
20 ESG Target Overview
21 ESG performance review
23 General information
24 ESRS 2 – General disclosures
32 Environment
33 E1 – Climate change
43 E2 – Pollution
44 Looking ahead – Environment
45 Social
46 S1 – Own workforce
61 S2 – Workers in the value chain
64 Looking ahead – Social
65 Governance
66 G1 – Business Conduct
71 Looking ahead – Governance
72 Board of Directors
74 Executive Management
76 Consolidated Financial Statements
77 Income statement
77 Statement of comprehensive income
78 Statement of financial position
79 Statement of changes in equity
80 Cash flow statement
81 Consolidated Financial Statement
Notes
82 Note 1 Revenue and costs
86 Note 2 Invested capital
94 Note 3 Net working capital
100 Note 4 Capital structure and financial
items
106 Note 5 Other disclosures
112 Parent Company Financial
Statements
113 Income statement
114 Statement of financial position
115 Statement of changes in equity
116 Parent Company Financial
Statement Notes
117 Note 1 Income statement
118 Note 2 Invested capital
120 Note 3 Other disclosures
123 Management’s and Auditor’s
reports
123 Management’s statement
124 Independent auditor’s report
Bunker Holding Annual Report 2024/25
2
1 2 3
SECTION 1
MANAGEMENT’S REVIEW
SECTION 2
FINANCIAL STATEMENTS
SECTION 3
REPORTS AND OTHER DISCLOSURES
SECTION 1
MANAGEMENT’S
REVIEW
4 Introduction
5 Key figures
6 Around the world
7 A year of transformation
9 Built on trust and focused on the future
10 Fueling the Future
11 Connecting the dots
12 Performance Review
13 Financial highlights
14 Performance review 2024/25
15 Risk Governance in Bunker Holding
18 Sustainability Statements
19 Introductions
23 General information
32 Environment
45 Social
65 Governance
Bunker Holding Annual Report 2024/25
Management’s Review
3
1 2 3
Introduction Performance Review Sustainability Statements
INTRODUCTION
5 Key figures
6 Around the world
7 A year of transformation
9 Built on trust and focused on the future
10 Fueling the Future
11 Connecting the dots
Bunker Holding Annual Report 2024/25
Management’s Review
4
1 2 3
Introduction Performance Review Sustainability Statements
KEY
FIGURES
Global bunkering requires local experts. Our
employees represent 50+ different nationalities,
working from 62 offices on all continents.
With their inside knowledge of suppliers, port
logistics, local availability and pricing, clients
are assured of an efficient and seamless
experience wherever they need to bunker.
BUNKER TRADING,
RISK MANAGEMENT,
AND PHYSICAL
OPERATIONS
Bunker Holding is a global leader in purchasing,
selling, and supplying marine fuels and lube oils for
ships. We also provide risk management and other
vital services for the shipping industry.
Bunker Holding was founded in 1981 by one of
the pioneers in the industry. We are one of the
few major bunkering companies that remains
owned by the founding family, Mr. Torben
Østergaard-Nielsen and his two daughters,
Nina Østergaard and Mia Østergaard
Rechnitzer, are determined that the family
will guide the company as active owners for
generations to come.
1981
SINCE
1,613
PORTS
62
OFFICES
32
COUNTRIES
1,300+
EMPLOYEES
50+
NATIONALITIES
106,070
ENQUIRIES
Over the last year, the Group received – on average –
an enquiry every five minutes, around the clock.
Bunker Holding Annual Report 2024/25
Management’s Review
5
1 2 3
Introduction Performance Review Sustainability Statements
AROUND THE WORLD
24
OFFICES IN
EUROPE
2
OTHER OFFICE
LOCATIONS
20
OFFICES IN
ASIA
OFFICES IN
AMERICAS
16
BUNKER HOLDING
GERMANY
Hamburg and
Rostock
SPAIN
Valencia
CHINA
UNITED ARAB EMIRATES
Dubai
CYPRUS
Limassol
SAUDI ARABIA
Riyadh
Port Louis
TURKEY
Istanbul
SOUTH KOREA
Seoul
DENMARK
Middelfart, Copenhagen,
Aarhus, and Aalborg
SWEDEN
Gothenburg
NETHERLANDS
Rotterdam
CANADA
Montreal
USA
Houston
Gulf of Mexico
Seattle
Stamford
Alabama
New Jersey
Miami
Palm Beach
MEXICO
Mexico City
BRAZIL
Rio de Janeiro
CHILE
Valparaiso
GREECE
Athens
INDIA
Mumbai
Cape Town
West Africa
SINGAPORE
TAIWAN
ENGLAND
London
SWITZERLAND
Geneva
NORWAY
Tønsberg
and Oslo
MONACO
SOUTH AFRICA
MAURITIUS
INDONESIA
Jakarta
AUSTRALIA
Sydney
Beijing
Shanghai
Singapore
Taipei
Hong Kong
ARGENTINA
Buenos Aires
URUGUAY
Montevideo
COLOMBIA
Buenaventura
Bunker Holding Annual Report 2024/25
Management’s Review
6
1 2 3
Introduction Performance Review Sustainability Statements
As I reflect on the past year, it is
clear that we have been navigating
a highly dynamic and unpredictable
market environment. Volatile economic
conditions, geopolitical uncertainties, and
a shifting regulatory landscape have all
tested the resilience of our business. Amid
this complexity, we remained focused and
disciplined, protecting our core business
and maintaining our volumes. I am proud
of the commitment our team has shown
and the operational stability we have
upheld.
I am confident that the operations we
continue to invest in remain strong, and
that we are heading into the future with
clarity, purpose, and clear direction on
where value can be created.
Navigating a complex and evolving
landscape
2025 has marked a turning point for our
industry, especially on the regulatory
front. With the inclusion of shipping in
the EU Emissions Trading System (EU
ETS) last year alongside the introduction
of FuelEU Maritime and further IMO
measures, we find ourselves moving from
broad ambitions to the first wave of real
enforcement. This is a big step forward,
but it also shows just how complex the
green transition really is. Finding the
balance between long-term investments
and evolving short-term is not easy. And
as these new regulations continue to take
shape, the full impact on our industry
remains to be seen.
Decarbonisation is still a key part of
Bunker Holding’s strategy, but like many
in our industry, I am noticing expectations
shifting. The road is proving longer
than some had hoped, returns on green
investments are taking time, and timelines
are moving. That said, I still believe
we are in a strong position. Our early
investments in lower-carbon solutions and
the foresight we have in the market give
us a strong foundation to build on as new
opportunities emerge.
Looking at Bunker Holding’s role in the
transition, we now operate the industry’s
largest biofuel supply network, covering
more than 150 ports worldwide. We have
established commercial relationships
with over 100 biofuel suppliers, including
biomass producers, and I am pleased
to share that we steadily increased our
biofuel market share on track with our
FY24/25 target. This is an important
milestone towards our 2030 goals.
A YEAR OF
TRANSFORMATION
Keld R. Demant, CEO, Bunker Holding
WE ARE PROACTIVELY
PREPARING, ADAPTING,
AND STRENGTHENING
BUNKER HOLDING’S
CORE, ENSURING WE
REMAIN RESILIENT AND
FIT FOR THE FUTURE.
Keld R. Demant
Chief Executive Officer
Bunker Holding Annual Report 2024/25
Management’s Review
7
1 2 3
Introduction Performance Review Sustainability Statements
Our approach remains grounded and
realistic. We recognise that industry
maturity differs, and progress is not
always linear. Yet, our proactive approach
and operational readiness give me
confidence that we are ideally positioned
to scale our business when the timing is
right.
Reshaping our organisation for the
future
To thrive in today’s rapidly evolving
environment, we need resilience, agility,
and leadership that is ready for change.
At the end of last year, we took the
opportunity to reshape our leadership
team to better align with the evolving
needs of our business.
I am very pleased to welcome our new
Executive Management team members,
Anders Grønborg as Chief Commercial
Officer and Peder Møller as Chief
Operating Officer. Anders Grønborg
brings a strong track record in customer
relationships and a deep market
expertise, while Peder Møller drives a
sharp focus on internal alignment and
operational excellence. Together, they
are already making great impacts on
ensuring that Bunker Holding continues
to be the trusted and preferred partner
of choice.
These changes to our leadership team
have also laid the foundation for one
of the largest internal transformations
Bunker Holding has undertaken in recent
years; the relaunch and acceleration of
our strategy, known as Fit for Future.
Fully supported by our Ownership and
Board, Fit for Future is both a response
to evolving market trends and a result
of internal reflection. It is built on four
guiding principles: Moving closer to
our customers; Moving closer together;
Moving responsibly; and Moving
efficiently. These pillars outline how we
will create value and prepare our business
for the future.
I will not pretend that transformation
at this scale does not come without
challenges, but the high level of
engagement I have seen across the
company is very encouraging. It supports
my belief that we are not only building
a stronger and more agile business but
also a more unified one, ready to lead
confidently in the years to come.
Building a unified team
At the heart of every successful
transformation is a committed and
capable team. I firmly believe that our
success depends on the culture we build
and the talent we develop.
This year’s employee engagement
survey provided encouraging feedback,
particularly in the areas of inclusion, team
respect, and overall satisfaction. Creating
a high-performing, inclusive workplace
remains a priority, and I am pleased that
we have taken important steps to embed
this further into our business.
We continue to invest in the development
of our people, making sure we have
the right skills and expertise to address
both our current needs and long-
term ambitions. The introduction of
our Graduate Programme was a key
milestone in attracting and shaping
the next generation of talent through
rotational, cross-functional learning. At
the same time, our two-way Mentorship
Programme continues to promote the
exchange of knowledge between early-
career professionals and senior leaders
across our company. I believe that this
culture of shared learning is essential to
building the diverse and future-ready
workforce we need to succeed.
Elevating standards in a digital and
transparent era
It is my view that digitalisation and
compliance have never been more critical.
We have seen a growing industry demand
in both areas, and we have responded
by continuing to strengthen our internal
capabilities. Our digital experts have
delivered solutions that are already
changing the way we work, making
Bunker Holding more data driven.
Over the past year, we have also
taken important steps to improve
our compliance framework. Our new
counterparty due diligence process
reflects a straightforward principle I fully
endorse: the more we know about our
stakeholders, the better we can manage
risk. This approach helps us make more
informed decisions and reinforces our
reputation as a trusted and responsible
partner.
We have also updated and relaunched
core compliance policies across our
organisation to reflect the latest
industry standards. Every employee has
completed the related training, which is
something I view as both a responsibility
and a commitment to our shared
standards across Bunker Holding.
New opportunities at the horizon
Last year, we had to make some difficult
but necessary decisions regarding our
portfolio, including the closing of select
operations. Contrary to own expectations,
further investigation led to additional
write-downs on assets originating from
the business area closed last year. At the
same time, we also made the decision
to restructure another business area,
which has since been discontinued. These
decisions are never easy, especially
when they affect people and businesses
we have built over time. But they are
necessary steps to strengthen our
foundation and stay focused on where we
see long-term value.
Looking ahead, I am cautiously
optimistic. While market conditions
previously limited our growth ambitions
through acquisitions, we are now seeing
encouraging signs of balance returning.
In my view, the prospect of Bunker
Holding re-engaging in selective, strategic
acquisitions has materially increased, and
we are prepared to seize opportunities
aligned with our strategy.
At the same time, we remain aware that
the coming years will continue to present
challenges. Macroeconomic uncertainty
will not disappear overnight, and the
demands placed on us by regulators,
customers, and society will continue
to grow. We are proactively preparing,
adapting, and strengthening Bunker
Holding’s core, ensuring we remain
resilient and fit for the future.
Above all, what gives me confidence is
the calibre of our people. I am fortunate
to have a team committed to our purpose
and willing to embrace change, even in
tough conditions. Together, we look to
the future with determination, knowing
that we are well positioned to grasp the
opportunities that lie ahead.
Keld R. Demant,
Chief Executive Officer of Bunker Holding
Peder Møller, COO, and Anders Grønborg, CCO, Bunker Holding
Bunker Holding Annual Report 2024/25
Management’s Review
8
1 2 3
Introduction Performance Review Sustainability Statements
For over 40 years, Bunker Holding has been
an important part of our family-owned
Group. My father, Torben Østergaard-
Nielsen, who established the company,
did so with a clear vision and a strong
sense of purpose. I have had the enormous
privilege of following the company’s journey
up close, from its early days to what it is
today: one of the world’s leading bunkering
companies. This success has by no means
come by chance. It has been driven by the
hard work of dedicated employees, trusted
partnerships with customers and suppliers,
and a clear focus on doing business with
integrity.
However, the landscape Bunker Holding
operates in is changing, and the company’s
journey this year has taken place against
a complex backdrop of global uncertainty
and evolving regulations. The marine fuel
market continues to experience persistent
volatility, largely influenced by ongoing
sanctions on Russian oil and geopolitical
tensions. It goes without saying that these
factors have added complexity to the entire
supply chain, and the past year has been a
demanding one for many in the industry.
As the future-focused and agile company
that Bunker Holding is, it has taken the
necessary pre-emptive steps to readjust
and reaccelerate its strategy in response to
the increasingly complex market dynamics.
This year also called for some tough but
necessary decisions. As Bunker Holding
grew, so did the layers of complexity, which
at times slowed down decision-making and
BUILT ON TRUST AND
FOCUSED ON THE FUTURE
distancing Bunker Holding from sharp business
acumen that has always been a part of the
Group’s DNA. Together with the leadership
team, we have taken steps to streamline
the organisation and reduce unnecessary
complexity.
Despite the challenges of the preceding year,
Bunker Holding has managed to adapt quickly
without losing sight of what makes it strong. I
am certain that their deep market knowledge,
strong partnerships, and their ability to make
swift decisions are the key contributors to
Bunker Holding staying on course.
This ability to adapt and respond quickly
reflects Bunker Holding’s flair for strategic
planning as well as the dedication and hard
work of Bunker Holding’s leadership team and
employees across the world. Their commitment
has been crucial in navigating the complexities
and challenges of the past year and ensuring
that Bunker Holding’s new strategic direction
positions the company for future growth.
As owners, we will continue to support Bunker
Holding on its future journey, and our outlook
is very positive. With a long-term perspective,
we will keep endorsing initiatives that
strengthen the company’s competitive edge,
including investing in employee wellbeing and
development, advancing the energy transition,
and reinforcing compliance to ensure that
Bunker Holding is well-positioned for the
journey ahead.
Nina Østergaard,
CEO of USTC, co-owner and
board member of Bunker Holding
Nina Østergaard, CEO and co-owner of the USTC Group, Torben Østergaard-Nielsen, Founder, co-owner,
and chairman of the board of the USTC Group, and Mia Østergaard Rechnitzer, Chief Governance Officer.
Bunker Holding Annual Report 2024/25
Management’s Review
9
1 2 3
Introduction Performance Review Sustainability Statements
WE MOVE
CLOSER TO OUR
CUSTOMERS
WE MOVE
CLOSER
TOGETHER
WE MOVE
EFFICIENTLY
FUELING
THE FUTURE
Bunker Holding plays a vital role in the international value chain, driving
global trade forward by fueling the future and simplifying the increasingly
complex world of new fuels. With our strategy, Bunker Holding is committed
to strengthening our position as the preferred and most trusted partner to
our clients and the wider industry by creating value for our stakeholders in a
responsible, seamless, and innovative way.
In 2024, we reaccelerated our strategy
under the campaign name “Fit for
Future”, reaffirming our long-term
ambition with renewed energy. Building
on our three defining strategic moves—
we move closer to our customers; we
move closer together; and we move
responsibly — we introduced a fourth
pillar: we move efficiently. This addition
sharpens our focus on optimisation and
the importance of driving efficiency
across all areas of the business to
support sustainable growth.
Our strategy reflects an agile mindset
and a readiness to embrace change,
enabling us to stay adaptive and
forward-looking in the face of disruption
and ongoing global transformation.
As the shipping industry continues to
navigate in an era shaped by alternative
fuels, evolving regulations, geopolitical
disruptions, and rising stakeholder
expectations, Bunker Holding’s role as a
trusted partner and advisor is becoming
increasingly important. Guided by our
four strategic pillars and backed by
our insight and deep expertise, we are
prepared to deliver greater value to our
clients and stakeholders than ever before.
WE MOVE
RESPONSIBLY
Bunker Holding Annual Report 2024/25
Management’s Review
10
1 2 3
Introduction Performance Review Sustainability Statements
MAP SUPPLY
OPPORTUNITIES
NAVIGATE
REGULATIONS
ADVISE &
CONSOLIDATE
DEMAND
FACILITATE
CREDIT
BUILD
BUNKER
INFRASTRUCTURE
CLIENTS
PRODUCERS OF
NEW FUELS
TRUSTED
ADVISOR
HEDGING
RISK
LAST-MILE
DELIVERY
NEW
FUELS
Tracking and
understanding the
development of
local and international
regulations.
Being at the
forefront of finding
the solutions and
linking producers
and customers.
One of the strongest
Green Centres of
Excellence in the
industry.
Expertise with
customised hedging
solutions.
Supporting the
establishment of the
bunker infrastructure
needed to supply
low- and zero-carbon
bunker fuels.
CONNECTING
THE DOTS
As the world’s largest supplier of
marine fuels, Bunker Holding carries
a responsibility to engage in and help
facilitate the maritime energy transition.
Today, over 99% of our global carbon
emissions are derived from the products
that we supply to our customers. To meet
our own decarbonisation goals, we must
continue to drive progress by delivering
low- and zero-carbon solutions to the
broader maritime sector. Through our
global reach and extensive network, we
are well-positioned to act as a trusted
facilitator between producers of new
energy products and the shipping
industry.
Taking a leadership role in this transition
requires immediate action. We are
therefore partnering with customers as
Our ambition is to be the preferred and most trusted partner in the green
transition of the shipping industry.
well as both existing and new suppliers
to initiate and support collaborations
and projects that accelerate progress.
Our commitment extends even further
through our dedicated Green Centre of
Excellence that brings together a team
of professionals and experts equipped
with strategic, technical, operational, and
regulatory knowledge.
With these strong capabilities, we will
be at the forefront of identifying and
connecting the most promising solutions
to our customers who are willing to work
on reducing their emissions. In doing so,
we aim to support the transformation
of how the global fleet is powered and
fuelled, ultimately supporting clients and
stakeholders to live up to their climate
commitments and move confidently into a
lower-carbon future.
Bunker Holding Annual Report 2024/25
Management’s Review
11
1 2 3
Introduction Performance Review Sustainability Statements
PERFORMANCE REVIEW
13 Financial highlights
14 Performance review 2024/25
15 Risk Governance in Bunker Holding
Bunker Holding Annual Report 2024/25
Management’s Review
12
1 2 3
Introduction Performance Review Sustainability Statements
46
PROFIT BEFORE TAX
FROM CONTINUING
OPERATIONS
350
GROSS PROFIT
100 100
108
98
111
2022/23 2023/242020/212019/20
2019/20= Index 100
VOLUME
294
EQUITY
USD million
USD million
USD million
KEY
FIGURES
USD'000
2024/25 2023/24 2022/23 2021/22 2020/21
Income statement
Revenue
13,726,654 14,494,092 16,579,729 16,539,499 9,769,105
Gross profit
350,343 418,289 590,580 391,539 294,149
Profit before interest and tax
90,473 162,369 260,253 117,888 81,349
Profit before tax from continuing
operations
45,598 128,052 233,001 102,782 70,347
Profit from continuing operations
37,349 96,526 179,270 79,543 56,612
Discontinued operations
-36,254 -94,778 -10,293 0 0
Profit for the year
1,095 1,748 168,977 79,543 56,612
Balance Sheet
Non-current assets
140,902 108,311 96,967 98,143 92,363
Current assets
1,206,651 1,696,126 1,964,248 2,357,434 1,538,867
Total assets
1,347,553 1,804,437 2,061,215 2,455,577 1,631,230
Total equity
294,316 358,772 468,056 386,243 334,437
Cash Flow Statement
Cash flows from operating activities
304,150 375,825 45,413 193 35,833
Cash flows from investing activities
-12,271 -17,729 -173,001 647 -5,749
Cash flows from financing activities
-284,076 -366,969 -80,301 130,405 -45,932
Change in cash and cash
equivalents
7,803 -8,873 -207,889 131,245 -15,848
Financial ratios
Gross margin
2.6% 2.9% 3.6% 2.4% 3.0%
Return on equity
0.3% 0.4% 39.6% 22.1% 16.4%
Current ratio
1.20 1.34 1.50 1.29 1.33
Solvency ratio
21.8% 19.9% 22.7% 15.7% 20.5%
Average employees
1,565 1,592 1,654 1,557 1,606
The ratios have been prepared in accordance with the definitions set out in Note 5.6 to the Financial Statements.
FINANCIAL
HIGHLIGHTS
Seen over a five-year period, the development of Bunker Holding Group
is described by the following financial highlights:
2021/22
100
2024/25
Bunker Holding Annual Report 2024/25
Management’s Review
13
1 2 3
Introduction Performance Review Sustainability Statements
We are proud to report that Bunker
Holding achieved a slight increase in
volumes, thereby maintaining its leading
market position despite a highly dynamic
and challenging year. The competitive
landscape was intensified by the entry
of new players, increased investment
from existing participants, and oil prices
reaching a four-year low, all of which
contributed to heightened market pressure.
This achievement is underpinned by
our persistent focus on complying with
sanction laws to the highest standards
while navigating increasing geopolitical
turmoil. At the same time, the shipping
industry has seen many of our customers
experiencing freight rates at historical
highs, making them less focused on
trading on margins, which has led to lower
levels compared with last year.
Still, we managed to deliver a profit
before tax of USD 46 million, reflecting the
strength and diversification of our income
streams and our ability to focus our efforts
on the customers, markets, and products
where we deliver most value.
The result also reflects significant
continued investments in driving the
transition of the maritime industry towards
lower emissions, such as expanding our
biofuel footprint and developing new fuel
partnerships, while also investing in staff
training. These are activities we expect
will yield both short- and long-term value.
In addition, we continue strengthening
our digital capabilities to prepare for the
increased complexity arising from the
green transition and to improve our digital
offerings for both customers and suppliers.
Profit from discontinued operations ended
at USD -36 million and was primarily related
to the discontinuation of select activities
within our subsidiary PSTV Energy DMCC as
presented last financial year. Contrary to our
expectations, we were unable to collect all
outstanding balances.
Despite significant costs from discontinuing
activities, we ended 2024/25 with a robust
equity base of USD million. This demonstrates
Bunker Holding’s financial strength and the
resilience of our business model, ensuring
that our creditworthiness with suppliers and
stakeholders remains solid.
Our expectations for 2025/26 and
following up on last year’s expectations
We reported a profit before tax from
continuing operations below our forecast
stipulated in the previous year’s annual
report. This resulted from a general decline in
margins, influenced by the aforementioned
factors.
For 2025/26, we anticipate continued strong
market competition alongside ongoing
investments in the low- and zero-carbon
fuel projects and partnerships. This implies
that we are projecting earnings before tax
from continuing operations within a range of
USD 50-70 million. Achieving this will only be
possible through insightful business acumen,
access to flexible funding solutions facilitated
by a wide range of international banks, and
dedicated support from our owners.
PERFORMANCE
REVIEW 2024/25
Bunker Holding has delivered robust performance, maintaining its market leader
status in an increasingly dynamic and competitive environment.
Michael Krabbe, CFO, Bunker Holding
Bunker Holding Annual Report 2024/25
Management’s Review
14
1 2 3
Introduction Performance Review Sustainability Statements
At Bunker Holding, effective risk
management is fundamental to our
position as a global leader in the bunker
supply industry. In an industry that is
dynamic and complex, identifying and
mitigating risks is not only a regulatory
necessity but also a strategic prerequisite
to ensure business continuity, safeguard
employees and business partners, and
uphold Bunker Holding’s reputation as an
industry leader.
We have integrated risk management
into our operations and activities and
implemented robust risk management
practices to create and protect value
within the organisation. Our risk
management approach includes the
identification, assessment, analysis,
and monitoring of internal and external
risks that are most material to our
performance, people, financial position,
and society.
REPORTING STRUCTURE
The Executive Management presents an
updated Enterprise Risk Management
(ERM) assessment to the Board of
Directors semi-annually. The assessment
is conducted under an approved
framework that reflects top risks and
potential emerging risks. The assessment
also encompasses an evaluation of
current risk levels compared to the
risk appetite defined by the Board of
Directors, as well as approaches to
address mitigating actions to ensure gross
risks become net risks aligned with the risk
appetite.
In Bunker Holding’s risk management
reporting structure, the Executive
Management is responsible for promptly
informing the Board of Directors about
any enterprise risks of urgency as they
arise.
A group-wide ERM framework is assessed
on a semi-annual basis with the following
plan:
• Risk classification and risk mapping
• Assignment of risk owners
• Evaluation of risk impact and likelihood
• Assessment of risk appetite and policies
in place
• Take risk response and mitigating
actions
All the above reflects on key risks and
the development of the risk landscape in
Bunker Holding. This enables the Board
of Directors to set the acceptable risk
tolerance and to invest in additional
mitigating actions where it is found
suitable to match the defined risk
appetite.
The Enterprise Risk Management
framework is reviewed and approved by
the Board of Directors annually.
Beyond the Board of Directors, our risk
governance structure is aligned with that
of our parent company, USTC, providing
insights to our owners while supporting
strategic consistency, enterprise-wide
oversight, and cross-company alignment.
RISK GOVERNANCE
IN BUNKER HOLDING
When assessing risks, we determine the
degree to which they can be deemed
acceptable within our risk appetite and
take mitigating actions. Bunker Holding’s
Board of Directors and Executive
Management are responsible for ensuring
that risks are assessed and mitigated to
an acceptable level.
• Risk map catalogue
• Classification of risk
types
• Estimates of the
probability of
occurence
• Assessment of risk
impact
• Risk in operative planning
• Risk in strategic planning
• Risk investment evaluation
• Risk-return portfolio
management
• Contingency measures
• Business continuity measures
• Communication measures
• Reporting to the Executive Management
and BoD
• Mitigating actions put in place
IDENTIFICATION EVALUATION PLANNING RISK MANAGEMENT
RISK RESPONSE AND REPORTING
Understand Plan Act
CORPORATE RISK MANAGEMENT
KEY TAKEAWAYS
RISK MANAGEMENT IS INTEGRATED
INTO OUR STRATEGIC AND
OPERATIONAL ACTIVITIES
WE HAVE A STRATEGIC RISK
MITIGATION APPROACH
ALIGNED WITH OUR GOALS
THE BOARD OF DIRECTORS AND
EXECUTIVE MANAGEMENT ARE
ACCOUNTABLE
Bunker Holding Annual Report 2024/25
Management’s Review
15
1 2 3
Introduction Performance Review Sustainability Statements
KEY RISKS OVERVIEW
We conduct annual risk assessments
with the objective of identifying
the most significant internal and
external risks and their potential
impact on our business. Identified
risks are categorised as short-term,
medium-term, or long-term risks, and
are subsequently consolidated and
evaluated by Executive Management.
The assessment of key risks is based
on the likelihood and frequency
of their occurrence and their
potential impact on Bunker Holding’s
financial performance, reputation,
compliance (licence to operate), and
management threats.
To attain a complete overview and
detailed evaluation of all potential
risks, all business functions in Bunker
Holding are involved in identifying,
evaluating, and scoring key risks. The
overview is then consolidated and
further evaluated by the Executive
Management.
Key Risk Description Impact Mitigating Actions
Credit Risk Exposure to counterparties failing to
meet obligations towards Bunker Holding.
Primarily, shipping customers in relation
to their fuel purchases and outstanding
payments. This risk also extends to physical
suppliers of fuel when prepaying for
deliveries.
The potential impact of global recession,
geopolitical tensions, and escalating trade
wars may elevate the credit risk.
Substantial credit losses could
have a material adverse effect on
our financial performance.
In a worst-case scenario, a
domino default scenario may
unfold in specific sectors.
Our centralised credit risk function mandates credit approval
through the ERP system, where trades must be registered and are
subject to approval workflows.
Our board-approved credit and collection policy establishes
notional and tenor thresholds along with daily monitoring.
The diversification of customers across multiple industries and
regions contributes to mitigating our overall credit exposure.
General protection is provided via maritime lien when necessities
are delivered to a vessel.
Compliance Risk Non-compliance with international
legislation poses a risk, carrying the threat
of sanctions.
Emerging environmental regulations can
cause reputational concerns regarding
greenwashing if ESG documentation is not
accurately documented.
Non-compliance could lead to
legal penalties, prohibition, and
damage to public reputation.
Credit lines could be withdrawn
from lenders.
We have an established industry best practice compliance setup
with a group-wide sanctions screening system. Our system
automatically screens vessels, counterparties, and trades daily.
We maintain several policies covering topics such as our Code of
Conduct, Sanctions Policy, and Anti-Bribery and Corruption Policy.
All employees undergo mandatory compliance training annually.
The ESG team and the New Fuels team focus on comprehensive
documentation of ESG initiatives and effective external
communication.
Information Cyber
Security
This risk involves potential disruption to IT
systems and infrastructure failure leading
to business disruptions or a breach of data
confidentiality.
The exposure encompasses various
cyberattack threats including ransomware,
data exfiltration, DDoS attacks, and more.
As our business is international
and digitalised, challenges can
severely impact our operations.
This could impede our ability to
maintain operations or have an
adverse impact on sales and
market position.
We conduct daily monitoring and AI screening of all emails for
abnormalities.
Collaboration across the USTC Group occurs through a Cyber
Security Forum.
Our Cyber Security team has been reinforced.
Adaptation to NIS2 requirements is in progress.
Regular training is provided for staff and board members, and new
security measures are introduced as they are approved.
Internal
Governance
Internal governance pertains to the
structure, processes, and regulations within
an organisation.
In an international industry with a high
compliance focus, it is crucial to abide by
sanctions policies and internal controls
to avoid scenarios where the staff of
Bunker Holding misconducts with internal
governance. This risk arises from i.e. our
traders breaking with internal policies.
The impact scenarios of such
behaviours could range from
a breach of legislation to risk
position building, where traders
aim to maximise their profit.
Traders entering liabilities unfit
for our business and outside
mandates can cause unforeseen
risks such as legal penalties or
nominal losses.
Governance around the risk framework has been recently
improved, aligning risk appetite within the Group.
An operational risk review of Bunker One has been conducted,
with high risks prioritised in ongoing workstreams and quick wins
already executed.
A contract management system has been implemented in Bunker
One.
Segregation of duties between front- and back-office functions
prevents conflicts of interest.
Daily monitoring of orders and audits of all positions remain within
risk limits.
Bunker Holding Annual Report 2024/25
Management’s Review
16
1 2 3
Introduction Performance Review Sustainability Statements
Key Risk Description Impact Mitigating Actions
Liquidity Risk Our ability to operate effectively relies on
securing sufficient financing to meet our
working capital requirements.
Liquidity risk can be exacerbated by distress
in financial markets, leading to a decrease in
the overall availability of credit.
Financial distress can increase
the cost of capital due to higher
interest rates from alternative
financing sources.
Limited funding availability may
impact our ability to deliver credit
towards our customers and could
lead to a decrease in business
volumes.
Our credit arrangements are diversified across various sources of
liquidity, including committed and uncommitted debt, guarantee
facilities, and supplier credit.
Our balance sheet is highly liquid, primarily consisting of current
assets.
The committed revolving credit facility (RCF) structure remains
resilient, featuring a five-year framework and a diverse lender base
that provides both security and flexibility.
We remain committed to a prudent capital structure policy and
strong banking relationships to support financial stability and
long-term growth.
Market Risk Market risk refers to changes in market
prices, which can impact the business
negatively, including trading-related and
non-trading-related market risk.
Market risk can stem from various factors,
including economic shifts, trade wars,
geopolitical events, sentiment changes, and
natural disasters.
Inventory values are exposed
to declines in market prices,
impacting valuations.
Fixed-price agreements
are exposed in contrast to
inventories, as a sale has already
been committed.
Extended periods of declining or
low prices, combined with low
price volatility, may adversely
affect the demand for our
risk management solutions,
credit offerings, and overall
profitability. Concurrently, low
prices can foster heightened
competition due to reduced
financial barriers.
Our business model employs a flexible, asset-light, and spot-
oriented model, maintaining small operational inventories
effectively hedged through derivatives entered by all entities in the
Group via Global Risk Management (GRM).
Fixed-price agreements serve as a natural hedge to offset
inventories. All are netted in portfolios by GRM.
Continuous monitoring of industry and geographical diversification
without long-term investments tied to specific countries or
segments enables easy adaptation to changing environments.
Price development is closely monitored, allowing for swift
adjustments to margins and cost of capital to remain relevant to
market prices.
Industry Disruption Industry disruption refers to significant
changes in the competitive landscape of an
industry.
The risk scenario of industry disruption is a
long-term risk stemming from two directions:
1. Digital disruption altering the
conventional way of trading bunkers.
2. A transition from fossil fuels towards
low- and zero-carbon fuel types with
environmental regulations reshaping
value chains.
Digital disruption may challenge
our value proposition in market
knowledge transparency and
demand for digital value-adds to
customers.
The introduction of new fuel
types and environmental
regulations could potentially
connect suppliers directly with
customers, excluding Bunker
Holding from the trade. However,
credit remains necessary,
especially with higher prices
for new fuel types leading to an
upside for Bunker Holding.
We have established various new digital initiatives to pursue
digital opportunities, explore new value streams, and scale
existing customer-facing digital initiatives. This has enhanced our
capability to launch new tools for existing platforms, forge new
collaborations, and introduce digital products such as the Bunker
Management Interface.
In recent years, we have accelerated green initiatives and
investments by establishing a Green Center of Excellence team
focusing on new fuel types, carbon markets, and environmental
regulations.
Through collaboration across our organisation, we have secured
a strong foothold in the EU ETS, LNG, and biofuels markets. As
a result, we are increasingly seen as a frontrunner in the bunker
industry across these areas.
KEY RISKS OVERVIEW CONTINUED
Bunker Holding Annual Report 2024/25
Management’s Review
17
1 2 3
Introduction Performance Review Sustainability Statements
SUSTAINABILITY
STATEMENTS
SUSTAINABILITY
STATEMENTS
19 Introductions
19 ESG Highlights
20 ESG Target Overview
21 ESG performance review
23 General information
24 ESRS 2 – General disclosures
32 Environment
33 E1 – Climate change
43 E2 – Pollution
44 Looking ahead – Environment
45 Social
46 S1 – Own workforce
61 S2 – Workers in the value chain
64 Looking ahead – Social
65 Governance
66 G1 – Business Conduct
71 Looking ahead – Governance
72 Board of Directors
74 Executive Management
Bunker Holding Annual Report 2024/25
Management’s Review
18
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
S
E
G
BIOFUEL SUPPLY
LOCATIONS GLOBALLY
150+
OF DELIVERING LOW-CARBON
FUELS. SUCCESSFULLY
SUPPLIED GLOBALLY WITH
SEAMLESS EXECUTION
RECEIVED ECOVADIS BRONZE
MEDAL FOR ESG PERFORMANCE
GREEN
COE
8 FTE AND
37 MANDATED
TRADERS
OFFICES
ISCC CERTIFIED
77%
IMPROVED
OUR SOCIAL
DATA
ESTABLISHED UPDATED
CODE OF CONDUCT
TRAINING TO
GLOBAL WORKFORCE
GLOBAL
BUSINESS
PARTNER
RESPONSIBILITY CONDUCT
RECEIVED AND RETURNED
>
76%
ESG
HIGHLIGHTS
LAUNCHED
ANTI-HARASSMENT
POLICY AND
GRIEVANCE
MECHANISM
ADVOCATING &
SUPPORTING THE
GLOBAL IMO NET
ZERO FRAMEWORK
COLLEAGUES
INVOLVED IN
OUR TAILORED
MENTORSHIP
PROGRAMME
PROVEN
TRACK
RECORD
28
Bunker Holding Annual Report 2024/25
Management’s Review
19
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
ESG TARGET OVERVIEW
Target
year
Objective How we measure
Status
2024/25
Progress
Other Annually Zero oil spills from own operations No. of oil spills 0
Other Annually
Have min. 95% of our tonnage vetted by oil majors based on
Ship Inspection Report Programme by OCIMF
% of tonnage vetted 95.5%
Scope 1
From
2025
Convert the company car fleet to electric vehicles % of electric vehicles in car fleet 25.0%
Scope 3 By 2028 Invest a min. of USD 50 million by 2028 USD invested in decarbonisation initiatives $8.3M
Scope 1 By 2030 Reduce own carbon intensity by 2% for voluntary alignment with FuelEU Maritime % reduction in carbon intensity of own physical operations compared to FEUM baseline 0.6%
Scope 1+2 By 2030 Reduce emissions by 50% (offices, terminals, and business travel) % reduction in tCO2e compared to baseline 18.2%
Scope 2 By 2030 Have service operations operating on 100% renewable energy % of renewable energy consumption in offices & terminals 11.6%
Scope 3 By 2030 Achieve a 4.5-8.5% carbon intensity reduction from supplied fuel % reduction of carbon intensity in kgCO2/MJ of supplied fuel 0.0%
Scope 3 By 2030 Very low-carbon fuel to reach 5% of total product portfolio % of very low-carbon fuels of total product portfolio in MJ 0.2%
Safety Annually Zero dangerous incidents in own operations No. of incidents 0 incidents
Employees Annually Foster mobility across the organisation & maintain min. 2.5% cases % Internal Mobility cases of total employees 2.5%
Gender split By 2028 Executive Management 25/75 split (40/60 split by 2030) % of underrepresented gender 0.0%
Gender split By 2028 Bunker Holding Management 32/68 split (41/59 split by 2030) % of underrepresented gender 28.6%
Wellbeing By 2028
Increase Life Balance Score to 7.5 from baseline year of 7.0
(scale 1-10, higher number = better score)
Life Balance Score from LEAP survey 7.5
Cyber Security Annually Have 12 cyber awareness training sessions & 12 phishing simulation tests No. of Cyber Security training sessions 12 sessions & 12 tests
Training Annually Demonstrate compliant business practices and maintain a strong compliance culture No. of employees in customised compliance training 114
Supply Chain
Management
By 2028
Returned Global Business Partner Responsiblity Conducts of 85%
based on total yearly volume
% volume supplied by suppliers that have returned completed GBPRC 76.8%
BUSINESS ETHICS OWN WORKFORCE CLIMATE CHANGE
13 targets on track
4 targets need attention
The baseline year for carbon reduction targets is financial year 2022/23
Bunker Holding Annual Report 2024/25
Management’s Review
20
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
ESG PERFORMANCE
REVIEW
Striking the right balance between
reporting and impact
The recent revision of the Corporate
Sustainability Reporting Directive
(CSRD) and the European Sustainability
Reporting Standards (ESRS) signals a
shift towards simplification and reducing
complexity and resource demands.
While our formal reporting obligation
under CSRD is most likely deferred to
the financial year 2027/28 due to the EU
Omnibus negotiations, Bunker Holding’s
commitment remains unchanged. We
view CSRD not simply as a compliance
exercise but as a strategic tool to help
future-proof our business and respond to
growing commercial expectations around
transparency and data.
Through our Double Materiality
Assessment (DMA), we have identified
what matters most to both our
stakeholders and to the business. This
gives us a clearer view of where to focus
our efforts and ensures that our resources
are directed towards the areas of greatest
relevance and impact.
I firmly believe that ESG reporting is not
the goal in itself but a means to support
informed and effective decision making.
I also think that reporting and action
are not in opposition but go hand in
hand and support one another. We need
In recent months, the ESG landscape has
entered a more pragmatic phase. One
marked by increased focus on tangible
actions, risk management, and opera-
tional integration. While sustainability
remains a key driver, it is impacted by the
maturation of environmental regulations,
a streamlining of reporting standards (al-
beit with significant reductions to scope),
and growing political influence on both
the direction and pace of change.
For Bunker Holding, I view this evolution
as one that can bring ESG closer to the
core of our business strategy. I have seen
firsthand how this transition demands a
greater focus on measurable business
impact, risk mitigation, and resilience. I
am proud that, over the past three years,
we have built a robust ESG foundation
that connects our ambitions with concrete
steps that the industry is ready to adopt.
By investing in the right processes and
governance structures that enable clear
decision making, we are now able to zoom
in on areas that drive commercial value
for our operations.
For me, this is where ESG moves beyond
reporting and becomes embedded in how
we build long-term resilience and success
at Bunker Holding.
Emilie Trommer Volf, ESG Manager, Natasja Kryger Fogh, ESG Controller and Mette Østerskov, Group ESG-Q Director
AS THE ESG LANDSCAPE
CONTINUES TO EVOLVE,
I SEE GROWING ENGAGEMENT
FROM OUR PARTNERS AND
CUSTOMERS ACROSS AREAS
SUCH AS HEALTH AND
SAFETY, GHG MANAGEMENT,
CLIMATE RISK, HUMAN
RIGHTS, DATA PROTECTION,
AND COMPLIANCE.
Mette Østerskov
Group ESG-Q Director
Bunker Holding Annual Report 2024/25
Management’s Review
21
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
reliable data to track progress, identify
what delivers results, and demonstrate
professionalism to our business partners.
At the same time, it also plays an essential
role in holding ourselves accountable.
While we work closely with Group Finance
to advance and mature our reporting
capabilities, we are equally committed
to collaborating with all other functions
across Bunker Holding to drive projects
and continuous improvement. It is this
dual focus on both robust reporting and
impactful actions that enables us to
effectively embed ESG throughout our
business.
ESG as a business enabler
As the ESG landscape continues to
evolve, I see a growing engagement
from our partners and customers across
areas such as health and safety, GHG
management, climate risk, human
rights, data protection, and compliance.
ESG is increasingly embedded in KYC
processes and tender evaluations, shifting
from mere formalities to prerequisites
for doing business. We experience that
many companies now recognise ESG
performance as a license to operate, and
businesses with clear ESG strategies,
measurable targets, and concrete actions
will stand out as preferred and trusted
partners.
At Bunker Holding, our ESG unit handles
ESG-related enquiries and works closely
with our commercial teams to provide
clear, consistent responses on our ESG
strategy, actions, and targets. This
collaboration also helps us track our
clients’ focus areas, identifying the
changing ESG priorities across our
industry.
Environment
Since January, all vessels calling at EU
ports must comply with FuelEU Maritime,
the first regulation of its kind, requiring
a 2% reduction in greenhouse gas
intensity. In preparation, Bunker Holding
has worked extensively with clients on
compliance strategies and secured the
availability of biofuels in over 150 ports
worldwide. With a diversified low-carbon
fuels strategy in place, we continue to
expand both our product offerings and
advisory services to support clients in
navigating the growing complexity of
decarbonisation requirements and market
expectations.
In April, the International Maritime
Organization (IMO) reached agreement
on a global measure to reduce GHG
intensity, alongside an economic
mechanism to accelerate the adoption
of zero and near-zero emission fuels.
Bunker Holding has actively supported
the development of a robust, predictable
global framework, which is essential
for creating the investment certainty
needed to advance the transition. We
welcome this progress and look forward
to contributing to the next phase of policy
development.
We remain committed to leading by
example. This year, we adopted elements
of the FuelEU Maritime framework in our
barge operations, using a mass balance
approach to introduce biofuels across
part of our sub-5,000 GT fleet. While
modest in scale, the initiative provides
early operational insights and prepares
us for future regulation in the small-ship
segment.
We have also worked to decarbonise
our office footprint. Over the past year,
we have increased our use of renewable
electricity by engaging landlords at
key sites, exploring on-site installation
options and sourced renewable energy
certificates to support our 2030 climate
targets with credible, scalable solutions.
Social
This year, we completed the second round
of our Mentorship Programme, supporting
career development through two-way
learning between young professionals
and seasoned colleagues. Building on our
commitment to nurturing talent, our new
Graduate Programme aims to attract,
develop, and retain the next generation
of talent across Bunker Holding. Through
its structured rotation model, graduates
gain exposure to various functions and
regions, allowing them to explore diverse
career paths.
Our annual LEAP survey saw a strong 91%
participation rate and an engagement
score of 8.3 out of 10. The results show our
continued focus on fostering an inclusive
and respectful culture, with record-high
scores in team cohesion and inclusion.
As part of our newly implemented
Capability Building and Learning
Framework, and in line with our
environmental initiatives, we have
developed a tailored New Fuels training
programme. With nine blended modules
and an assessment, the training equips
our traders with the knowledge needed
to lead the transition and navigate the
complexities of low-carbon fuels.
Governance
We introduced an updated onboarding
procedure for counterparty due diligence
(CDD), guided by our ‘know more, less
risk’ philosophy. This approach broadens
the scope of information gathered and
deepens our risk assessment in key areas
such as sanctions, political affiliations,
litigation history, regulatory breaches,
and adverse media. By strengthening our
CDD framework, we are better equipped
to identify and mitigate risks early,
ensuring operational resilience across our
global activities.
In parallel, we revised our compliance
policies and guidelines to reflect
evolving regulatory expectations and
industry best practices. To ensure
consistent application across the
Group, all employees are required to
complete a mandatory training on
the updated policies, reinforcing our
collective understanding and a culture of
accountability.
To further strengthen our governance
framework, we have improved our
tracking of data and key risk indicators
across the due diligence process. By
systematically collecting and analysing
statistics related to counterparty
assessments, compliance cases, and
process efficiency, we gain valuable
insights that enable us to fine-tune our
risk controls, identify emerging trends,
and ensure consistency in the application
of our standards across the Group.
Bunker Holding Annual Report 2024/25
Management’s Review
22
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
GENERAL INFORMATION
24 ESRS 2 – General disclosures
24 BP-1 Basis of preparation
24 BP-2 Disclosures in relation to specific circumstances
25 GOV-1 Management responsibilities
26 GOV-2 Sustainability matters addressed by management
26 GOV-3 Incentive schemes
27 GOV-4 Statement on sustainability due diligence
27 GOV-5 Sustainability reporting risk management
28 SBM-1 Strategy, business model, and value chain
29 SBM-2 Interests and views of stakeholders
29 SBM-3 Double materiality assesment result
30 IRO-1 Double materiality assessment Process
31 IRO-2 Disclosure requirements covered by the sustainability
statement
Bunker Holding Annual Report 2024/25
Management’s Review
23
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
ESRS 2 – GENERAL DISCLOSURES
BP- BASIS OF PREPARATION
General accounting policies
The Sustainability Statements encompass Bunker
Holding’s reporting on Environmental, Social, and
Governance (ESG) matters. In the future, Bunker
Holding will adhere to the European Sustainability
Reporting Standards (ESRS) as per the EU
Corporate Sustainability Reporting Directive (CSRD)
that came into effect in 2023. Due to the result of
the Omnibus negotiations in the EU, Bunker Holding
will have to comply with the ESRS requirements by
2027/28 instead of 2025/26. However, to proactively
meet these requirements, we have integrated
our ESG reporting into our annual report and
continuously seek to ensure enhanced alignment
with the ESRS requirements. The current choice
of reporting principles and disclosures has been
informed by established reporting standards and
frameworks. However, this report is not fully aligned
with any specific framework. The overall rationale is
to ensure that this report provides as full a picture
of our business as possible while still following good
practice. The reporting standards and guidance
for Bunker Holding’s industry are still evolving.
Therefore, future reporting is expected to be
increasingly aligned with the European standards
going forward.
Basis of preparation
The basis of preparation lays the foundation for the
figures presented in the Sustainability Statements.
The Sustainability Statements are developed on a
consolidated basis using monthly, quarterly, and
annual reporting procedures. Bunker Holding has
not used any exemptions under Articles 19a(3) or
29a(3) of Directive 2013/34/EU to omit information
related to impending developments, matters in
negotiation, intellectual property, know-how, or the
results of innovation.
The Sustainability Statements cover Bunker
Holding’s financial year from 1 May 2024 to 30 April
2025. All reported data aligns with the reporting
period of the consolidated financial statements.
Reporting scope
The Sustainability Statements primarily cover own
operations. As part of our materiality assessment,
we include both upstream and downstream value
chain impacts, risks, and opportunities, with a
specific focus on Tier 1 of our value chain.
Our policies and actions are primarily focused on
our own operations but also extend, to some degree,
to include Tier 1 suppliers and partners across the
upstream and downstream value chain. However,
the disclosure of metrics is currently limited to our
own operations, as data collection from the broader
value chain remains under development.
The figures include consolidated data from
the parent company, Bunker Holding A/S, and
subsidiaries controlled by Bunker Holding A/S.
The scope of consolidation is the same as for the
Financial Statements.
All subsidiaries included in the scope of these
consolidated Sustainability Statements are exempt
from preparing their own individual or consolidated
sustainability statements under Articles 19a(9) and
29a(8) of Directive 2013/34/EU.
In accordance with the applicable regulations, their
sustainability information is fully incorporated into
this consolidated sustainability report, ensuring
comprehensive and unified reporting at Group level.
BP-2 DISCLOSURES IN RELATION TO SPECIFIC CIRCUMSTANCES
Time horizons
Bunker Holding has selected time horizons
consistent with the ESRS definitions for impacts,
risks, and opportunities. The time horizons are
short (< one year), medium (one to five years), and
long-term (> five years). Assessing and embedding
material risks and opportunities are aligned with our
ERM (Enterprise Risk Management) methodology.
Key accounting estimates and judgements
Assessments and estimates are used for the
reporting of some upstream and/or downstream
data points, e.g. Scope 3 emissions. Estimates
and judgements are regularly reassessed based
on experience, the development of sustainability
reporting, and a number of other factors.
Assessments and estimates in the upstream
and downstream value chain are conducted in
alignment with relevant standards e.g., the GHG
Protocol, which ensures a high level of accuracy and
generalisability.
Changes in estimates are recognised in the period in
which the estimate in question is revised. In addition,
judgements are made when applying accounting
policies.
Restatement principles
Baseline and comparison figures are restated,
when necessary, based on professional judgment.
By default, Bunker Holding’s baseline emissions
are reviewed every five years from the financial
year 2030/31 if no significant structural or
methodological changes trigger a recalculation
beforehand.
Each year, Bunker Holding assesses if the structural
changes in the Group that year reach a significance
by themselves or added together. Other
sustainability figures besides carbon accounting are
only restated if material errors in the previous years’
reporting are discovered. The materiality of errors is
determined on a case-by-case basis.
Use of phase-in and voluntary provisions
While the Sustainability Statements are not fully
aligned with the ESRS, Bunker Holding has chosen
to exercise all phase-in provisions dedicated to
companies with more than 750 employees in
2024/25, with only a few exceptions. We have also
chosen to omit all voluntary metrics, except those
which could impact a fair review of the relevant
sustainability topic.
Bunker Holding Annual Report 2024/25
Management’s Review
24
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
GOV- MANAGEMENT RESPONSIBILITIES
ESG is integrated into how we run our business, and
it forms the basis for how we structure and delegate
responsibilities as is the case for business conduct
matters. It is anchored with our Board of Directors
at the top and cascaded through the organisation,
with the Executive Management and the ESG Council
being the decision-making and supervisory bodies
regarding ESG efforts, including safeguarding that
our commercial decisions and ESG strategy remain
closely linked.
Board of Directors
Our Board of Directors sets and oversees the
strategic direction of the Group’s ESG commitments.
have decision-making mandates within their
specialised areas. Besides members of the Executive
Management and Group ESG-Q, the ESG Council
consists of three ESG Sponsors representing each
of the areas (E, S, and G), and a representative from
USTC’s owner family. The gender composition of the
Council is 44% female and 56% male.
The ESG Council challenges, prioritises,
and monitors key ESG initiatives, making
recommendations to ensure compliance with
stakeholder expectations and staying ahead of
emerging trends and requirements.
Group ESG-Q
Group ESG-Q shapes and steers the Group’s
ESG and QEHS strategy, ensuring alignment with
business priorities and regulatory expectations.
The team manages and secures the necessary
workstreams in close collaboration with ESG
Sponsors and Subject Matter Experts. Group
ESG-Q works closely with the ESG Council and ESG
Sponsors and reports to the CEO. Across Bunker
Holding, various teams contribute to ESG initiatives
and report data to track progress against targets
and ambitions.
ESG Sponsors
Three ESG Sponsors have been appointed to steer
the direction for E, S, and G. They are key internal
leaders and experts acting as area sponsors, and
are responsible for ambitions, targets, and initiatives
within their respective fields. The gender composition
of the ESG Sponsors is 66.6% female and 33.3%
male.
ESG Subject Matter Experts
Besides the formal ESG positions and responsibility
areas, Group ESG-Q collaborates with numerous
stakeholders across our global organisation, whom
we call ESG SMEs. They are key experts within
relevant areas who are project participants and
sparring partners.
Executive HR Business Partner
The HR organisation is overall responsible for social
matters, including learning and retention activities
for own workforce. The Executive HR Business
Partner is represented in the ESG Council and is also
the ESG Sponsor for S.
CENTRE FOR
BUSINESS CONDUCT & GOVERNANCE
TØN’s Law – Our guiding principles
They have shaped and guided the way we
conduct business since 1981, anchored in
business acumen, leadership, and decency.
Our Code of Conduct
It sets global standards for how we work,
ensuring compliance with relevant laws,
regulations, and responsible business conduct,
including how we engage with colleagues,
customers, suppliers, and other stakeholders.
In 2023, it was updated and directly linked to
our ESG strategy.
Policies and procedures
Detailed internal instructions can be found
in our policies and procedures, ensuring that
all our legal entities are governed by uniform
rules, regardless of their location. These
policies cover a wide range of areas, including
compliance, cyber security, tax, and social and
environmental standards.
BOARD OF
DIRECTORS
GROUP
ESG-Q
ESG
SPONSORS
EXECUTIVE
MANAGEMENT
ESG COUNCIL
ESG FACILITATORS
E
S
G
MANAGEMENT BODIES
ESG SPONSOR
EXECUTIVE
HR BUSINESS
PARTNER
CEO
COOCFO
CCO
Our Board of Directors comprises a diverse mix of
independent professionals and members of the
owner family of our parent company, USTC. This
composition ensures access to a broad range of
relevant knowledge, experience, and long-term
perspectives to support the development of our
business. The Board of Directors consists of 50%
independent board members, and the gender
composition is 50% female and 50% male.
Executive Management
Bunker Holding’s Executive Management, which
consists of the CEO, CFO, COO, and CCO, is
responsible for the execution of the strategy and
the day-to-day management of the organisation.
Our Executive Management provides active
leadership, sets direction, and oversees and
monitors the organisation’s performance – including
sustainability, where it closely collaborates with the
Group ESG-Q Director. The gender composition of
the Executive Management is 100% male.
The CEO is the owner and overall sponsor of the
Group’s ESG programme.
The CFO’s organisation is responsible for all
governance-related matters, including reporting
and compliance.
The COO’s organisation oversees operational
aspects of both environmental and governance
matters, including emissions from the fuel we supply
and supply chain management.
The CCO’s organisation is responsible for all
commercial aspects related to the environment,
including market approach and upskilling our
workforce to meet client demands.
The ESG Council
Bunker Holding’s ESG Council serves as the
steering body for ESG and oversees the strategic
direction, aiding Executive Management in ESG
advancement. The ESG Council is facilitated
by the Group ESG-Q Director and consists of
key stakeholders across the organisation who
OUR ESG GOVERNANCE
Bunker Holding Annual Report 2024/25
Management’s Review
25
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
GOV-2 SUSTAINABILITY MATTERS ADDRESSED BY MANAGEMENT
GOV-3 INCENTIVE SCHEMES
How the governance bodies are informed about
sustainability matters
During the financial year, our governance bodies
are informed about sustainability matters in the
following way:
• The Board of Directors is updated yearly on
strategic sustainability matters.
• Executive Management is updated and involved
on an ongoing basis by the Group ESG-Q Director
and is also part of the ESG Council.
• The ESG Council meets biannually to monitor
and prioritise material activities across the ESG
Programme. Furthermore, ESG targets and
ambitions are presented and discussed in the ESG
Council at a minimum once a year.
• Group ESG-Q is responsible for all day-to-day
operations of Bunker Holding’s ESG agenda.
• Group ESG-Q and ESG Sponsors meet quarterly
to ensure alignment on projects and resource
allocation.
Management’s involvement in addressing IROs
All identified Impacts, Risks, and Opportunities
(IROs) have been approved by the ESG Council
during the DMA process. During the preparation
phase for CSRD compliance, IROs and potential
changes are presented to the ESG Council on an
annual basis. This also includes the policies, actions,
metrics, and targets - both those already in place
and those under development as part of CSRD-
related projects. These updates are facilitated by
Group ESG-Q and Group Finance, who make up the
core CSRD project team.
Most of the material IROs are not new to Bunker
Holding, as our strategy and risk management
processes already address them to a large extent.
However, any new IROs introduced due to CSRD
requirements will need to be assessed annually
as part of the ESG Council’s IRO review and
subsequently presented to the Enterprise Risk
Management Team.
Please refer to E1, E2, S1, S2, and G1 for detailed
descriptions of the specific IROs.
While sustainability is integral to our strategy, our
performance-based compensation remains aligned
with financial and operational goals to ensure
accountability and long-term value creation. We
continuously review our remuneration framework
to support our strategic priorities, including
sustainability. Currently, we have no plans to
directly tie incentives to specific sustainability
metrics.
Bunker Holding Annual Report 2024/25
Management’s Review
26
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
GOV-5 SUSTAINABILITY REPORTING RISK MANAGEMENT
ESG reporting is anchored within Group Finance,
with our ESG Controller holding primary
responsibility for consolidation, controlling, and
reporting of quantitative data points in line with
CSRD. The ESG Controller also leads the drafting
of our external sustainability reporting to ensure
compliance with relevant standards. Group Finance
is a part of the CSRD Steering Group, ensuring
internal controls and processes for quantitative
sustainability-related data within relevant internal
functions.
The risks associated with the completeness,
accuracy, and timeliness of the data, as well as
results of estimations and calculations, are assessed
based on the materiality of individual data points
and the complexity of underlying processes. To
mitigate risks, the Group Finance team works
closely with our Subject Matter Experts to build a
thorough understanding of operational procedures
and to establish governance of data.
Internal controls
Group Finance is responsible for ensuring
standardised accounting procedures. Dedicated
resources have been allocated to strengthen and
improve the overall ESG governance of reporting,
including data collection processes and internal
controls.
To support efficient and effective ESG reporting,
and to lay a strong foundation for future limited
assurance, we have expanded our financial
consolidation system to incorporate ESG data.
In the 2024/25 financial year, we have deployed
month-end procedures for the monthly data
collection of carbon accounting data. Data
is submitted by finance managers across our
organisation, and Group Finance conducts monthly
controls of the submitted data. Quantitative data
within Social is collected and controlled by Group
Finance on a quarterly basis, in line with our
internal reporting cycles. Other ESG-related data is
consolidated and controlled either upon request or,
at a minimum, once per year.
GOV-4 STATEMENT ON SUSTAINABILITY DUE DILIGENCE
The following table provides a mapping of how Bunker Holding applies the core elements of due diligence
and where they are presented in this Sustainability Statement.
Core elements of Due Diligence
Paragraphs in the
Sustainability Statements
a) Embedding due diligence in governance, strategy, and business model GOV-1
GOV-2
GOV-3
SBM-1
b) Engaging with affected stakeholders in all key steps of the due diligence GOV-2
SBM-2
c) Identifying and assessing adverse impacts SBM-3
IRO-1
d) Taking actions to address those adverse impacts E1-3
E2-2
S1-4
S2-4
e) Tracking the effectiveness of these efforts and communicating GOV-4
E1-4
E1-5
E1-6
E2-3
E2-4
S1-5
S1-6
S1-7
S1-9
S1-11
S1-13
S1-14
S1-15
S1-16
S1-17
S2-5
G1-4
Bunker Holding Annual Report 2024/25
Management’s Review
27
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
SBM-1 STRATEGY, BUSINESS MODEL, AND VALUE CHAIN
NEW FUELS
DOWNSTREAM WORKFORCE
UPSTREAM WORKFORCE
PHYSICAL OPERATIONS
TRADING OPERATIONS WORKFORCE
Exploration and
production of fuels
Production and
development of fuels
Trading fuels and advising
in decarbonisation opportunities
CONVENTIONAL FUELS
UPSTREAM OWN OPERATIONS DOWNSTREAM
WORLD TRADE
Fuelling global trade
SBM- STRATEGY, BUSINESS MODEL, AND VALUE CHAIN
Value Chain Overview
Below is a simplified overview of Bunker Holding’s value chain. The main upstream
business actors include extractors and suppliers of crude oil, transportation
companies, and storage facilities. In recent years, producers of alternative fuels have
become an increasingly important part of the value chain. Positioned as a trusted
advisor, Bunker Holding supports clients in navigating regulations, identifying supply
opportunities, managing risks through hedging, facilitating credit, and building bunker
infrastructure to fuel global trade. These services are directed toward our clients in
downstream operations, where bunkers are consumed and burned by vessels.
For a more detailed description of our strategy and business model, please refer to
pages 10-11.
Chartered vessels, storage of
fuels, and fuel delivery
Bunker Holding Annual Report 2024/25
Management’s Review
28
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
1
GHG emissions from own
operations
2
GHG emissions from up- and
downstream activities
3
Emerging new fuels markets
4
Pollution to air
5
Oil spills
6
Gender equality
7
Creating a diverse workplace
8
Upskilling traders
(decarbonisation)
9
Life balance
10
Harassment in the workplace
11
Health & safety of own workforce
12
Health & safety in value chain
13
Protection of whistleblowers
14
Pushing new fuels transition
15
Compliance culture
16
Prevention and detection of
corruption and bribery
2
3
2 1 4 5
6-11
12
13
14
14
13 15 16
IRO’s in value chain
2
13
12
13
SBM-2 INTERESTS AND VIEWS OF STAKEHOLDERS
Bunker Holding’s stakeholder engagement is built on transparency, collaboration, and long-term relationships.
Through ongoing dialogue, we gain valuable insights into stakeholders’ positions, concerns, and expectations.
These insights inform our due diligence processes and Double Materiality Assessment, enabling us to align our
sustainability priorities, projects, and processes with stakeholder interests. We continuously strive to balance
stakeholder perspectives with regulatory and business requirements.
Group ESG-Q plays a key role in collecting the perspectives and interests of affected stakeholders on
sustainability-related impacts, risks, and opportunities. These insights support regular updates and are
shared with the relevant internal accountable persons. For more information on our sustainability governance,
please see pages 25-27.
In the below table, we outline examples of how we engage with key stakeholders.
Employees Owners Banks
• Regular internal communication
through town hall meetings (“View
From the Bridge”) and intranet
updates.
• Employee Personal Development
Reviews, including training and
development.
• Annual employee engagement
survey (LEAP) to assess workplace
satisfaction and gather feedback.
• Diversity, equity, and inclusion
initiatives to promote a belonging
corporate culture.
• Frequent dialogues through formal
board meetings and informal
internal meetings.
• Annual and monthly financial
reporting to ensure transparency.
• Biweekly Management reports with
updates from the strategic pillar
“Moving Responsibly” including New
Fuels and ESG.
• Strategic alignment through long-
term planning and risk management
discussions.
• Ongoing communication
to maintain strong financial
relationships and credit facilities.
• Compliance with financial and ESG-
related covenants and KPIs.
• Transparency in financial reporting
and sustainability performance to
align with requirements by banks.
Clients Suppliers Legislators
• Direct engagement through account
management and tailored fuel
solutions.
• Collaboration on sustainability
initiatives, including alternative fuels
and emissions reporting.
• Guidance on EU legislation for our
clients.
• Webinars.
• Ongoing dialogue to enhance
operational efficiency and optimise
supply chains.
• Strong partnerships through long-
term agreements and transparent
procurement processes.
• Engagement via our Global Business
Partner Responsibility Conduct.
• Participation in industry associations
and global regulatory consultations.
• Transparent reporting on ESG
performance and regulatory
adherence.
SBM-3 DOUBLE MATERIALITY ASSESMENT RESULT
We have conducted our Double Materiality Assessment (DMA) according to the Double Materiality criteria
defined in ESRS 1 and Implementation Guidance from EFRAG.
In our DMA, we have identified and assessed our impacts on the environment and society, the sustainability-
related risks we are exposed to, as well as the opportunities that we can leverage. In total, 16 impacts, risks,
and opportunities (IROs) have been deemed material, comprising of 4 positive impacts, 7 negative impacts, 4
risks, and 1 opportunity. Please refer to E1, E2, S1, S2, and G1 for detailed descriptions of the specific IROs.
MATERIALITY MATRIX
The outcome of our DMA is presented in the table below. 14 ESRS sub-topics are material to Bunker Holding
with 4 of these topics having double materiality i.e., they have both impact materiality and financial
materiality.
Impact materiality Double materiality Financial materiality
Climate change mitigation (E1) Climate change adaption (E1)
Pollution of water (E2) Energy (E1)
Pollution of air (E2)
Other work-related rights (S1)
Equal treatment and opportunities
for all (S1)
Working conditions (S1)
Equal treatment and
opportunities for all (S2)
Working conditions (S2)
Protection of whistleblowers (G1) Corruption and bribery (G1) Corporate culture (G1)
Political engagement and
lobbying (G1)
E
S
G
Bunker Holding Annual Report 2024/25
Management’s Review
29
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
IRO- DOUBLE MATERIALITY ASSESSMENT PROCESS
The outcome of the DMA process confirms our current
path and added a few new topics to our scope of
materiality. Going forward, we will revisit the DMA
process annually to ensure we continuously monitor
material impacts, risks, and opportunities (IROs).
Our DMA methodology and process steps are based
on the ‘IG1: Materiality Assessment Implementation
Guidance’ published by EFRAG in May 2024.
Please refer to the description of methodologies,
assumptions, and process below.
METHODOLOGIES AND ASSUMPTIONS
Scope
All of the sub-sub-topics listed in ESRS 1 have been
considered when identifying our IROs. For impacts
on people and the environment (inside-out), we
considered both positive and negative impacts
related to sustainability matters, which can be either
actual or potential. In our financial assessment
(outside-in), we assessed potential sustainability-
related risks that could trigger a negative financial
effect on our business, and opportunities that could
benefit our business positively.
We have also considered activities within our own
operations as well as from our business relationships
and value chain. Our value chain assessment mainly
focused on our Tier 1 suppliers and beyond that, we
relied on industry and internal knowledge.
Stakeholder engagement
Understanding which stakeholders are affected
by our business is fundamental. This is managed
continuously through ongoing dialogues with our
stakeholders to understand their positions, concerns,
and expectations; including using our in-house
Subject Matter Experts as a valid proxy for bringing
the interests and views of our stakeholders into the
DMA.
They used their professional judgement when
applying the scoring criteria and are informed
by publicly available evidence of circumstances,
determining that a matter is material without further
analysis.
Scoring
Impacts
Three parameters of Scale, Scope, and Irremediability
are used in the scoring of the Severity of our actual
and potential negative impacts, using a 1-5 scale:
1. For Scale, we assess how great the impact is or
could be on the environment or people.
2. For Scope, we assess how widespread the impact
is or could be based on parameters such as
number of sites, suppliers, customers, employees,
or rightsholders affected.
3. For Irremediability, we assess how difficult it is to
reverse the damage in terms of required efforts
and time horizon.
For actual negative impacts, these three dimensions
are scored and weighted equally for ‘severity’. All
impacts are scored with an additional parameter
of ‘likelihood’, where actual impacts are scored a
5 equal to the highest achievable likelihood. The
‘likelihood’ score is weighted 1:1 with the ‘severity’
score. However, for a human rights potential negative
impact, ‘severity’ takes precedence over ‘likelihood’
in accordance with the tables below.
For actual positive impacts, ‘scale’ and ‘scope’
are scored and weighted equally for ‘severity’. For
potential positive impacts, ‘likelihood’ is also scored
and weighted 1:1 with the ‘severity’ score, as it is for
potential negative impacts.
Final materiality is decided based on the position of
the impacts, risks, and opportunities in the following
tables:
Risks and opportunities
When scoring sustainability risks and opportunities,
we assessed the potential ‘magnitude’ of possible
financial effects and the ‘likelihood’ of occurrence.
The possible financial effects of the individual
risks and opportunities were assessed through
sustainability-matter-specific scenarios.
Some scenarios were assessed quantitatively. In
cases where a quantitative assessment was not
possible or insufficient, qualitative assessments were
used to supplement or inform the magnitude of the
risk or opportunity. This approach was necessary
due to the complexity of defining exact values for
potential sustainability scenarios.
The approach was aligned with our ERM
methodology. The final materiality was decided
basis the position of the risks and opportunities in the
following matrix.
Time horizons
Potential impacts, risks, and opportunities were
assessed across three time horizons: short-term (<
1 year), medium-term (> 1 year and < 5 years), and
long-term (> 5 years).
Material Non-material, but on watchlist Non-material
Impact materiality
Severity
Likelihood
5
4
3
2
1
Potential human rights
impact materiality
Severity
Likelihood
5
4
3
2
1
Financial materiality
Likelihood
5
4
3
2
1
Magnitude
Process
Initially, Bunker Holding appointed a steering group
for the DMA process and defined five process steps for
conducting our DMA. In addition to these, we experienced
a fundamental initial step of ‘understanding the context’
as suggested in the ESRS IG1.
1. Engagement of stakeholders
The CSRD Steer Group identified internal
Subject Matter Experts with extensive insight and
knowledge into the separate E, S, and G areas
and set up DMA workshops with them. These
experts represented employees from different
departments such as New Fuels, HR, Legal,
Physical Operations, ESG, Finance, etc.
2. Scoping of IROs
The CSRD Steer Group consulted relevant
internal and external information (incl. previous
materiality assessments) to scope and pre-
define relevant matters per ESRS sub-topic and
sub-sub-topic. This gross list of IROs formed the
starting point for verification and assessment.
3. Assessment of IROs
The SMEs were introduced to the assessment
criteria and presented with the short list of IROs
to assess scoring and rationales. Where relevant,
additional experts were consulted following the
initial workshops.
4. Validation of results
The results from the assessments were captured
and consolidated using a scoring tool to
calculate the materiality of each IRO. SMEs were
consulted again for validation of the preliminary
results, and the Steer Group calibrated the
preliminary results before the final review and
management approval.
5. Final review and approval
Lastly, the DMA results were presented to and
approved by the Executive Management.
Bunker Holding Annual Report 2024/25
Management’s Review
30
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
IRO-2 DISCLOSURE REQUIREMENTS COVERED BY THE SUSTAINABILITY STATEMENT
Under materiality threshold
Internal work initiated
Moderate progress
Advanced progress
Due to the outcome of the Omnibus
negotiations in the EU, Bunker Holding
will be required to comply with the ESRS
requirements by the 2027/28 reporting
period, rather than 2025/26 as initially
anticipated. However, in order to
proactively prepare for these obligations,
we have integrated our ESG reporting
into our annual report and are continually
working to enhance our alignment with
the ESRS requirements.
To the right, a table can be found
outlining the disclosure requirements from
the cross-cutting and topical standards
derived from EU legislation as listed in
ESRS 2. The table indicates where each
relevant data points can be found in
the report, as well as our progress in
addressing any remaining gaps on the
path toward full compliance with the
CSRD.
Status Standard Page
ESRS 2 BP-1 24
ESRS 2 BP-2 24
ESRS 2 GOV-1 25
ESRS 2 GOV-2 26
ESRS 2 GOV-3 26
ESRS 2 GOV-4 27
ESRS 2 GOV-5 27
ESRS 2 SBM-1 28
ESRS 2 SBM-2 29
ESRS 2 SBM-3 29
ESRS 2 IRO-1 30
ESRS 2 IRO-2 31
ESRS 2 GOV-3 26
ESRS E1-1 33
ESRS E1 SBM-3 33
ESRS E1 IRO-1 30
ESRS E1-2 34
ESRS E1-3 35
ESRS E1-4 38
ESRS E1-5 39
ESRS E1-6 40
ESRS E1-7 -
ESRS E1-8 -
ESRS E1-9 -
ESRS E2 IRO-1 30
ESRS E2-1 43
Status Standard Page
ESRS E2-2 43
ESRS E2-3 43
ESRS E2-4 43
ESRS E2-5 -
ESRS E2-6 -
ESRS E3 IRO-1 -
ESRS E3-1 -
ESRS E3-2 -
ESRS E3-3 -
ESRS E3-4 -
ESRS E3-5 -
ESRS E4-1 -
ESRS E4 SBM-3 -
ESRS E4 IRO-1 -
ESRS E4-2 -
ESRS E4-3 -
ESRS E4-4 -
ESRS E4-5 -
ESRS E4-6 -
ESRS E5 IRO-1 -
ESRS E5-1 -
ESRS E5-2 -
ESRS E5-3 -
ESRS E5-4 -
ESRS E5-5 -
ESRS E5-6 -
Status Standard Page
ESRS S1 SBM-2 29
ESRS S1 SBM-3 46
ESRS S1-1 47
ESRS S1-2 48
ESRS S1-3 49
ESRS S1-4 50
ESRS S1-5 53
ESRS S1-6 54
ESRS S1-7 56
ESRS S1-8 -
ESRS S1-9 57
ESRS S1-10 -
ESRS S1-11 57
ESRS S1-12 -
ESRS S1-13 58
ESRS S1-14 59
ESRS S1-15 60
ESRS S1-16 60
ESRS S1-17 60
ESRS S2 SBM-2 29
ESRS S2 SBM-3 61
ESRS S2-1 62
ESRS S2-2 63
ESRS S2-3 63
ESRS S2-4 63
ESRS S2-5 63
Status Standard Page
ESRS S3 SBM-2 -
ESRS S3 SBM-3 -
ESRS S3-1 -
ESRS S3-2 -
ESRS S3-3 -
ESRS S3-4 -
ESRS S3-5 -
ESRS S4 SBM-2 -
ESRS S4 SBM-3 -
ESRS S4-1 -
ESRS S4-2 -
ESRS S4-3 -
ESRS S4-4 -
ESRS S4-5 -
ESRS G1 GOV-1 25
ESRS G1 IRO-1 30
ESRS G1-1 67
ESRS G1-2 -
ESRS G1-3 69
ESRS G1-4 70
ESRS G1-5 70
ESRS G1-6 -
Bunker Holding Annual Report 2024/25
Management’s Review
31
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
ENVIRONMENT
ENVIRONMENT
WE ARE COMMITTED
TO ACCELERATING THE
DECARBONISATION OF THE
MARITIME SECTOR
33 E1 – Climate change
33 E1-1 Climate transition plan
33 E1 SBM-3 Climate-related risks
33 E1 SBM-3 Environmental IROs
34 E1-2 Policies
35 E1-3 Actions
38 E1-4 Targets
39 E1-5 Energy consumption and mix
40 E1-6 Carbon accounting
43 E2 – Pollution
43 E2 SBM-3 Pollution IROs
43 E2-1, E2-2, E2-3 Policies, actions and targets
43 E2-4 Pollution
44 Looking ahead – Environment
Bunker Holding Annual Report 2024/25
Management’s Review
32
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
E1 – CLIMATE CHANGE
E- CLIMATE TRANSITION PLAN
E SBM-3 CLIMATE-RELATED RISKS
Develop and deploy a climate transition plan
Bunker Holding is committed to increasing
transparency around its approach to climate
change and the decarbonisation of its operations
and fuel supply. While a formal transition plan has
not yet been established, several foundational
elements are already in place. These include a New
Fuels strategy, dedicated resources, active and
concrete initiatives, and defined targets for 2030
and 2050, alongside monthly reporting of GHG
emissions across Scope 1, 2, and 3.
This robust foundation positions Bunker Holding
advantageously to formalise and operationalise its
approach. Developing a transition plan will enable
us to clearly demonstrate to stakeholders our
commitment to net zero by 2050 and outline how
our business model will remain relevant in a net-zero
carbon economy.
In 2025, we will consolidate these foundational
elements into a dedicated transition plan. This plan
will enhance transparency, clarify our strategic
direction, and act as a central pillar for our
decarbonisation efforts - addressing our emissions
trajectory, product portfolio, investments, and
key initiatives. This effort is particularly timely and
strategic in light of the historic milestone achieved
at the IMO meeting in April 2025 in London, where
the majority of Member States approved regulatory
measures under the Net Zero Framework. These
regulations establish international shipping as the
first global industry with defined GHG intensity
reduction targets. Given that the majority of Bunker
Holding’s emissions fall under Scope 3 and originate
from the fuel we supply, this regulatory progress
provides a crucial framework to guide our planning
and accelerate impact.
We acknowledge the pressing reality of climate-
related risks impacting society, including, but
not limited to, extreme weather events and rising
temperatures. In our DMA and related analysis,
we have assessed the identified IROs, specifically
evaluating potential climate-related risks or
hazards. We consider our asset-light business model
to be exposed to a low degree of climate-related
risks and assess our resilience to be at a high level.
While our business approach to the industry
and asset distribution prioritises fast operational
adaptability, the success of a bunker delivery could
also be influenced by environmental conditions (e.g.,
swell, wind gusts, etc.), particularly in ship-to-ship
(STS) fuel transfers. Therefore, we will conduct
a more comprehensive risk assessment in 2025,
which will encompass not only our own operations
but also our broader supply chain, covering both
conventional fuel trading and new fuel solutions.
Although neither physical nor transitional climate
risks are considered on top of our materiality matrix
at this point, we continue to monitor and manage
them as part of our overall management of risks
connected to environment and climate.
E SBM-3 ENVIRONMENTAL IROS
The decarbonisation of the maritime sector presents a range of complex and multi-faceted challenges. Around
the world, a broad spectrum of low-carbon fuels is being developed, embracing different feedstocks and
technological pathways. Successfully navigating this complex environment requires a combination of deep
market insight and technical expertise. Bunker Holding brings these competencies together within its Green
Center of Excellence team.
Our DMA identified three material IROs related to climate change over the short- and long-term time horizon,
two of which are negative impacts and one of which is an opportunity. The following section outlines how we
understand our environmental impact in relation to climate change and describes the corresponding policies,
targets, and actions designed to address these material IROs.
Material impact Where it originates IRO type
Position in
value chain
Time
horizon
1 GHG emissions
from own
operations
Bunker Holding’s own operations include
a fleet of chartered vessels, that primarily
operate on fossil fuels, storage operations
and office operations, resulting in direct
greenhouse gas emissions contributing to
climate change.
Actual
negative
impact
Own
operations
Medium
term
2 GHG emissions
from up- and
downstream
activities
Bunker Holding’s core business is the
supply of marine fuels – currently primarily
conventional fossil fuels. Emissions from the
use of these sold products as well as the
upstream activities account for more than
99% of the Group’s total greenhouse gas
emissions, making this the most significant
contributor to our overall climate impact.
Actual
negative
impact
Upstream &
downstream
Medium
term
3 Emerging new
fuels markets
As the maritime sector transitions toward
decarbonisation, new fuel markets are
emerging, and will continue to grow,
creating financial opportunities for Bunker
Holding. By leveraging its expertise
as a trusted advisor within New Fuels,
Bunker Holding is well-positioned to
guide customers through this increasing
complexity, promote the adoption of lower
carbon fuel types, and generate long-term
business value.
Opportunity Own
operations
Long term
Bunker Holding Annual Report 2024/25
Management’s Review
33
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
Policies Content Scope Accountability & Ownership
Related
IROs
Energy & Waste
Management Policy
Offers clear guidance by articulating targets and efforts.
It delegates responsibilities locally, recognising the
variations in energy and waste infrastructure across the
geographies in which we operate.
Applies to all Bunker Holding employees. By
entrusting responsibility to our employees and
ESG Ambassadors globally, we believe we will
continuously improve at a pace that is locally
achievable.
Group ESG-Q
1
Environmental Policy
for Company Cars
Supports our ESG commitment to achieve net-zero
emissions by 2040 in our service operations by gradually
transitioning Bunker Holding’s car fleet to electric vehicles,
starting in 2025.
Targets all Bunker Holding employees globally
who are eligible for company cars as part of
their salary package.
Executive Management
USTC HR
Group ESG-Q
1
5
Global Business
Travel Policy
Ensures that all business travel is conducted in an
efficient, environmentally considerate, and cost-effective
manner, with a strong emphasis on employee safety and
wellbeing.
Applicable to all Bunker Holding employees
and representatives authorised to travel for
business purposes.
Executive Management
1
5
Global Environmental
Guidelines for IT
Disposal
Provides guidance to ensure responsible handling of
used and defective electronic equipment, with a focus on
minimising resource consumptions across Bunker Holding.
Applies to all Bunker Holding offices globally. Group ESG-Q
Group Service Desk
Group Fleet Policy
Sets out the requirements for the chartering of vessels and
the composition of Bunker Holding’s fleet portfolio.
Applies to all Bunker Holding companies and
all charters, including single voyage and
bareboat charterparties.
Executive Management
Bunker One CEO
1
4
5
Renewable Energy
Policy
Outlines guidelines for adopting renewable energy
solutions across our existing offices and terminals, and
serves as a criterion for evaluating potential new office
facilities. Supports Bunker Holding’s pledge to achieve net
zero for its service operations by 2040.
Defines renewable energy sources as solar,
wind, geothermal, hydropower, ocean, and
bioenergy.
Group ESG-Q
Subsidiaries CFOs
1
E-2 POLICIES
Our commitments to accelerating the
decarbonisation of our own operations
are governed by a set of local and global
policies, designed to ensure the limitation
of our impact on the environment
while creating awareness among our
employees. Through these adopted
policies, we outline our commitments and
the principles in place for our employees,
as well as the obligations expected from
each individual. All our policies have been
approved by the Executive Management
and are available for all employees on our
intranet.
The objectives, key content, and
ownership of each policy is outlined in the
following table:
Bunker Holding Annual Report 2024/25
Management’s Review
34
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
OF BUNKER
HOLDING’S CARBON
FOOTPRINT IS
ATTRIBUTED TO THE
FUEL PRODUCTS
SUPPLIED TO OUR
CUSTOMERS
99%
SUPPLIED FUEL
E-3 ACTIONS
REDUCING OUR SCOPE 3 EMISSIONS
Throughout this decade, a substantial portion of Bunker Holding’s efforts and
investments will be directed towards laying the groundwork for future significant
reductions in Scope 3 emissions and building supplier partnerships. While we
anticipate more substantial reductions in our Scope 3 emissions post-2030,
driven by factors such as advancements in production capabilities and global
regulatory frameworks focused on accelerating new fuels, we remain committed
to achieving our interim targets for this decade, supporting the IMO’s 2023 GHG
Strategy and targets.
LEVERAGING A DIVERSE PRODUCT PORTFOLIO TO DRIVE GHG REDUCTIONS
Our expanding global network now enables us to supply biofuel blends in over
150 ports worldwide, allowing for emissions reductions of up to 90% compared
to conventional marine fuels such as VLSFO and MGO.
We expect the demand for biofuel to increase even further following the
implementation of the EU ETS and FuelEU Maritime’s GHG intensity requirement,
which introduces a 2% GHG intensity reduction requirement for fleets from
2025. We foresee biofuels becoming the preferred alternative fuel solution to
meet the regulatory requirements set by the IMO and the EU towards 2030.
ADVOCATING FOR CHANGE
With increasingly complex regulatory environments, geopolitical tensions, and
the pressing imperative for decarbonisation, the bunker industry needs a strong
and consistent voice more than ever. At Bunker Holding, we are committed to
being that voice by drawing on our internal capabilities and extensive expertise
in maritime environmental regulation and global policy developments.
Through the dedicated role of our Director of Environmental Regulatory Affairs,
Maria Skipper Schwenn, we actively engage in key industry associations and
contribute to shaping the political agenda. Our aim is to be an influential
advocate on the global stage, addressing both challenges and opportunities in
the field to drive meaningful and lasting change.
BUILDING STRATEGIC PARTNERSHIPS ACROSS THE INDUSTRY
Throughout our global supply chain, we work closely with
both suppliers and customers to accelerate the adoption and
availability of alternative fuel solutions. These partnerships
enable us to leverage our position and expand the reach of
low- and zero-carbon marine fuels. Bunker Holding is currently
engaged in multiple strategic partnerships, including with Yara
Clean Ammonia, Chevron Renewable Energy Group, 123Carbon,
SyntexNRG, and NeoGreen Hydrogen. We also actively participate
in EWABA (European Waste-based & Advanced Biofuels
Association), IBIA (International Bunker Industry Association) and
MI (Methanol Institute), and are a partner in leading industry
platforms such as the Mærsk Mc-Kinney Møller Center for Zero
Carbon Shipping and the Global Maritime Forum.
FUELING CHANGE THROUGH EXPERTISE AND UP-SKILLING
Building capabilities plays a critical role in advancing our
decarbonisation efforts. By equipping our people with deep
expertise in fuel products, carbon markets, and the regulatory
landscape, we are strengthening client relationships and actively
supporting the transition towards lower-emission shipping
solutions. Recognising that decarbonisation is directly linked
to what we trade, we have developed a comprehensive internal
training programme on new fuels and carbon markets which has
been completed by 77% of all frontline staff to date. Additionally,
a specialised programme has been rolled out to 37 Mandated
Traders globally, providing advanced training on alternative fuel
supply chains, carbon market mechanisms, and compliance
with emerging regulatory requirements. The aim is to ensure our
traders are not only well-informed but also fully equipped to guide
customers towards lower-carbon fuel choices, thereby reducing
emissions across our value chain and that of our customers.
More than 99% of Bunker
Holding’s carbon footprint is
attributed to the fuel products
supplied to our customers,
amounting to over 90 million
metric tonnes of CO2e.
Reducing these emissions
requires extensive efforts and
collaboration across the entire
supply chain.
Bunker Holding Annual Report 2024/25
Management’s Review
35
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
E-3 ACTIONS (CONTINUED)
MORE THAN 95.5%
OF OUR TONNAGE
WAS VETTED BY
OIL MAJORS IN THE
REPORTING PERIOD
2024/25
95.5%
OWN FLEET
REDUCING OWN EMISSIONS
Our fleet primarily consists of smaller vessels under 5,000 GT, some of which
operate outside of EU waters. For these vessels, emissions reductions are
currently achieved through operational efficiency by sailing with more product
per unit of fuel consumed. While these are relative improvements, they are
important steps aligned with our broader decarbonisation ambitions.
In 2025, the FuelEU Maritime regulation under the EU Green Deal came into
force for vessels above 5,000 GT, introducing a more structured emissions
reduction pathway for the industry. Although our fleet is not directly subject to
the regulation, we have chosen to voluntarily align with it, leading by example
and preparing for future regulatory requirements in our small ship segment.
To support the regulation’s 2% GHG intensity reduction target by 2030, we
commenced the introduction of drop-in biofuels and hydrotreated vegetable
oil (HVO) in select operations this year. While initial volumes are modest, they
represent meaningful progress as we continue to improve efficiency and
collaborate with tonnage providers, drawing on our internal catalogue of
operational and technical emissions reduction measures.
INCENTIVISING EMISSION REDUCTION THROUGH TRAINING
Bunker One has introduced an Idea Catalogue and training sessions focused
on emissions reduction. Offices in Denmark, Sweden, Chile, and Brazil have
already engaged with the programme, which aims to raise awareness and
align efforts across operations.The initiative has proven especially valuable for
shipowners navigating EU environmental legislation—relevant to 50% of Bunker
One’s fleet—while also supporting decarbonisation among non-EU operators
facing growing stakeholder expectations.
Led by our Technical Specialist, the programme consolidates in-house expertise
on fuels, vessel operations, and regulation, helping both onshore teams and
chartered vessels adopt a unified approach to emissions mitigation.
Through our role as a physical
supplier of marine fuels, we
operate several terminals and
vessels, delivering fuel directly
to our customers. The majority
of carbon emissions from our
physical operations originate
from the vessels we charter.
For emissions linked to our
own fleet, we are committed
to aligning with the IMO’s
updated GHG Strategy as we
work towards a net-zero future.
OIL MAJOR VETTING
To ensure that our tonnage providers meet the requirements on
oil spill prevention equipment and training, among other things,
we assess whether they have been vetted by oil majors. In the
reporting period 2024/25 more than 95.5% of our tonnage was
vetted by oil majors.
For the small percentage of tonnage providers that have not been
vetted by oil majors, we have implemented a vetting process
aligned with OCIMF’s Ship Inspection Report Programme (SIRE).
AVOIDING OIL SPILLS
We recognise that oil spills can have devastating environmental
and reputational consequences, and we are committed to taking
proactive measures to prevent them. Our approach focuses on
rigorous adherence to existing controls and processes, combined
with continuous identification and remediation of potential gaps.
Our Global Fleet Policy also mandates the prompt reporting of any
oil spills by tonnage providers and requires a double-confirmation
process to ensure that chartered vessels have contingency plans
in place. In the event of emergencies, such as oil spills or accidents
involving authorities, contingency plans are activated promptly.
Bunker Holding Annual Report 2024/25
Management’s Review
36
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
E-3 ACTIONS (CONTINUED)
OF ELECTRICITY CONSUMPTION AT
OUR HEADQUARTERS IN MIDDELFART
WAS COVERED BY SOLAR PANELS
INSTALLED IN 2022
20%
SERVICE OPERATIONS
RENEWABLE ENERGY
Last year, we introduced a Renewable Energy Policy to support our ambition of
being 100% powered by renewable energy by 2030, contributing to our carbon
reduction goals. The policy outlines procurement guidelines, including options
for onsite generation, equity share in assets, power purchase agreements, and
renewable energy certificates. Notably, in 2022, solar panels were installed at
our headquarters in Middelfart, which in 2024/25 covered approximately 20%
of our electricity consumption on site. During the reporting year, we have seen
the share of renewable energy increase to 11.6%.
LOCAL AMBASSADORS
To support emission reduction initiatives, we have appointed local ESG Ambas-
sadors who promote change locally and help drive progress toward our shared
2040 Net Zero target. By empowering our people and embedding responsibility
locally, we believe we can drive continuous improvements at a pace that reflects
the realities and opportunities of each location.
Reducing emissions from our
service operations depends
on the collective daily actions
and awareness of colleagues
across our global offices, from
how we operate at work to how
we travel.
GLOBAL EV GUIDELINE FOR COMPANY CARS
Effective from 1 January 2025, all new company vehicle leases
must be fully electric vehicles (EVs). As a result, the share of EVs
in our company car park increased from 13% to 25% during the
reporting period.
BUSINESS TRAVEL
Our global Business Travel Policy places a strong emphasis on
safety, sustainability, and efficiency. It is not only a strategic tool
for safeguarding employee wellbeing and optimising resource
use, it also targets the immediate, everyday choices we can make
as individuals. This includes assessing the purpose of travel,
considering virtual alternatives, combining meetings, prioritising
direct flights, and opting for public transport wherever possible.
At the same time, as a global organisation, we recognise that
physical meetings, particularly with customers, are essential and
cannot always be replaced by virtual interactions. In the past year,
we have seen an increase in emissions from business travel, and
we acknowledge that further measures are needed to address this
development.
Bunker Holding Annual Report 2024/25
Management’s Review
37
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
E-4 TARGETS
In support of our commitment to accelerate the
decarbonisation of the maritime sector, we have
implemented targets for Supplied Fuel, our Physical
Operations, and our Service Operations. These
targets are designed not only to drive our transition
but also to manage and reduce material negative
impacts on the environment.
While setting concrete targets with a clear trajectory
presents challenges, the emerging regulations
provide guidance to shape further transition
planning. We are dedicated to setting high
standards and steering towards the ultimate goal – a
decarbonised and inclusive shipping sector.
SUPPLIED FUEL
Reducing carbon intensity
More than 99% of Bunker Holding’s carbon footprint
is attributed to the fuel products supplied to its
customers, with Scope 3 emissions totalling over 90
million metric tonnes of CO2e.
Decarbonising shipping through the reduction of
emissions and the transition to low- and zero-carbon
fuels represents our industry’s most significant
challenge to date. Our goals towards 2030 are to
decrease GHG emissions per unit of energy provided
and to scale up our portfolio’s share of very low-
carbon fuels*.
In order to support the decarbonisation of the
maritime sector, we have set the following mid-term
targets:
Mid-term carbon
intensity targets
Carbon intensity reduction
2030
4.5%-8.5%
Measure
kg.CO2e per MJ
Baseline carbon intensity is 91.16 gCO2e/MJ in
accordance with FuelEU Maritime.
Mid-term carbon
intensity targets
Very low-carbon fuels* in portfolio
2030
5%
Measure
% of supplied fuel by energy content
Measured as the % of supplied fuel by energy content.
* Very low-carbon fuels refer to fuels with a minimum 65%
life cycle GHG reduction compared to conventional fuels.
We will review the metrics to reflect adjustments under the
IMO Net Zero Framework after October 2025.
We track progress against our carbon targets on
supplied fuel through monthly emissions data collection
and a structured month-end closure process.
Investment in decarbonisation
To further support the decarbonisation of the
maritime sector, we have committed to investing a
minimum of USD 50 million between 2023 and 2028.
Short-term
investment
targets
Investment in
decarbonisation
Yearly
(mUSD)
Investment in
decarbonisation
Accumulated
(mUSD)
2023/24
6 6
2024/25
8 14
2025/26
10 24
2026/27
12 36
2027/28
14 50
PHYSICAL OPERATIONS
Zero oil spills
Bunker Holding carries out more than 11,000 physical
supply operations on average per year, transferring
approximately 5 million metric tonnes of oil annually.
We are committed to achieving zero oil spills
across our operations. An oil spill is defined as the
unintended release of oil into the environment during
transportation, handling, or storage operations.
This encompasses all types of oil. Such incidents
are classified as environmentally detrimental
and necessitate appropriate containment and
remediation measures. However, discharges that
are fully contained onboard a vessel or within an
impermeable surface that prevents environmental
harm are not categorised as “oil spills” within this
context.
Vetted tonnage
To ensure that our tonnage providers meet the
requirements on oil spill prevention equipment
and training, among other things, we assess all
our tonnage providers to determine whether they
have been vetted by oil majors. We strive to have a
minimum of 95% of our tonnage vetted by oil majors.
For the small percentage of tonnage providers
that have not been vetted by oil majors, we have
implemented a vetting process aligned with OCIMF’s
Ship Inspection Report Programme (SIRE).
Reduction in carbon intensity
of fuels used in physical operations
With the introduction of FuelEU Maritime (FEUM) in
2025, applying to larger vessels over 5,000 GT, a
stronger regulatory framework is in place to guide
industry-wide efforts.
While Bunker Holding’s physical operations and
barges are below the 5,000 GT threshold and are
not directly impacted by this regulation, we are
committed to voluntary compliance and proactive
adoption of this approach for our smaller vessels.
Bunker Holding’s physical operations will gradually
adopt low-carbon fuels, such as B100 and HVO, with
a target of reaching a 2% reduction in GHG intensity
by 2030, in alignment with FEUM.
Medium-term own
carbon intensity targets
Target reduction in
GHG intensity
2024/25
0.5 %
2025/26
0.7 %
2026/27
0.9 %
2027/28
1.2 %
2028/29
1.6 %
2029/30
2.0 %
Baseline carbon intensity is 91.16 gGO2e/MJ in
accordance with FuelEU Maritime.
SERVICE OPERATIONS
Own activities
For emissions stemming from our service operations,
we are committed to achieving net zero by 2040.
To reach this goal, we have set near-term targets.
For 2030, we aim to achieve a 50% reduction of
these emissions (Scope 1, vessels excluded + Scope 2
and Category 6 Business Travel).
Our baseline, set in 2022/23, was 13,577 tCO2e.
This means that by 2029/30, we are targeting a
50% reduction, bringing our annual emissions to
approximately 6,789 tCO2e.
Company Vehicles
In 2022, we made the decision to transition to electric
vehicles starting 2025. From 1 January 2025, all
new leases and lease renewals must be fully electric
vehicles (EVs).
In 2024/25 EVs make up 25% of our total carpark.
Renewable energy
By 2030, we aim to operate on 100% renewable
energy across our offices and terminals. In 2022/23,
when we established our baseline, only 0.4% of
our electricity consumption came from renewable
sources. Today, that figure has increased to 11.6%.
Waste
We will reduce and recycle all general waste at office
sites wherever possible.
Bunker Holding Annual Report 2024/25
Management’s Review
38
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
E-5 ENERGY CONSUMPTION AND MIX
Energy consumption and mix – MWh
2024/25 2023/24
Fossil energy
Fuel consumption from coal and coal products
0 0
Fuel consumption from crude oil and petroleum products
271,656 394,775
Fuel consumption from natural gas
8,980 12,598
Fuel consumption from other fossil sources
0 0
Consumption of purchased electricity, heat, steam and cooling
from fossil sources
2,457 4,962
Total fossil energy consumption
283,093 412,335
Share of fossil sources in total energy consumption (%)
99.2% 99.9%
Nuclear energy
Consumption from nuclear sources
0 0
Total nuclear energy consumption
0 0
Share of consumption from nuclear sources in total energy
consumption (%)
0.0% 0.0%
Renewable energy
Fuel consumption from renewable sources
1,795 0
Consumption of purchased electricity, heat, steam, and cooling
from renewable sources
478 252
The consumption of self-generated non-fuel renewable energy
40 37
Total renewable energy consumption
2,313 289
Share of renewable sources in total energy consumption (%)
0.8% 0.1%
Total energy consumption
285,406 412,624
Electricity consumption
Non-renewable sources
3,959 4,306
Renewable sources
518 289
Total electricity consumption
4,477 4,595
Share of renewable sources in total electricity consumption (%)
11.6% 6.3%
Energy consumption
Our energy consumption mainly consists of energy generated from crude oil products. Through our
activities as a physical supplier of marine fuels, we operate several terminals and vessels, which leads to
the predominant share of our energy consumption stemming from our physical operations and vessels we
charter.
Our share of renewable energy consumption has increased by 84%. The share of renewable sources in total
electricity consumption has increased from 6.3% to 11.6%. This is a direct result of our efforts in connection
with the transition from fossil to renewable energy sources within our service operations.
Energy intensity per net revenue
2024/25 2023/24
Total energy consumption from activities in high climate impact
sectors per net revenue from activities in high climate impact
sectors (MWh/USD’000)
0.0 0.0
Bunker Holding operates within the energy value chain, specifically in the trade of fuel oils for marine and
transportation sectors, which are classified as high climate impact sectors due to the emissions associated
with their use.
Accounting policies
Energy used in our own operations originates from different sources, including crude oil products,
district heating, and grid electricity.
Fuels are converted to MWh using relevant lower calorific value (LCV) figures as published by FuelEU
Maritime.
Electricity from renewable sources includes purchased renewable energy certificates used during the
financial year. Energy data is gathered, controlled, and consolidated along with carbon account data
based on actual usage readings.
Self-generated non-fuel renewable energy is produced by solar panels. Bunker Holding does not
produce any fossil energy.
Renewable energy share
To calculate the share of renewables, renewable energy use is divided by the Group’s total energy use.
Energy losses are not taken into account, and thereby all energy purchased is included in the figures.
Renewable electricity share
The renewable electricity share is calculated as the share of consumed electricity, both purchased and
self-produced, that originates from renewable energy sources or renewable electricity certificates.
Energy consumption per net revenue
Total energy consumption per net revenue is calculated using total energy consumption as the
numerator, while the denominator is the total consolidated revenue as per the financial consolidated
income statement.
Bunker Holding Annual Report 2024/25
Management’s Review
39
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
E-6 CARBON ACCOUNTING
Carbon account - TCO2e
Baseyear
2022/23 2024/25 2023/24 %N/N-1
Scope 1 emissions
141,680 77,597 112,613 -31%
GHG emissions
from regulated emission trading schemes (%)
0% 0% 0%
Terminals
7,138 4,604 6,984 -34%
Vehicles
228 103 158 -34%
Vessels
134,314 72,890 105,471 -31%
Scope 2 emissions (market-based)
1,781 1,886 1,854 2%
Scope 2 emissions (location-based)
1,031 1,267 1,221 4%
Electricity (market-based)
1,619 1,391 1,408 -1%
Electricity (location-based)
869 772 775 0%
Heating
102 345 322 7%
Cooling
60 150 124 21%
Significant Scope 3 emissions
84,634,419 90,567,896 85,354,208 6%
Purchased goods and services 1
14,265,619 16,497,658 14,387,646 15%
Purchased capital goods 2
3,911 1,216 2,074 -41%
Fuel and energy related activities 3
30,068 17,366 22,698 -23%
Upstream transportation and distribution 4
4,424 23,105 14,358 61%
Business travel 6
4,430 4,519 4,280 6%
Upstream leased assets 8
23,992 10,976 5,610 96%
Downstream transportation 9
343,391 390,305 380,688 3%
Use of sold products 11
69,958,584 73,622,751 70,536,854 4%
Total Scope 1, 2 and 3 emissions (market-based)
84,777,880 90,647,379 85,468,675 6%
T
otal Scope 1, 2 and 3 emissions (location-based)
84,777,130 90,646,760 85,468,042 6%
GHG emissions outside of scopes 1-3
0 166,481 - -%
Direct biogenic carbon emissions
1
not included in Scope 1
0 466 - -%
Biogenic carbon emissions
1
not included in Scope 3
0 166,015 - -%
1
According to the GHG Protocol, the carbon emissions from burning biomass are net-zero for direct emissions, since
the amount of carbon absorbed by the biomass during the growth phase is equivalent to the amount of carbon
released through combustion.
We do not disclose Scope 2 biogenic CO2 emissions separately, as the emission factors we apply do not
differentiate biomass or biogenic CO2. Should more specific data on biogenic CO2 become available, we will
assess its inclusion in future disclosures.
99.5% of our Scope 3 emissions are calculated using primary data input.
Contractual instruments
Type of electricity purchase
Share of total
electricity
Contractual
instrument used
Type of
instrument
Grid electricity
89.2% No -
Bundled renewable energy
10.8% Yes PPA
Total electricity
100%
GHG intensity
GHG intensity per revenue
2024/25 2023/24
Total GHG emissions (market-based) per net revenue
(tCO2e/USD’000)
6.6 5.9
Total GHG emissions (location-based) per net revenue
(tCO2e/USD’000)
6.6 5.9
GHG intensity targets
Target
value Baseline 2024/25 2023/24
% reduction in carbon intensity of own
physical operations
89.34 91.16 90.61 91.19
% very-low-carbon-fuel of total
product portfolio by energy content
5% 0% 0.2% 0.0%
Reduce carbon intensity of supplied
fuel by 4.5-8.5% in kgCO2e/MJ
87.06 91.16 91.14 91.26
Corrections to baseyear 2022/23
During 2024/25, we have identified a mistreatment of our time charter vessels in one of our
subsidiaries in our baseyear. The specific vessels were classified as upstream leased assets (Scope 3,
Category 8), but a review of the terms of our time-charter lease has led us to reclassify the emissions
from these vessels as Scope 1 emissions. In 2023/24 and 2024/25, the emissions from the specific
vessels have been treated as Scope 1.
The correction means that within the base year 2022/23, Scope 3, Category 8 has decreased by
6,249 tCO2e, while Scope 1 has increased by 12,893 tCO2e and Scope 3, Category 3 has increased
by 2,801 tCO2e. Total emissions have increased by 9,444 tCO2e.
Accounting policies
Bunker Holding’s carbon accounts have been set up based on the standards set out by the
Greenhouse Gas Protocol (GHG Protocol). The GHG Protocol covers the accounting and
reporting of seven greenhouse gases that are covered by the Kyoto Protocol: carbon dioxide
(CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons
(PFCs), sulphur hexafluoride (SF6), and nitrogen trifluoride (NF3). All GHG emissions are reported
in metric tonnes of CO2 equivalents (CO2e).
Bunker Holding Annual Report 2024/25
Management’s Review
40
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
Bunker Holding has identified and disclosed
significant Scope 3 categories in alignment
with the GHG Protocol. These categories
were determined based on the magnitude
of their estimated GHG emissions, influence
over emissions, related transition risks and
opportunities, and stakeholder views.
The following section describes the applied
accounting principles for each of the categories
within Bunker Holding’s carbon accounts.
Terminals (Scope 1)
GHG emissions related to the combustion of
marine gas oil (MGO), natural gas, and diesel
used for the heating at terminals. The GHG
emissions are calculated based on the annual
consumption of these fuels and the most recent
emission factor published by the UK Government
Department for Environment, Food & Rural Affairs.
Vehicles (Scope 1)
GHG emissions related to the combustion of
petrol and diesel, or use of plug-in hybrid and
hybrid vehicles used in company cars owned
or controlled by the applicable Bunker Holding
Group entities. The GHG emissions are calculated
based on the annual consumption of these fuels
or distance for plug-in hybrid and hybrid cars
and the most recent emission factor published by
the UK Government Department for Environment,
Food & Rural Affairs.
Vessels (Scope 1)
GHG emissions related to combustion of fuel oil,
marine gas oil, diesel, and other fuels used in all
vessels chartered for longer than three months by
Bunker Holding Group as part of the Bunker One
fleet. The GHG emissions are calculated based
on the annual consumption of these fuels and the
most recent emission factor published by the UK
Government Department for Environment, Food &
Rural Affairs.
Purchased electricity (Scope 2)
(Location-based approach)
GHG emissions related to purchased electricity at
all Bunker Holding Group offices, calculated using
the location-based approach. The GHG emissions
are calculated based on the annual electricity
consumption and the respective country’s
average grid GHG emission factor published by
the International Energy Agency (IEA).
A few office locations are shared with various
entities and at these locations, the electricity
consumption at that office location is distributed
among the various entities based on the number
of FTEs per entity.
Purchased electricity (Scope 2) (Market-
based approach)
GHG emissions related to purchased electricity at
all Bunker Holding Group offices, calculated using
the market-based approach. The GHG emissions
are calculated based on the annual electricity
consumption and the respective country’s
average grid GHG emission factor published by
the Association of Issuing Bodies (AIB, European
Residual Mix), United States Environmental
Protection Agency (EPA), UK Government
Department for Environment, Food & Rural Affairs,
the International Energy Agency (IEA), or the local
electricity supplier.
Purchased heating and cooling (Scope 2)
GHG emissions related to purchased district
heating or cooling at Bunker Holding Group
offices. The GHG emissions are calculated based
on the annual heating consumption and the
respective country’s average grid GHG emission
factor published by the International Energy
Agency (IEA).
Purchased goods and services
(Scope 3, Category 1)
The upstream GHG emissions related to
purchased goods and services by all Bunker
Holding Group companies, including the
purchased fuel products resold to customers.
The GHG emissions are calculated based on
the spend data on different goods and services
categories and product category emission factors
published by the World Input-Output Database
(WIOD).
For the fuel products specifically, the GHG
emissions are calculated based on the quantities
of externally traded and external cargo fuels
and the fuel-specific upstream emission factors
published by the UK Government Department for
Environment, Food & Rural Affairs.
Purchased capital goods
(Scope 3, Category 2)
The upstream GHG emissions related to
purchased capital goods by all applicable Bunker
Holding Group companies. The GHG emissions
are calculated based on the spend data on
different capital goods categories and
product category emission factors published by
the World Input-Output Database (WIOD).
Fuel and energy-related activities
(Scope 3, Category 3)
The upstream GHG emissions related to
purchased fuels and energy by all applicable
Bunker Holding Group companies. This includes
all fuels covered in Scope 1 and all energy
(electricity, heating, and cooling) reported in
Scope 2. The GHG emissions are calculated
based on the consumption data on the different
types of fuel and energy and the respective
upstream emission factors published by the UK
Government Department for Environment, Food &
Rural Affairs and the International Energy Agency
(IEA).
Upstream transportation and distribution
(Scope 3, Category 4)
The lifecycle GHG emissions related to the
transportation and distribution of purchased
products from tier-one suppliers in vehicles not
owned or operated by Bunker Holding Group, as
well as third-party transportation and distribution
services purchased by Bunker Holding Group.
This includes all third-party sourcing and supply
logistics in vessels, barges, trains, and trucks.
Business travel (Scope 3, Category 6)
GHG emissions related to business travel by all
applicable Bunker Holding Group companies.
The GHG emissions are calculated based on
the activity data on different types of business
travel and product category emission factors
published by the UK Government Department for
Environment, Food & Rural Affairs.
Upstream leased assets
(Scope 3, Category 8)
GHG emissions related to the combustion of
fuel oil, marine gas oil, and diesel used in short
time-chartered vessels as part of the Bunker One
fleet. The GHG emissions are calculated based
on the annual consumption of these fuels and the
most recent emission factor published by the UK
Government Department for Environment, Food &
Rural Affairs.
Downstream transportation and distribution
(Scope 3, Category 9)
The lifecycle GHG emissions related to the
transportation and distribution of sold products to
customers in vehicles not owned or operated by
Bunker Holding Group, and where Bunker Holding
Group does not pay the cost.
This includes all third-party delivery logistics in
the trading operations as well as in the physical
operations.
Use of sold products (Scope 3, Category 11)
GHG emissions related to the combustion of fuel
products sold by Bunker Holding Group, including
fuel oil, marine gas oil, liquefied natural gas, and
other fuels. The GHG emissions are calculated
based on the annual quantities of sold fuels and
the most recent emission factor published by the
UK Government Department for Environment,
Food & Rural Affairs.
Biogenic emissions
Biogenic emissions relate to the combustion of
biofuels sold or used by Bunker Holding. The
emissions are calculated based on the annual
quantity of biofuels combusted and the respective
biogenic CO₂ emission factors published by the
UK Government Department for Environment,
Food & Rural Affairs. Biogenic emissions are
reported separately from fossil CO₂ emissions in
alignment with the GHG Protocol.
GHG emissions per net revenue
Total GHG emissions per net revenue is calculated
using Total Scope 1, 2, and 3 emissions (market-
based) as the numerator, while the denominator
is the total consolidated revenue as per the
consolidated income statement.
E-6 CARBON ACCOUNTING (CONTINUED)
Bunker Holding Annual Report 2024/25
Management’s Review
41
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
E-6 CARBON ACCOUNTING (CONTINUED)
Non-significant scope 3
categories Reason for not including category
Waste generated in
operations
No primary data on waste generated in operations is available and to
calculate the respective GHG emissions, very rough estimates would have
to be made. Furthermore, given the size of the other Scope 3 categories
(categories 1 and 11 in particular), the contribution of this category to
Bunker Holding’s overall GHG emissions is deemed insignificant. Therefore,
given the inaccuracy and insignificance of this category, it has been
decided to exclude it from Bunker Holding’s overall carbon accounts.
Employee commuting
No primary data on employee commuting is available and to calculate the
respective GHG emissions, very rough estimates would have to be made.
Furthermore, given the size of the other Scope 3 categories (categories 1
and 11 in particular), the contribution of this category to Bunker Holding’s
overall GHG emissions is deemed insignificant. Therefore, given the
inaccuracy and insignificance of this category, it has been decided to
exclude it from Bunker Holding’s overall carbon accounts.
Processing of sold
products
Bunker Holding does not handle any intermediate products and therefore
this category is not applicable.
End-of-life treatment of
sold products
As Bunker Holding primarily engages in the trading and sale of bunker
fuels, there is no end-of-life treatment, as they are burned in combustion.
Bunker Holding also trades lubricants, which could be included in this
category. However, given the insignificant share of lubricants compared to
the total quantity of externally sold fuel products (<0.1%) and the lack of
knowledge on how the lubricants are processed at the end of their lifetime,
it has been decided to exclude it from Bunker Holding’s overall carbon
accounts.
Downstream leased
assets
Bunker Holding does not operate any assets that are leased to other
entities and therefore this category is not applicable.
Franchises
Bunker Holding does not have any franchises that are excluded from Scope
1 or 2 and therefore this category is not applicable.
Investments
Bunker Holding does not have any investments that are excluded from
Scope 1 or 2 and therefore this category is not applicable.
Non-significant Scope 3 Categories
Bunker Holding Annual Report 2024/25
Management’s Review
42
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
E2 – POLLUTION
E2 SBM-3 POLLUTION IROS
Through our activities as a physical supplier of marine fuels, we operate several terminals and vessels,
delivering marine fuels directly to our customers. The combustion of fuel in our operations results in air
pollutants such as nitrogen oxides (NOx), sulphur oxides (SOx), particulate matter (PM) and volatile organic
compounds (VOCs) that have adverse impacts on human health and the environment.
Addressing maritime pollution is a crucial pillar of the industry’s sustainability journey. As regulatory
requirements tighten and environmental expectations rise, reducing emissions beyond carbon - such as
SOx, NOx, and particulate matter - demands both innovation and operational excellence. At the same time,
preventing oil spills and managing waste responsibly remain key priorities for the sector. Navigating these
challenges requires collaboration, continuous improvement, and a clear understanding of evolving regulations
and best practices.
Our DMA identified two material IROs related to pollution over the short- and medium-term time horizon,
both of which are negative impacts. The following section discusses how we understand our impact on the
environment in relation to pollution, as well as the related policies, targets, and actions to address these
material impacts, risks, and opportunities.
Material impact Where it originates IRO type
Position in
value chain
Time
horizon
4 Pollution to air
Air emissions from Bunker Holding's own
operations and downstream activities
include hazardous air pollutants, criteria air
pollutants, and volatile organic compounds
(VOCs). These emissions contribute to local
and global air quality degradation, causing
a negative impact on human health and
the environment.
Actual
negative
impact
Own
operations &
downstream
Medium
term
5 Oil spills
Oil spills can have devastating
consequences for nature and require
constant proactive measures to prevent this
from happening in fuel transactions.
Potential
negative
impact
Own
operations
Short
term
E2-, E2-2, E2-3 POLICIES, ACTIONS, AND TARGETS
E2-4 POLLUTION
Mitigating our impact on air pollution is closely connected to our ability to succeed with our climate mitigation
actions, since both impacts are caused by the combustion of fossil fuels for energy use in our chartered
vessels. In most cases, eliminating fossil fuels will also have a beneficial impact on mitigating air pollution. As
such, Bunker Holding’s climate mitigation policies, actions and targets as reported on pages 34-38 also form
part of the framework for mitigating our air pollution impacts.
Bunker Holding is committed to minimising its environmental impact and operates in compliance with all
relevant regulations on pollution. While we do not have a standalone policy on pollution, we integrate
environmental considerations into our operational practices, including compliance with the IMO’s MARPOL
regulations. We will continue to mature our approach to pollution and will continuously assess ways to reduce
emissions and support our customers in navigating regulatory developments related to pollution control.
The financial year 2024/25 marks the first year in which we are reporting on our own emissions of SOx and
NOx as part of our ongoing commitment to improving environmental transparency and performance.
Pollution metrics - MT
2024/25 2023/24
SOx
135 224
NOx
1,036 1,490
During 2024/25, Bunker Holding Group has had no oil spills.
Accounting policies
Air pollution
The amount of air pollutants emitted in relation to Bunker Holding’s operations, besides GHG
emissions, but limited to SOx and NOx emissions.
SOx emissions are calculated assuming a maximum sulphur content of 0.50% m/m in all marine fuels,
in line with IMO MARPOL regulations. No vessels are equipped with scrubbers.
NOx emissions are estimated using emission factors from MAN Energy Solutions and Alfa Laval, based
on vessel and engine type at 50% load. All fuel is assumed to be consumed by main engines.
Oil spill
Number of oil spills during the year. An oil spill is defined as the unintended release of oil into the
environment. This encompasses all types of oil. Discharges that are fully contained onboard a vessel
or within an impermeable surface that prevents environmental harm are not categorised as oil spills.
Furthermore, during operations involving customers, any spill that is solely caused by the customer
and not due to the actions or omissions of our personnel, equipment, or procedures will not be
recorded or reported as an oil spill by our company.
Bunker Holding Annual Report 2024/25
Management’s Review
43
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
DEVELOP AND DEPLOY A CLIMATE TRANSITION PLAN
We are committed to enhancing clarity regarding our approach to addressing climate change and decarbonising our
operations and fuel supply. We have established both near-term and long-term targets, drafted strategies, defined key
performance indicators (KPIs), and put levers in place. Moving forward, we will consolidate these components into a
Transition Plan. This plan will increase clarity around our direction - particularly towards 2030 - and align with the IMO’s
global measures to reduce GHG intensity and accelerate the adoption of zero and near-zero emission fuels. The plan will
serve as an integral component of our decarbonisation strategy, covering our pathway, associated product portfolio,
investments, and initiatives. The development of the Transition Plan will begin in 2025 and continue as part of an ongoing
effort.
CONNECTING THE DOTS TO DECARBONISE
We remain committed to accelerating decarbonisation in collaboration with suppliers and customers. Our focus
includes strengthening existing partnerships, exploring solutions, and addressing roadblocks. We continue
to deliver lower-carbon options while preparing for the future availability of e-fuels. By leveraging our market
insights and technical expertise, we continue to guide customers in reducing emissions and navigating an
increasingly complex market. Drawing on our internal capabilities and expertise in maritime environmental
regulation and the political landscape, we aim to be influential advocates on the global stage, addressing both
opportunities and challenges facing our sector to drive meaningful change.
PROMOTING ENERGY EFFICIENCY, RENEWABLE ENERGY,
AND EMISSIONS REDUCTION
To drive change within our control, we will keep engaging with our ESG Ambassadors to optimise energy use and reduce
emissions from business travel. For our own fleet, we will continue to conduct decarbonisation trainings and explore
reduction levers with charterers. Our Renewable Energy Policy guides the assessment of local opportunities for own
installment, as well as a central procurement strategy for Power Purchase Agreements and certificates.
UNDERSTANDING CLIMATE-RELATED RISKS AND IMPACT
We acknowledge the growing reality of climate-related risks impacting society, ranging from extreme weather events to
rising temperatures. While we recognise these risks, our current understanding of their full scope and potential impact on
our value chain, both today and in the future, remains incomplete. To close this gap, we have initiated a comprehensive
risk assessment this year, addressing both transitional and physical climate risks. This initiative represents a step forward
in integrating climate risk into our Enterprise Risk Management Framework and into management oversight. Although
climate-related risks are not currently ranked at the top of our materiality matrix, we continue to monitor and manage
them as part of our broader environmental and climate risk management approach. The scope of this assessment includes
both our operations and our wider supply chain.
LOOKING AHEAD
ENVIRONMENT
Bunker Holding Annual Report 2024/25
Management’s Review
44
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
SOCIAL
SOCIAL
46 S1 – Own workforce
46 S1 SBM-3 Own workforce IROs
47 S1-1 Policies
48 S1-2 Engaging with our people
49 S1-3 Processes to remediate impacts and channels
to raise concerns
50 S1-4 Actions
53 S1-5 Targets
54 S1-6 Characteristics of our employees
56 S1-7 Characteristics of non-employees
57 S1-9 Diversity
57 S1-11 Social protection
58 S1-13 Training and skills
59 S1-14 Health and safety
60 S1-15 Work-life balance
60 S1-16 Compensation
60 S1-17 Incidents
61 S2 – Workers in the value chain
61 S2 SBM-3 Workers in the value chain IROs
62 S2-1 Policies
63 S2-2 Engaging with people in our value chain
63 S2-3 Processes to remediate impacts and channels
to raise concerns
63 S2-4 Managing impacts on people in our value chain
63 S2-5 Targets
64 Looking ahead – Social
WE ARE COMMITTED TO CREATING
A MORE DIVERSE AND INCLUSIVE
WORKPLACE
Bunker Holding Annual Report 2024/25
Management’s Review
45
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
S1 – OWN WORKFORCE
S SBM-3 OWN WORKFORCE IROS
Bunker Holding’s success is driven by
its people. With 994 direct employees
and 396 indirect employees across
regions and diverse nationalities, we are
committed to fostering an engaging,
inclusive, and safe workplace where
everyone has the opportunity to grow and
succeed.
To attract, develop, and retain top
talent, we provide career opportunities
across geographies, functions, and roles,
backed by continuous development
and ambitious performance targets. We
believe a diverse and inclusive workforce
is essential to creating value for our
clients, colleagues, and the communities
in which we operate.
Our DMA identified six material IROs
related to our own workforce over the
short term, three of which are negative
impacts, two are positive impacts, and
one is a risk. A description of direct
employees and indirect employees can
be found in disclosures S1-6 and S1-7. All
employees are potentially subject to the
material impacts and are in scope for our
disclosure.
The following section outlines how
we understand and engage with our
employees’ interests, along with the
related policies, targets, and actions to
address these material impacts.
Material impact Where it originates IRO type
Position in
value chain Time horizon
6 Gender equality
The shipping, oil, and gas industries have historically been male-dominated, resulting in a lower
representation of women, particularly in certain roles and functions. The absence of internal focus
and standardised approaches across Bunker Holding’s operations may cause an unequal focus on
development and compensation. Additionally, a lack of gender diversity can limit the perspectives,
insights, and innovation that come from a more balanced representation.
Potential
negative
impact
Own
operations
Short term
7 Creating a diverse
workplace
Bunker Holding is a global conglomerate operating worldwide with employees of many different
characteristics, including but not limited to languages, religions, nationalities, genders, and ages.
Such diversity of thought and identity has a positive impact on our workplace and business.
Potential
positive
impact
Own
operations
Short term
8 Upskilling traders -
Decarbonisation
Bunker Holding is educating and training a large group of Mandated Traders to become specialists in
selling lower-carbon solutions. For Bunker Holding, upskilling its workforce not only serves a greater
purpose in building strong relationships with clients, but also in advancing decarbonisation.
Actual
positive
impact
Own
operations
Short term
9 Life balance
The bunkering business is known for its fast-paced nature, with employees often working beyond
standard hours. Shifting working hours can contribute to stress and life imbalance, potentially
resulting in health issues or extended absences, which could ultimately impact employee retention.
Potential
negative
impact
Own
operations
Short term
10 Harassment in the
workplace
Workplace violence or harassment poses a risk to any organisation, including Bunker Holding, as it
can affect employee wellbeing and morale. Given our diverse global workforce and various office
environments, ensuring a safe and respectful work culture is crucial. Failure to promptly address
any incidents of harassment or discrimination could lead to higher employee turnover, reduced
productivity, and potential reputational harm to Bunker Holding.
Risk Own
operation
Short term
11 Health & safety of own
workforce
As a people-centric business, Bunker Holding recognises that crew members on chartered vessels
face significant risks, especially during fuel transfers and handling hazardous materials. Failing to
protect their health and safety can lead to severe injuries or fatalities, directly impacting their lives
and families. Such incidents not only cause human suffering but also undermine trust, morale, and
our responsibility as a caring employer.
Potential
negative
impact
Own
operations
Short term
No significant risk of forced or child labour has been identified in our own operations.
Bunker Holding Annual Report 2024/25
Management’s Review
46
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
S- POLICIES
Our workforce policies are governed
by a comprehensive set of global
guidelines, designed to ensure equal
and fair treatment while also preventing
and mitigating potential risks at the
workplace. Through these adopted
policies, we outline our commitments and
principles in place for our employees,
as well as the obligations expected from
them. All policies have been approved by
Executive Management and are available
to all employees on our intranet within the
Global Employee Handbook.
The objectives, key content, and
ownership of each policy are outlined in
the following table:
Policies Content Scope Accountability & Ownership
Related
IROs
Code of Conduct
Establishes the fundamental principles and values that
govern our corporate social responsibilities, personal
conduct, and business practices.
Applies to all employees, contractors, third-party
contractors, agents, consultants, clients, and
visitors of Bunker Holding, irrespective of their
position or seniority.
Board of Directors
Group Legal
1-16
Employee Privacy
Policy
Outlines the types of information we collect about
our employees, detailing the scope and purpose, and
explains the procedure for withdrawing consent.
Applies to all current and former employees,
interns, consultants, contractors, and third
parties whose personal information is provided in
connection with the employment or work
relationship
Executive HR Business
Partner
15
Gender Balance Policy
Promotes Diversity, Equity, and Inclusion as core
elements of our business mission and employee
engagement. Through this policy, we strive to create a
better gender balance within Bunker Holding, with the
ambition of reaching a minimum of 40% representation
of the underrepresented gender at all levels.
Applies to the entire Bunker Holding, extending
its reach to cover not only the Board of Directors
(BoD), Tier 1, and Tier 2 levels but also our
overarching goal of promoting gender balance
across all organisational tiers.
Board of Directors
Executive Management
6
Anti-Harassment
Policy
Defines our stance and commitment to fostering a
harassment-free work environment across all our offices
worldwide. This policy includes procedures for reporting
and filing complaints, as well as outlining potential
consequences.
Applies to all employees, contractors, clients, and
visitors of Bunker Holding, irrespective of their
position or seniority.
Executive Management
Executive HR Business
Partner
10
Heath, Safety &
Environmental Policy
Outlines our approach to health, safety, and
environmental standards, specifying the benchmarks we
strive to meet. This policy also includes procedures for
reporting potential incidents.
Applies to all employees of Bunker Holding,
irrespective of their position or seniority.
Group CEO
Health & Safety Committee
11
12
Mobility Policy
Creates a framework for internal mobility and
promotes job transfers within Bunker Holding and our
parent company, USTC. This policy ensures optimal
and exciting career opportunities for our employees'
continuous development.
Serves as a rule book for leaders and employees
of Bunker Holding who are interested in moving
within our organisation or across USTC.
Executive HR Business
Partner
Local Managers
6
7
Senior Policy
Encourages a generational balance in our workplace by
harnessing the experience and networks of our senior
employees to enrich our work environment. This policy
aims to retain valuable team members and support
ongoing learning and growth within Bunker Holding.
Targets senior employees approaching retirement
and seeking to effectively plan for the next phase
of their career. We acknowledge that age is a
combination of objective and subjective factors,
including life values and personal perception. As
such, we strive to be inclusive and considerate of
all employees as they approach retirement age.
Executive Management
Executive HR Business
Partner
7
9
Stress Policy
Establishes a robust framework for identifying and
managing stress in the workplace. By addressing the
root causes of stress, the policy aims to mitigate the risk
of long-term health problems associated with chronic
stress.
Provides guidance for leaders and employees at
Bunker Holding who are experiencing stress or
supporting a colleague dealing with stress.
Executive Management
Executive HR Business
Partner
9
11
Parental Leave Policy
Demonstrates our dedication to supporting parents,
promoting gender equality, and creating a nurturing
environment for our employees and their children.
Applies to all employees of Bunker Holding who
are new parents, adoptive parents, or foster
parents.
Executive Management
Executive HR Business
Partner
6
7
9
We are committed to upholding human
rights as defined by the UN Guiding
Principles on Business and Human Rights
and the OECD guidelines for Multinational
Enterprises. These principles are the
foundation of all our policies.
Bunker Holding Annual Report 2024/25
Management’s Review
47
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
S-2 ENGAGING WITH OUR PEOPLE
People Engagement Survey (LEAP)
LEAP (Listen, Engage, Act, Participate) is the Group-
wide employee engagement process conducted
annually across our parent company, USTC.
At Bunker Holding, employees are encouraged
to complete the online survey, which serves
as our global standard channel for collecting
feedback across a broad range of engagement
metrics allowing us to benchmark and track our
performance over time. The survey is available
to all full-time employees with a minimum of six
months’ tenure. Participation is anonymous, and
the survey remains open for a defined period,
ensuring accessibility and equal opportunities for all
employees to share their perspectives.
The process is led by our Group HR function in
Bunker Holding and is owned by USTC. Engagement
effectiveness is evaluated by reviewing survey
results, with a particular focus on areas receiving
lower scores, as well as participation rates. Local
feedback is also collected to provide deeper insights
and context.
In 2024/25, the participation rate was 91%
compared to 88% in 2023/24. The overall employee
engagement score was 8.3, consistent with 8.4 in the
previous year. We are pleased to report consistently
high scores across Bunker Holding in areas such as
“respect”, “accountability”, and “team belonging”.
These results reflect the meaningful dialogue taking
place between employees and managers across our
organisation. At the same time, we acknowledge the
need for further progress in managing workload and
promoting a healthy balance, although feedback in
this area remained generally positive.
The LEAP survey includes a broad set of questions
covering a wide range of topics, including health
and safety, working conditions, and equal treatment
and opportunities for all. To reinforce accountability,
any manager receiving a score below 6.5 in the
Immediate Manager Evaluations will be required to
implement a formal action plan.
Other types of engagement
To foster a safe and supportive working environment
for both employees and employers, we comply
with the Danish Working Environment Act for large
companies. This approach ensures the promotion
of workplace health and safety while requiring
collaboration between management and employees
to maintain a positive and respectful environment.
Employees are kept informed of our initiatives
through meeting summaries published on our
intranet. The structure includes a representative
appointed by management and one elected by
employees, with the chair position held by one of our
owners. While this is a legal requirement in Denmark,
our ambition is to establish global guidelines for all
offices and employees through our Global Employee
Handbook.
In addition, our company intranet offers several
dedicated channels that enable employees to share
feedback or raise concernss. These include, but are
not limited to, dedicated central inboxes for Legal
and Compliance, Group HR, the Health and Safety
Committee, and ESG.
Bunker Holding Annual Report 2024/25
Management’s Review
48
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
S-3 PROCESSES TO REMEDIATE IMPACTS AND CHANNELS TO RAISE CONCERNS
Open communication and creating an environment
where employees feel safe and supported in raising
concerns are fundamental to how we continuously
improve and proactively address potential risks
and challenges within our offices and operations.
We have clear reporting mechanisms in place,
supported by underlying policies designed to
address these risks, as outlined in S1-1. These
mechanisms are accessible to all employees,
allowing concerns to be raised, investigated, and
addressed.
Where Bunker Holding may cause or contribute
to a material negative impact on employees, we
are committed to taking appropriate remedial
actions. For cases raised directly with Group HR,
we collaborate with the affected individuals. For
matters surfaced through the Whistleblowing
survey, we are committed to planning and
executing actions to address these concerns. See
S1-17 for metrics on incidents.
We continue to ensure that all employees
are informed about the available grievance
mechanisms through onboarding and internal
communications, including our annual engagement
survey. All reports, whether they relate to requests,
concerns, or formal complaints, are managed with
the highest degree of confidentiality.
WHISTLEBLOWER SYSTEM HR GRIEVANCE MECHANISM HEALTH & SAFETY REPORTING
Our online whistleblower system enables
employees to raise concerns directly and
confidentially.
The reporting form is accessible via our
company intranet and website, and it is
detailed in our employee handbooks and
Whistleblower Policy.
This channel ensures that both our own
workers and those within our value chain can
report concerns, suspected misconduct, or
serious offences with full anonymity.
The Compliance Officer tracks and monitors
all reported issues, addressing them through
appropriate procedures on a case-by-case
basis. We have robust measures in place
to protect individuals using this channel,
ensuring confidentiality and preventing
retaliation.
Any dissatisfaction with the handling of
whistleblower concerns can be reported
directly to the Chairman of the Board,
underlining the support, acknowledgement,
and accountability at the highest level.
We provide a dedicated grievance channel
through Group HR, enabling employees to
raise concerns directly on HR-related matters.
The channel is accessible via our company
intranet and it is detailed in our employee
handbooks as well as in relevant social
policies, including but not limited to, the Anti-
Harassment Policy.
Group HR manages the resolution process
on a case-by-case basis, ensuring that all
concerns are appropriately tracked and
monitored.
Measures are in place to protect individuals
who use this channel, ensuring confidentiality
and preventing retaliation.
Group HR also ensures compliance with local
legislation and, in consultation with our legal
department, facilitates access to appropriate
local channels where necessary.
Our HSE reporting system serves as a
mechanism for reporting incidents that occur
within the workplace.
This internal channel is accessible via our
company intranet and it is detailed in our
employee handbooks and the Health, Safety
& Environmental Policy.
Bunker Holding’s CEO is the designated
decision-maker and holds ultimate
responsibility for the HSE Policy.
The effectiveness is overseen by a Health
and Safety Committee comprising of
representatives from Group Legal, Group HR,
and Physical Operations.
The objective of this reporting procedure
is to ensure that a thorough risk evaluation
is conducted to identify the root causes
of incidents and to implement corrective
measures that prevent similar incidents in the
future. Furthermore, this reporting mechanism
serves to guide colleagues on how to respond
to incidents.
Mechanisms for social and human rights related complaints:
Bunker Holding Annual Report 2024/25
Management’s Review
49
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
DIVERSITY, EQUITY & INCLUSION
S-4 ACTIONS
Our policies, procedures, and processes
form the foundation for fostering a
diverse and capable workforce and
a safe workplace. We proactively
assess and address potential risks and
opportunities related to diversity, equity
and inclusion, talent capabilities, and
health and safety, ensuring that our
workplace remains inclusive and ready
to meet evolving business needs.
We continuously refine our approach
to material areas and those requiring
special attention, not only in terms
of risk prevention and mitigation, but
also in identifying and leveraging
opportunities. We gather input through
our annual engagement surveys (see
S1-2), ongoing dialogue with employee
groups, formal HR channels, and by
monitoring expectations from our
industry and broader environment.
Group HR is responsible for overseeing
these efforts, ensuring alignment
with our values and compliance with
regulatory requirements.
We aim to foster a culture rooted in
inclusion, continuous learning, and
wellbeing by addressing industry-
wide challenges such as gender gaps,
workplace diversity, and safety. Our
investment in training, upskilling,
and wellbeing initiatives reflects our
commitment to empowering employees
and building a resilient workforce.
Gender balance and equal opportunities
We embed diversity, equity, and inclusion (DEI) considerations
across our recruitment, promotion, and talent processes. Our global
Gender Balance Policy lays the foundation for promoting inclusivity
in leadership and hiring practices. All job advertisements are reviewed
to ensure gender-neutral language, and we have conducted bias
awareness training for all managers.
Given the size of our workforce, we naturally employ individuals at
various life stages. We strive to support all employees by implementing
global policies that offer consistency across borders, thereby levelling
the playing field for colleagues worldwide.
Anti-harassment
Our Anti-Harassment Policy formalises our zero-tolerance stance on
discrimination and harassment across our offices worldwide. It defines
harassment and provides a framework for addressing and remediating
incidents.
Pay transparency
In preparation for the EU Pay Transparency Directive, which comes
into effect in 2026, we have initiated a global job evaluation and
classification process. As a start, we are aligning our job architecture
across Bunker Holding, identifying and addressing any potential
pay gaps, and reviewing remuneration policies to ensure ongoing
compliance.
Human rights and grievance
As a people’s business, we are committed to cultivating and upholding
human rights in our workforce, which is crucial to ensuring the dignity,
freedom, and equality of every individual. As a global company, Bunker
Holding, including all subsidiaries, shall always respect human rights,
adhering to applicable laws and regulations aligned with fundamental
principles set out in international standards, including the UN Guiding
Principles on Business and Human Rights (UNGP) and the International
Labour Organization’s (ILO) Declaration on Fundamental Principles and
Rights at Work. We expect our suppliers and business partners to also
adhere to the principles set forth in this statement. Several grievance
mechanisms are in place to ensure the upholding of human rights, which
is a multifaceted topic (see S1-3).
Freedom of association
Bunker Holding fully respects employees’ rights to freedom of
association. All employees are free to participate in unions should they
choose to do so. In countries where national or local regulation governs
employee representation, we comply and engage accordingly with
employees and their representatives.
WE ARE COMMITTED TO CREATING A FAIR, DIVERSE, AND
INCLUSIVE WORKPLACE, WHERE EVERY EMPLOYEE HAS
EQUAL ACCESS TO OPPORTUNITIES, FEELS VALUED, AND
EXPERIENCES A STRONG SENSE OF BELONGING.
Bunker Holding Annual Report 2024/25
Management’s Review
50
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
TALENT & CAPABILITIES
S-4 ACTIONS (CONTINUED)
Global onboarding
Seamless onboarding is key to integrating new team members into our
culture and operations. Our global mandatory onboarding programme
for all new hires ensures alignment with company culture and compliance
from the start of employment.
Global Graduate Programme
This year, we launched a new programme to attract and develop the next
generation of talent. A key goal of the programme is to offer graduates
exposure to diverse opportunities within our Group through rotations,
helping them find the best fit for their growth and, as such, supporting
our talent pipeline.
Mentorship Programme
Our Mentorship Programme connects new joiners and younger
colleagues with more experienced professionals, fostering two-way
mentorship through meaningful conversations. This initiative supports
both career development and leadership diversity by promoting
cultural awareness and personal leadership. We aim to develop strong
leaders who can navigate challenges and drive success.
Inclusive leadership and 360 evaluations
As part of our commitment to meaningful leadership and further
improving our organisational culture at Bunker Holding, all members
of our senior management participated in a 360-degree evaluation.
This process involved receiving anonymous, honest, and constructive
feedback from both peers and subordinates. We focus on a United
Leadership Standard, which includes three key dimensions: leading
oneself, leading the team, and leading the business.
Core Leadership Programme
We aim to strengthen leadership capabilities and improve cohesion
across Bunker Holding by creating and maintaining a robust pipeline
of leaders that possess strong competencies. This programme
supports these objectives by providing participants with the necessary
tools and experiences to develop their leadership skills effectively.
People Development Review
The People Development Review (PDR) is our annual appraisal
campaign, which helps us plan, facilitate, and follow up on personal
and professional development.
Mobility
New opportunities often arise within our Group. Whether it is a
new role, a different area of the business, or a new location. we
are committed to promoting internal mobility to support individual
development and growth within Bunker Holding. During the 2024/25
reporting period, we facilitated 24 internal moves, representing 2.5%
of our entire employee base.
Training via e-learning modules
We have specialised industry-specific training modules in place targeting
strategic priorities and ensuring upskilling of our workforce, including:
• New Fuels & Carbon Markets
• Compliance & Anti-bribery
• Cyber Security
Mandatory Trading Introduction Programme, covering basic bunker
knowledge, key commercial aspects, sales approaches, and topics on
legal and credit.
WE RECOGNISE THE IMPORTANCE OF
CONTINUOUS LEARNING AND CAPABILITY
BUILDING IN AN EVER-EVOLVING LANDSCAPE.
WE BELIEVE THAT CAPABILITY BUILDING
HAPPENS FIRST AND FOREMOST THROUGH
ACTIVITIES IN THE WORKPLACE, INFORMAL
DAY-TO-DAY DEVELOPMENT, AS WELL AS
FORMALISED TRAINING MODULES.
Bunker Holding Annual Report 2024/25
Management’s Review
51
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
HEALTH & SAFETY
S-4 ACTIONS (CONTINUED)
Employee well-being & stress management
Our global Stress Policy is supported by leadership training in stress
management to improve mental health support across our organisation.
The policy outlines clear steps for identifying, reporting, and managing
stress in the workplace, and provides practical resources for both
employees and leaders. As part of our commitment, all employees
worldwide are entitled to five sessions with a psychologist or coach in the
event of stress.
Employee satisfaction & life balance
Through our annual employee engagement survey, we collect
anonymous feedback and overall engagement levels to identify key
drivers of engagement within our workforce. In addition, the survey
includes a life balance score based on three questions related to stress.
Health & Safety Organisation
Our Health, Safety & Environmental (HSE) Policy is developed to maintain
a secure and healthy work environment. A dedicated Health and Safety
Committee is in place to oversee initiatives that support employee
wellbeing and safety across Bunker Holding.
Incident monitoring & risk management
We have strengthened our incident reporting and prevention
frameworks across our global operations. Each reported incident
undergoes an assessment to determine root causes and implement
appropriate corrective measures.
High safety standards in physical operations
Over 95% of our tonnage is vetted by oil majors through the OCIMF’s
Ship Inspection Report Programme (SIRE), ensuring compliance
with stringent safety protocols. SIRE is a critical industry tool for
maintaining high standards of quality and safety on board vessels.
QHSE management
Across our terminals, and where we have ownership or operational
control, we implement and uphold a robust QEHS Management
System in accordance with ISO 9001, 14001, and 45001 standards.
Additionally, we are qualified under the Achilles Joint Qualification
System (Achilles JQS) for suppliers to the oil industry in Norway and
Denmark.
Unified safety standards for all charters
Our Group Fleet Policy sets out the requirements for the chartering of
vessels for time charters, single voyage (spot) charters, and bareboat
charters. The policy aims to mitigate risks through implementing a
formal process for vetting procedures and incident reporting.
AS A PEOPLE-DRIVEN BUSINESS, WE
RECOGNISE THAT THE DEDICATION AND
EXPERTISE OF OUR EMPLOYEES ARE
AMONG OUR GREATEST STRENGTHS. WE
ARE COMMITTED TO FOSTERING A SAFE
AND ENGAGING WORK ENVIRONMENT AND
ENSURING OPTIMAL WORKING CONDITIONS
FOR ALL STAFF ACROSS OUR GLOBAL
OPERATIONS.
Bunker Holding Annual Report 2024/25
Management’s Review
52
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
S-5 TARGETS
To advance our commitment to being an inclusive
and safe workplace where our people are engaged,
thrive, and continuously develop, we have
implemented targets for Diversity, Equity, and
Inclusion, with a focus on gender balance, as well
as Health and Safety. These targets also support
our efforts to manage and reduce material negative
impacts while unlocking opportunities within our
workforce.
DIVERSITY, EQUITY, AND INCLUSION
Gender balance
Our industry continues to reflect a historic gender
imbalance, a challenge we acknowledge and are
actively working to address within our own organ-
isation through setting targets, particularly across
management levels. We have set an ambition to
achieve a minimum gender representation of 40% for
either gender across all organisational levels.
In order to reach our group-wide ambition of a 40/60
gender split on all levels, we have set the following
mid-term targets:
Mid-term
gender targets
Executive
Management
(Tier 1)
Bunker
Holding
Management
(Tier 2)
2028/29
25/75 32/68
2031/32
40/60 41/59
We track our gender balance target through an ESG
Performance Management Report, which is reviewed
quarterly by Executive Management and biannually
by our ESG Council. Furthermore, we have created a
dedicated DEI page on our company intranet, where
a variety of social data is available to all employees.
TALENT & CAPABILITIES
Mobility
Our ambition is to be an attractive employer that
empowers our people to grow and succeed by
setting clear performance targets and providing
development and learning opportunities. One of our
strengths as a large global company is the ability
to offer career opportunities across geographies,
functions, and positions.
Our Group Mobility Programme supports and fosters
mobility in our organisation and is linked to a target
of maintaining an annual threshold of a minimum of
2.5%. This threshold is defined and tracked by Group
HR and approved by Executive Management and the
ESG Council.
Mobility threshold All employees
2025/26
2.5%
HEALTH AND SAFETY
H&S at our trading offices
Bunker Holding is a people business, with its core
activities primarily taking place on trading floors
within office environments. While these settings are
not exposed to the same high-risk safety challenges
typically associated with harbours, terminals,
or offshore locations, we remain committed to
upholding robust health and safety standards,
ensuring that employees can carry out their work
safely and securely every day. We have a dedicated
Health & Safety Organisation in place, supported
by clear policies and established incident reporting
channels, to ensure compliance and promote a safe
and supportive working environment.
In our often hectic and dynamic office settings,
employee wellbeing is a high priority. We recognise
that both mental and physical wellbeing play a vital
role in sustaining performance, engagement, and
overall job satisfaction.
Employee engagement
LEAP is the group-wide Employee Engagement
Process that runs across the entire USTC Group (see
S1-2). Bunker Holding employees are encouraged to
complete the online survey on an annual basis. We
believe that a high participation rate in the survey
provides valuable insights into impacts and specific
needs, which support wellbeing and guide initiatives.
We strive to keep the Employee Participation Score in
the Group’s LEAP survey above 85%.
Life balance
We conduct measurements for life balance annually
through our Employee Engagement Process (See
S1-2), where the score is derived from the average of
three stress-related questions. We have set a year-
on-year improvement target of 0.1 (from 7.0 to 7.5) on
a scale of 1 to 10, where higher score reflects better
outcomes.
Group HR is responsible for the measurement and
actions regarding these targets. Both targets are
approved by Executive Management and the ESG
Council.
H&S in physical operations
Within our physical business units, including
terminals and bunker barges, we maintain our
commitment to continuously improve health and
safety practices on a global scale, acknowledging
the inherent risks associated with fuel transfer
operations and the handling of hazardous materials
(See S1-14).
At Bunker Holding, we aim to have zero dangerous
incidents in our own physical operations. Our
incident reporting system encourages personnel on
the barges to promptly report any safety concerns
or incidents, regardless of severity. Each reported
incident undergoes a thorough assessment to
determine root causes and implement appropriate
corrective measures.
Furthermore, we aim to have a minimum of 95%
of our tonnage vetted by oil majors. For vessels
not subject to vetting, we leverage the OCIMF’s
Ship Inspection Report Programme (SIRE), a
comprehensive risk assessment tool extensively
utilised by charterers, terminal operators, and
government bodies to ascertain adherence to ship
safety standards.
Our Health & Safety Committee is responsible for
measurement and actions regarding these targets.
Both targets are overseen by Executive Management
and the ESG Council.
H&S in trading operations
Within our trading operations, we recognise the
critical importance of prioritising health and safety,
particularly given the inherent risks associated
with fuel transfer operations and the handling of
hazardous materials involving workers. While our role
as traders does not place us directly in operational
environments, we remain committed to upholding
international standards and requirements through
our partnerships with fuel suppliers.
This commitment is reflected in our Global Business
Partner Responsibility Conduct (GBPRC), which
includes specific expectations related to the safety
and wellbeing of workers across our global supply
chain. Refer to S2-2 for further details.
HEALTH
AND SAFETY
COMMITTEE
TECHNICAL /
PHYSICAL
LEGAL AND
COMPLIANCE
HR
QEHS
Bunker Holding Annual Report 2024/25
Management’s Review
53
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
S-6 CHARACTERISTICS OF OUR EMPLOYEES
Headquartered in Denmark, Bunker Holding is present in over 30 countries across all continents, and in more
than 60 offices. The workforce comprises more than 1,300 employees from over 50 different nationalities. The
total number of employees in Bunker Holding comprises both direct and indirect employees, where the indirect
employees represent people working on terminals and vessels chartered by Bunker Holding. However, Bunker
Holding does not possess any control of the employees or their working conditions. All metrics are measured
for direct employees only.
In 2024/25, Bunker Holding had 176 new hires, while 226 employees left our company. The employee turnover
ratio was 22.2%.
Bunker Holding’s total number of employees, as specified in the table below, is disclosed in the consolidated
Financial Statements, Note 1.2.
Employees by country and gender Female Male Total
2024/25
Denmark
129 236 365
Singapore
53 43 96
United Arab Emirates
36 55 91
United States
31 59 90
Brazil
10 62 72
Cyprus
21 32 53
Other
87 140 227
Direct employees
367 627 994
Indirect employees
396
Group total
1,390
2023/24
Denmark
123 220 343
Singapore
57 49 106
United Arab Emirates
43 64 107
United States
33 50 83
Brazil
16 84 100
Cyprus
24 33 57
Other
84 154 238
Direct employees
380 654 1,034
Indirect employees
624
Group total
1,658
Bunker Holding Annual Report 2024/25
Management’s Review
54
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
S-6 CHARACTERISTICS OF OUR EMPLOYEES (CONTINUED)
Accounting policies
Geographical distribution of employees
The table “Employees by country and gender” is generated on 30 April for each country with more than
50 full-time employees. Countries with fewer than 50 full-time employees are grouped as “Other”. The
total represents the number of full-time employees as of 30 April. Indirect employees consist of rented
crew on vessels and terminals and are measured as full-time employees as of 30 April.
Employee turnover
New hires represent the number of full-time employees who have joined Bunker Holding in 2024/25.
Employee turnover represents the number of full-time employees who have left Bunker Holding in
2024/25. Reasons for termination include resignation, termination, and retirement.
Employee turnover ratio is calculated by dividing the total number of full-time employee terminations by
the average number of full-time employees in 2024/25.
Employment characteristics
Permanent employees are defined as the number of employees with an employment contract with no
fixed end date. The number is generated on 30 April and measured in headcount.
Temporary employees are defined as the headcount of employees as of 30 April, whose employment
contract has a fixed end date or a predetermined time limit. This includes interns and student assistants
but excludes freelancers and contractors.
Non-guaranteed hours employees are defined as the headcount of employees employed with no
contractual assurance of a minimum or set number of working hours as of 30 April.
Employees by employment characteristics Female Male Total
2024/25
Number of permanent employees
344 587 931
Number of temporary employees
20 38 58
Number of non-guaranteed hours employees
3 2 5
Direct employees
367 627 994
Indirect employees
396
Group total
1,390
2023/24
Number of permanent employees
362 630 992
Number of temporary employees
17 23 40
Number of non-guaranteed hours employees
1 1 2
Direct employees
380 654 1,034
Indirect employees
624
Group total
1,658
Employee turnover
2024/25 2023/24
New hires
176 182
Employee turnover
226 124
Employee turnover ratio
22.2% 12.5%
Bunker Holding Annual Report 2024/25
Management’s Review
55
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
S-7 CHARACTERISTICS OF NON-EMPLOYEES
Indirect employees comprise of people working on vessels, that Bunker Holding charters for a period, giving
the organisation operational control of the vessel. However, the indirect employees are not employed by a
Bunker Holding company.
Characteristics of non-employees
2024/25 2023/24
People working on chartered vessels
396 624
Indirect employees
396 624
Accounting policies
The number of indirect employees is based on an estimate, as Bunker Holding does not hold any right
for data on the indirect employees. The estimation is based on the average crew needed per vessel size
measured in gross tonnage.
The number of indirect employees is measured as headcounts as of 30 April.
Bunker Holding Annual Report 2024/25
Management’s Review
56
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
S-9 DIVERSITY
One of our key priorities on our DEI agenda is to balance the gender composition towards a 40/60 split in
management and across organisational layers (S1-5), and our previously mentioned activities (S1-4) are key
levers to support this.
Board of Directors
Bunker Holding’s Board of Directors is the supreme management board in the company. The Board of
Directors consists of eight board members: four males and four females. The percentage of female board
members elected by the shareholder’s committee is 50%. The gender split is considered equal.
Gender diversity per management level
2024/25 2023/24
Board of Directors
Female
4 4
Male
4 4
Number of members
8 8
Underrepresented gender
50.0% 50.0%
Target figure
40.0% 40.0%
Year of achievement of target
2022/23 2022/23
Executive management (Tier 1)
Female
0 0
Male
4 3
Number of members
4 3
Underrepresented gender
0.0% 0.0%
Target figure
25.0% 25.0%
Expected year of achievement of target
2028/29 2028/29
Bunker Holding Management (Tier 2)
Female
6 4
Male
15 15
Number of members
21 19
Underrepresented gender
28.6% 21.1%
Target figure
32.0% 32.0%
Expected year of achievement of target
2028/29 2028/29
Gender diversity per age Female Male Total
2024/25
Under 30 years old
79 122 201
30 – 50 years old
271 474 745
Over 50 years old
17 31 48
Direct employees
367 627 994
Indirect employees
396
Group total
1,390
2023/24
Under 30 years old
77 122 199
30 – 50 years old
290 502 792
Over 50 years old
13 30 43
Direct employees
380 654 1,034
Indirect employees
624
Group total
1,658
Accounting policies
Diversity at management levels
Gender diversity per management level is reported for the top three management levels, with the
Board of Directors being the highest level. Tier 1 of management is defined as Executive Management in
Bunker Holding A/S, and Tier 2 management is defined as those with employee responsibility, who are
referencing directly to the executive management, excluding members already represented in Tier 1,
and in accordance with the Danish Companies Act, Section 139c.
The number of members is measured in headcounts per 30 April.
Employee diversity
Age bands are defined in accordance with the European Sustainability Reporting Standards (ESRS),
S1-9, and is measured in headcounts of employees per 30 April.
S- SOCIAL PROTECTION
In Bunker Holding, our employees’ welfare is a top priority. We provide social protection measures, such as
healthcare, retirement plans, disability insurance, paid leave, and workplace safety, customised to local
regulations and market needs so all our employees are protected following major life events.
Bunker Holding Annual Report 2024/25
Management’s Review
57
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
S-3 TRAINING AND SKILLS
Commonly, our People Development Review process is concluded during early Q2. However, during the
financial year 2024/25, our People Development Review (PDR) process has been postponed with a new
deadline set in the following financial year. Therefore, completion rate is set as ‘na’.
We are still working on ensuring completeness of our training data, which is why we have only included
internal training hours into the calculation of average number of training hours for the financial year 2024/25.
Though we recognise the inherent risk of limited data completeness, we consider the reported figures to be
conservative and likely to underrepresent the actual total training hours.
We expect to be able to include external training in our data within the coming financial year.
Training and skills development metrics Female Male Total
2024/25
People Development Review completion rate
na na na
Average number of internal training hours
6.9 7.3 7.2
2023/24
People Development Review completion rate
75.9% 74.5% 75.0%
Average number of internal training hours
- - -
Other training and capabilities metrics
2024/25 2023/24
Mobility cases
2.5% 2.9%
Employee engagement score (1-10)
8.3 8.4
Employee engagement survey participation rate
91% 88%
Accounting policies
People Development Review completion rate
The People Development Review (PDR) completion rate represents, in percentage, the share and
distribution by gender of full-time employees who completed the annual PDR process. The ratio does
not include partially completed processes.
Average number of training hours
Training hours are defined as measurable time spent on internal training and skills development.
Training and skills development involve various methodologies such as on-site training, online courses,
workshops, certification programmes, educational opportunities, pop-up courses, and adherence to
our Code of Conduct. It does not include our Global Graduate Programme, the development of courses
and the time spent on teaching.
Training hours per employee and by gender are calculated by dividing the total recorded internal
training hours in Bunker Holding by the headcount of full-time employees for each gender per 30 April.
Mobility cases
Internal mobility is reported for full-time employees and is defined as a transfer between legal entities
within Bunker Holding, or in special cases, a transfer within a legal entity. A transfer within the same
legal entity is not considered an internal mobility unless it includes a change in role.
Employee engagement score
The employee engagement score represents the average score in Bunker Holding’s annual employee
engagement survey, rated on a scale from 1 to 10, where 10 represents the highest achievable score.
Employee engagement survey participation rate
The number of full-time employees who have completed the annual employee engagement survey as a
share of the total number of direct employees.
Bunker Holding Annual Report 2024/25
Management’s Review
58
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
S-4 HEALTH AND SAFETY
Bunker Holding’s employees are primarily office workers, and consequently, there is minimal risk of work-
related injuries. A fraction of our employees does, however, consist of crew and terminal employees, who work
in environments, where risks and hazards are more apparent. This group made up 7% of the total headcount
of full-time employees in 2024/25.
Workers on barges (indirect employees)
For indirect employees working on the vessels we charter, compliance with health and safety and working
conditions lies with the shipowners, who must adhere to international standards. These are outlined in Bunker
Holding’s Global Fleet Policy.
Training
Acknowledging the inherent risks associated with fuel transfer operations and the handling of hazardous
materials, all personnel aboard ships and barges undergo training in accordance with the International
Convention on Standards of Training, Certification, and Watchkeeping for Seafarers (STCW). Additionally, we
implement our own protocols and policies. Our primary objective is to cultivate a safe working environment
and maintain a rigorous zero-tolerance stance toward accidents and pollution.
H&S and working conditions
All vessels in international shipping must adhere to ILO’s Maritime Labor Convention, MLC, (description below)
to ensure optimal working conditions on board. In addition, shipowners are obliged to follow international
standards depending on vessel size.
• Vessels above 500 GT (gross tonnage) must be ISM certified (International Safety Management), meaning
they have a Safety Management System on board, including process descriptions, risk assessments, and
ways of working. This certification is audited by a third part, such as SIRE, but also by the flag state. An
ISM certification is a quality management framework comparable to ISO 9001.
• Vessels below 500 GT are obliged to obtain an “ITF Blue Card” (see description below), which serves as
proof of compliance with the relevant approvals and procedures in this area.
International Labour Convention’s Maritime Labour Convention (ILO-MLC)
The general principles of the Maritime Labour Convention (MLC) establish clear objectives and standards
for attaining equal and respectful treatment and working conditions for seafarers. These include, but are
not limited to, timely and fair compensation, health protection, medical care, welfare and social security
protection, health and safety protection and accident prevention, and access to land-based welfare facilities.
International Transport Workers’ Federation’s Blue Card
The ITF enforces international standards to ensure maritime safety, fair wages, decent living conditions, and
non-discriminatory work environments for seafarers. Shipowners agreeing to these standards are issued an
“ITF Blue Card”, which is a certificate of compliance with ITF requirements.
Accounting policies
Number of fatalities
The number of fatalities registered across Bunker Holding Group and other workers working on Bunker
Holding Group sites resulting from work-related injuries or work-related ill health.
Number of cases of recordable work-related ill health
Not currently measured due to legal restrictions on the collection of data.
Number of cases of recordable work-related accidents
The consolidated number of accidents occurred for direct employees within the reporting period
recorded in local health and safety management systems of Bunker Holding Group entities.
Rate of recordable work-related accidents
This rate represents the number of work-related accident cases per one million hours worked and
is calculated by dividing the number of cases registered in the reporting period by the aggregated
working hours in Bunker Holding Group and multiplied by one million.
Number of days lost
The number of days lost, from and including the first full day and last day of absence and including all
calendar days of the period (e.g., incl. weekends and public holidays).
METRICS
Although we cannot disclose specifics due to the sensitive nature of personal data, the recorded work-related
injuries do not form significant trends or patterns. Office workers (direct employees) report incidents through
our H&S Organisation and all indirect employees report through an incident channel managed by a dedicated
person at Bunker One Physical. Our physical operations are covered by a comprehensive health and safety
management system (ISO45001). In 2024/25, we recorded no occupational fatalities among our employees or
any workers operating on our sites.
Health and safety metrics
2024/25 2023/24
% of employees covered by health and safety management system
- -
Fatalities as a result of work-related injuries or ill-health
0 0
Cases of recordable work-related ill health
0 0
Cases of recordable work-related accidents
0 2
Rate of recordable work-related accidents
0.0 0.7
Days lost due to work-related injuries from work-related accidents
0 0
Bunker Holding Annual Report 2024/25
Management’s Review
59
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
S-5 WORK-LIFE BALANCE
In Bunker Holding, we ensure that our employees are entitled to take family-related leave in accordance with
the employment terms and conditions described in our employee handbook and contracts.
The financial year 2024/25 marks the first year of reporting on family-related leave. Therefore, no
comparative figures are included.
Work-life balance metrics
2024/25 2023/24
% of employees entitled to take family-related leave
100.0% -
% of males that took family-related leave
15.0% -
% of females that took family-related leave
22.4% -
Total % of employees that took family-related leave
17.7% -
Other work-life balance metrics
2024/25 2023/24
Life-balance score
7.5 7.2
Accounting policies
Family-related leave
Family-related leave includes leave for caring for sick children or relatives, maternity leave, paternity
leave, parental leave, birth, and adoption. The definition does not include time off for employees’ own
doctor appointments or illness related to pregnancy outside of parental leave or time off for funerals
or the deaths of relatives. Family-related leave does not include time registered as unspecified leave of
absence.
Family-related leave is calculated by dividing the distinct count of full-time employees of each gender
who have taken family-related leave by the number of entitled employees for each gender (entitled
employees are defined in the same way as ‘direct employees’ in S1-6). An employee who has, for
example, taken family-related leave in both January and February is only counted once for the whole
year, not twice.
This calculation is based on the reporting period and includes all direct full-time employees, measured
in headcount, within Bunker Holding.
Life-balance score
Average score of life balance related questions in Bunker Holding’s annual employee engagement
survey as scored on a scale from 1 to 10. The survey excludes indirect employees.
S-6 COMPENSATION
Bunker Holding is committed to fair and equitable pay practices. Salaries must be determined based on the
responsibilities of the role, as well as skills and qualifications of the individual. We acknowledge that certain
functions, such as administrative roles, IT, sales, and crew and terminal, currently reflect a gender imbalance,
which mirrors broader patterns within the industry. These differences in gender representation across functions
and seniority levels may contribute to an overall potential gender pay gap, despite our commitment to equal
pay for equal work. For example, trading roles have historically attracted more men, which can influence
aggregated pay data.
In 2024, we began a transformation of our organisation, which will also have an impact on compensation
structures. Though our focus remains on equal pay for equal work, it is not within scope to focus on
retrospective structures at this time. We will focus on global processes and metrics for remuneration across
Bunker Holding in the coming year and prepare for the EU Pay Transparency Directive, which comes into force
in June 2026.
S-7 INCIDENTS
We address all harassment incidents and complaints filed within our organisation through formal channels.
Given the sensitive nature of these matters, we do not disclose details about the incidents. Each report
or complaint is handled with the highest level of confidentiality. Our grievance mechanisms ensure that
employees can report any incident confidently and securely. Read more about our channels to raise concerns
in S1-2.
We monitor any fines and penalties to ensure they are promptly identified and addressed. No fines and
penalties related to discrimination or harassment were registered in 2024/25.
We remain dedicated to complying with all relevant regulations and upholding the integrity of our business
practices. In 2024/25, no severe human rights incidents relating to our workforce occurred and, consequently,
no fines, penalties, or compensation related to severe human rights incidents were registered. Read more
about our human rights commitment in S1-4.
Discrimination and human rights incidents and complaints
2024/25 2023/24
Discrimination incidents reported
4 -
Number of severe human rights incidents
0 -
Bunker Holding Annual Report 2024/25
Management’s Review
60
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
S2 – WORKERS IN THE
VALUE CHAIN
S2 SBM-3 WORKERS IN THE VALUE CHAIN IROS
Due to the nature of our business, we operate within a global supplier network with a diverse range of workers
across the value chain, connecting customers with physical suppliers to meet demand.
With a specific focus on Tier 1, our value chain encompasses a global workforce, including workers in the
downstream value chain who handle fuel transfer operations and hazardous materials. These workers are
materially impacted by our activities due to the nature of their work and the inherent risks within these
operations. Our upstream value chain includes workers in the refining and transportation of products to
terminals, as well as employees with those producers we partner with. Personnel on the vessels we charter are
covered in S1 as indirect employees.
Our DMA identified one material IRO related to workers in the value chain over the short term. The identified
material IRO is a risk.
Material impact Where it originates IRO type
Position in
value chain Time horizon
12 Health and safety in
the value chain
Acknowledging the inherent risks
associated with fuel transfer
operations and the handling
of hazardous materials, while
recognising the complexities
of labour rights in global
supply chains, Bunker Holding
acknowledges that its actitivites
further down the value chain may
potentially cause, contribute to,
or be linked to health and safety
issues such as risks of work-related
injuries, life-altering incidents
and fatalities. This can pose a
financial risk to Bunker Holding in
terms of costs of remediation and
reputational damage if occuring.
Risk Upstream Short term
Bunker Holding Annual Report 2024/25
Management’s Review
61
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
S2- POLICIES
To effectively manage the impacts, risks,
and opportunities related to workers in
our value chain, we embed human rights
and health and safety requirements into
our Code of Conduct. These principles are
also integrated into our Global Business
Partner Responsibility Conduct, which is
our process of gathering feedback from
our third-party marine fuel suppliers.
We have the following policies in place
covering workers in the value chain:
Policies Content Scope Accountability & Ownership
Related
IROs
Code of Conduct
Sets out the core principles and values which apply to
corporate social responsibilities, personal conduct, and
business practices.
Applies to third-party contractors, agents, and
consultants, as well as to all board members,
managers, and employees of Bunker Holding
worldwide, regardless of their position or
seniority.
Board of Directors
Group Legal
6-13
15
16
Human rights
We respect the rights of our workforce and workers in the
value chain who are potetially affected by our activities.
We are committed to respecting human rights and set
forth the same standards for our business partners,
aligning with internationally recognised human rights
frameworks.
Modern slavery
Modern slavery is a grave violation of human rights, and
we do not support, tolerate, or engage in any practices
that perpetuate modern slavery. We are determined to
prevent and eliminate any form of forced labour, human
trafficking, debt bondage, coerced labour, or exploitation
throughout our operations and supply chains.
We expect our business partners to adhere
to these principles, abide by applicable laws
and regulations, provide accurate business
information, and honour any agreements
made. We are fully committed to complying
with all applicable laws and regulations
pertaining to human rights and modern
slavery in all countries where we operate.
Global Business
Partner Responsibility
Conduct
The “GBPRC” consists of 42 ESG-related questions, and it
sets forth principles that demonstrate responsible business
conduct based on internationally agreed principles for
responsible development and industry best practices.
This initiative entails gathering feedback from
Bunker Holding’s third-party physical suppliers
using a series of pertinent questions about key
ESG factors.
Executive Management
Group Legal
1-16
Heath, Safety &
Environmental Policy
Includes the principles, standards, and responsibilities
that guide our operations. The policy sets the framework
for maintaining a safe and healthy working environment,
preventing incidents, and minimising environmental
impact. It also provides clear procedures for reporting
and responding to potential hazards, accidents, or near-
misses.
Applies for Bunker Holding Group with a
specific policy for Bunker One Physical. The
principles also apply to our business partners.
Group CEO
Health & Safety
Organisation
11
12
Whistleblower Policy
Details the procedures for reporting any suspected
misconduct, corruption, or inappropriate behaviour,
including potential violations of our Code of Conduct.
Encourages employees and other stakeholders who have
concerns relating to any aspect of the Bunker Holding’s
activities to come forward and express those concerns
without fear of victimisation or discrimination.
Applies to all Bunker Holding employees,
officers, consultants, self-employed persons
and contractors, shareholders and members
of the executive board, board of directors, or
similar governing body in an undertaking,
casual workers, agency workers, volunteers,
trainees and interns (paid and unpaid),
persons working under the supervision
and management of contracting parties,
subcontractors, and suppliers.
Board of Directors
Group Legal
1-16
We are committed to upholding human
rights as defined by the UN Guiding
Principles on Business and Human Rights
and the OECD guidelines for Multinational
Enterprises. These principles are the
foundation of all our policies.
Bunker Holding Annual Report 2024/25
Management’s Review
62
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
S2-3 PROCESSES TO REMEDIATE IMPACTS AND CHANNELS TO RAISE CONCERNS
S2-4 MANAGING IMPACTS ON PEOPLE IN OUR VALUE CHAIN
All workers in our value chain can raise any
concerns, including grievances related to human
rights through our Whistleblower mechanism.
Refer to S1-3 for further description of our
Whistleblower grievance mechanism.
We are committed to supporting proper business
conduct and adherence to human rights throughout
our supply chain. We aim to ensure the health,
safety, and wellbeing of workers in our supply
chains while mitigating and preventing negative
impacts and risks related to working conditions and
labour rights.
Throughout the year, Bunker Holding has engaged
in internal discussions to strengthen our approach
to preventing and mitigating human rights violations
within our value chain, focusing on the most critical
issues. As part of this effort, we have reviewed our
existing supplier engagement processes to identify
opportunities for incorporating stronger labour
rights considerations. This assessment serves as the
foundation for future initiatives aimed at improving
supplier engagement, clarifying expectations, and
establishing methods for tracking progress over
time.
Recognising the complexities of labour rights
in global supply chains, particularly with liquid
products that are difficult to trace, we have begun
monitoring industry trends and best practices. This
includes participating in forums on responsible
supply chain management and benchmarking
against peers to gain a deeper understanding of
shared challenges and opportunities. While we are
still in the early stages of formalising our approach
to direct engagement with workers in our value
chain, we remain committed to furthering our
understanding of the impacts within our supply
chain and strengthening our framework to address
labour rights responsibly.
S2-2 ENGAGING WITH PEOPLE IN OUR VALUE CHAIN
Engagement with value chain workers
We place importance on maintaining oversight
of our supply chain and strive to collaborate with
reputable suppliers who demonstrate reliability
and transparency, with the aim of upholding
human rights standards. We do not currently have
a formalised approach for direct engagement
with workers in our value chain or their legitimate
representatives, only for supplier self-assessment.
Engagement with suppliers
Bunker Holding is committed to promoting
responsible business practices across our supply
chain. Through our Global Business Partner
Responsibility Conduct (GBPRC) initiative, we
engage with our third-party marine fuel suppliers
to promote alignment with internationally
recognised principles. While our current focus is on
enhancing supplier compliance and transparency,
we are actively exploring opportunities to better
understand the experiences of workers within our
value chain. By leveraging insights from the GBPRC
framework and fostering open dialogue, we aim
to further strengthen supplier partnerships and
champion fair, compliant, and respectful working
conditions across our operations.
Effectiveness of engagement activities
We continue to refine our approach to engagement
by enhancing our initiatives, which are designed to
reinforce responsible business practices throughout
our supply chain. While a formal measurement
framework is still in development, we actively
track progress through ongoing dialogues,
compliance monitoring, and the integration of ESG
considerations into our supplier due diligence. As
regulatory requirements evolve, we remain proactive
in adapting our strategies to drive meaningful
improvements.
S2-5 TARGETS
We recognise the importance of establishing
meaningful, time-bound, and outcome-oriented
targets to drive progress in mitigating negative
impacts and managing material risks related to
workers in our value chain. While such targets are
not yet fully established, we are actively collecting
data and assessing current practices to ensure that
any future targets are measurable, achievable,
and aligned with stakeholder expectations. This
process also reflects our commitment to integrating
sustainability into core business operations, in line
with emerging reporting standards.
Bunker Holding Annual Report 2024/25
Management’s Review
63
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
LOOKING AHEAD
SOCIAL
INTEGRATING ESG AND QUALITY (ESG-Q)
To strengthen our commitment to responsible and resilient business practices, we have consolidated our ESG and QEHS functions
into an integrated team: ESG-Q. As expectations around sustainability, quality, safety, and compliance increasingly become
essential for conducting business, this unified approach enables us to leverage synergies across these areas.
Through a centralised, business-aligned setup, we are enhancing existing practices while ensuring they remain closely connected
to our operations. Our focus is on working proactively with customers and suppliers to manage risks, uphold the high standards of
safety and quality, and support long-term value creation.
BUILDING OUR CAPABILITIES TO MEET FUTURE DEMAND
Our people are the key to our success. Every year, they engage in hundreds of hours of internal training, both
mandatory and voluntary, to expand their qualifications and expertise. We are dedicated to continuously
improving the employee journey, with a focus on learning and capability building. This ensures that we are
fit for the future and equipped to meet the expectations of the next generation. A key priority is to continue
developing and refining our approach to learning and capability building so they accommodate mandatory
traning while also supporting specialisation and individual development within our trading operations and
back office functions.
GLOBAL COMMITMENT: EQUAL PAY FOR EQUAL WORK
Equal pay for equal work is not only our commitment within Europe but a global principle we embrace. In anticipation of
the EU Pay Transparency Directive coming into effect in 2026, we have initiated a comprehensive review and refinement
of our job architecture across our global organisation. By aligning our practices within and beyond European borders,
we are ensuring fair compensation for both men and women based on the same work or work of equal value. As our job
architecture solidifies, we will begin analysing and addressing potential pay gaps and implementing clear policies. This
process will require close cross-functional collaboration across multiple departments led by Group HR.
HUMAN RIGHTS
As new EU legislation approaches, addressing adverse environmental and human rights impacts, supply chains are set
for transformation. In response, we will strengthen our due diligence processes on human rights issues, guided by the
UN Guiding Principles on Business and Human Rights (UNGPs). From conflict and climate change to minimum wages,
workplace safety, and the right to be oneself, companies play a key role in protecting rights and fostering dialogue. Our
existing policies provide a strong foundation, but we will continue building capacity and enhancing our due diligence
processes. During 2024/25, we initiated a risk assessment across operational segments and regions to identify potential
human rights violations. We aim to collaborate across the industry to promote transparency and drive real change.
Bunker Holding Annual Report 2024/25
Management’s Review
64
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
GOVERNANCE
66 G1 – Business Conduct
66 G1 SBM-3 Business conduct IROs
67 G1-1 Business conduct policies and corporate culture
69 G1-3 Anti-bribery and anti-corruption
70 G1-4 Incidents of corruption and bribery
70 G1-5 Politics and lobbying
71 Looking ahead – Governance
72 Board of Directors
74 Executive Management
WE ARE COMMITTED TO
OPERATING, PROMOTING,
AND MAINTAINING A
COMPLIANCE CULTURE
AND PROGRAMME BEING
REGARDED AS BEST IN
CLASS IN OUR INDUSTRY
Bunker Holding Annual Report 2024/25
Management’s Review
65
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
G SBM-3 BUSINESS CONDUCT IROS
Robust governance serves as one of the
cornerstones for the execution of Bunker
Holding’s business activities. Corporate
Governance is considered the umbrella
topic that encompasses all aspects of
how our organisation structures and
conducts its business.
At Bunker Holding, our goal is to
maintain and operate uniform, clear, and
transparent processes and procedures
that support high standards of corporate
governance and accountability for our
activities. We also aim to ensure that our
governance approach and operational
practices are aligned across the entire
organisation, enabling us to manage
enterprise risks effectively throughout our
global operations.
Our DMA identified four material IROs
related to business conduct over the
short and long term. These material IROs
comprise two risks and two impacts, one
of which is a potential positive impact and
the other an actual positive impact.
G1 – BUSINESS CONDUCT
Material impact Where it originates IRO type
Position in
value chain Time horizon
13 Protection of
whistleblowers
Without proper procedures in place, the protection of whistleblowers across Bunker Holding’s
operations and value chains could pose a risk. Failing to handle whistleblower protection
appropriately could undermine accountability and discourage the reporting of concerns,
thereby exposing Bunker Holding to potential legal or reputational damage. Conversely, effective
whistleblower protection fosters a culture of accountability within Bunker Holding, promoting ethical
conduct across the supply chain, to the benefit of both employees and suppliers.
Risk Across Short term
14 Pushing the new fuels
transition
Bunker Holding has a strategic opportunity to deliver meaningful impact through its public
affairs and advocacy activities. By leveraging our in-house expertise and dedicated resources,
Bunker Holding is well positioned to advocate for the adoption of new fuels, biofuel regulations,
and international compliance standards. As part of this strategic positioning, Bunker Holding
engages with key decision-makers, including the IMO and EU, to support the development of
regulatory frameworks that align with our sustainability objectives and contribute to industry-wide
transformation.
Potential
positive
impact
Across Long term
15 Compliance culture
A clear alignment of strategic objectives across all operations is key to Bunker Holding’s success.
When employees are unified around shared goals and consistently adhere to the company’s values,
policies, and Code of Conduct, a strong corporate culture of ethical behaviour and cross-functional
collaboration is cultivated, reinforcing both operational excellence and organisational resilience.
Actual
positive
impact
Own
operations
Long term
16 Prevention and
detection of
corruption and bribery
As part of a global value chain and with operations in countries where the risk of bribery and
corruption is elevated, Bunker Holding is potentially exposed to incidents of corruption or bribery.
Such occurrences could result in financial penalties and regulatory sanctions, as well as significant
reputational damage.
Risk Own
operations
Short term
Bunker Holding Annual Report 2024/25
Management’s Review
66
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
G- BUSINESS CONDUCT POLICIES AND CORPORATE CULTURE
At the core of our corporate governance is a culture of ethical conduct and strong compliance that permeates every
level of our organisation. Our Corporate Compliance Programme relies on a combination of policies, procedures,
systems, processes, and training to ensure that we maintain an effective compliance system. All our policies are
approved by Executive Management and are available for all employees on our company intranet.
The objective, key content, and ownership of each policy are outlined below:
Policies Content Scope
Accountability
& Ownership
Related
IROs
Anti-money Laundering Policy
Provides guidance for avoiding and preventing situations in which
employees may, even inadvertently, become involved with or assist any
third party in money laundering. It contains an overview of the general
principles, rules, and considerations.
Applies to all board members, managers, and employees of Bunker
Holding worldwide, irrespective of their position or seniority.
Board of Directors
Group Legal
15
16
Anti-bribery and Corruption Policy
Contains definitions of what is considered in scope, and an overview of the
general principles and considerations in relation to bribery and corruption,
including guidelines for gifts, meals, and entertainment.
Applies to all board members, managers, and employees of Bunker
Holding worldwide, irrespective of their position or seniority.
Board of Directors
Group Legal
15
16
Code of Conduct
Sets out the core principles and values which apply to corporate social
responsibilities, personal conduct, and business practices.
Applies to all board members, managers, and employees of Bunker
Holding worldwide, irrespective of their position or seniority.
Board of Directors
Group Legal
1-16
Competition Law Policy
Defines the general principles, rules, and considerations in relation to
competition.
Applies to all board members, managers, and employees of Bunker
Holding worldwide, irrespective of their position or seniority.
Board of Directors
Group Legal
15
16
Credit Policy
Describes the general principles and frameworks necessary to support a
sound practice of credit management and to manage the credit risk in a
coordinated and consolidated manner.
Applies to all employees of Bunker Holding worldwide, irrespective of
their position or seniority.
Board of Directors
Group Credit
15
Cyber Security Acceptable Use Policy
Defines the acceptable and responsible use of information technology (IT)
resources, networks, systems, and data at Bunker Holding.
Applies to all users and stakeholders that use and have access to
Bunker Holding’s IT resources, network, systems, and data, as well to
remote access locations, third-party services, and personal devices.
CISO
Group Cyber Security
15
Data Protection Policy
Provides instructions to Bunker Holding employees on how to process
personal data, in order to protect the rights of data subjects.
Applies to all board members, managers, and employees of Bunker
Holding worldwide, irrespective of their position or seniority.
Board of Directors
Group Legal
15
Duty of Loyalty Policy
Raises awareness of employees’ rights and obligations during their
employment and sets forth guidelines for considering duties outside the
company.
Applies to all Bunker Holding employees in Denmark and serves as
a guideline on obligations and rights as an employee within the
Group.
USTC HR
BHG HR
15
Group Tax Policy
Describes the general framework for governing principles and applicable
tax-related issues.
Applies to all companies controlled by Bunker Holding. Board of Directors
Group CFO
15
Information and Cyber Security Policy
Outlines an overarching framework for identifying risk factors and defining
responsibilities and ensuring effective management and control. It also
ensures compliant collection, processing, and storage of business-critical
data and personal information.
Applies to all employees of Bunker Holding worldwide, irrespective of
their position or seniority.
Board of Directors
CISO
15
We are committed to upholding human rights as
defined by the UN Guiding Principles on Business
and Human Rights and the OECD guidelines for
Multinational Enterprises. These principles are the
foundation of all our policies.
Bunker Holding Annual Report 2024/25
Management’s Review
67
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
Policies Content Scope
Accountability
& Ownership
Related
IROs
Personal Data Security Breach Policy
Sets out the guidelines, procedures, and responsibilities for dealing with security
breaches, including notifications to the Danish Data Protection Agency and the data
subjects.
Applies to all employees of Bunker Holding worldwide, irrespective of their
position or seniority.
CIO
Group IT
15
Trade Sanctions Policy
Describes the framework for global trade sanctions regimes, including system
safeguards, prohibited trades, and requirements of counterparty due diligence (KYC).
Applies to all employees of Bunker Holding worldwide, irrespective of their
position or seniority.
Board of Directors
Group Legal
15
Whistleblower Policy
Details the procedures for reporting any suspected misconduct, corruption, or
inappropriate behaviour, including potential violations of the Code of Conduct.
Encourages employees and other stakeholders who have concerns regarding any
aspects of the Group’s activities to come forward and raise those concerns without
fear of victimisation or discrimination.
Applies to all Bunker Holding employees, officers, consultants, self-employed
persons and contractors, shareholders and members of the executive board,
board of directors, or similar governing body in an undertaking, casual
workers, agency workers, volunteers, trainees and interns (paid and unpaid),
persons working under the supervision and management of contracting
parties, subcontractors, and suppliers.
Board of Directors
Group Legal
1-16
G- BUSINESS CONDUCT POLICIES AND CORPORATE CULTURE (CONTINUED)
Responsible Tax Policy
At Bunker Holding, we are fully committed to acting as
responsible corporate citizens. As part of this commitment,
we will intend to comply with local and international tax
legislation and pay applicable taxes accurately in a timely
manner. This is a fundamental element of how we do
business within the Group.
Transparency and engagement with tax authorities
We value constructive relationships with local and
international tax authorities, grounded in openness,
transparency, and honesty. In line with this approach, all
legal entities within Bunker Holding will promptly disclose
all information required by law to relevant tax authorities.
However, while we do not participate in any formalised
partnership programmes with tax authorities, we maintain
an open dialogue, which we believe effectively supports
mutual understanding and trust.
Commitment to compliance and social responsibility
As part of our broader commitment to social responsibility,
we do not tolerate tax evasion, whether direct or indirect.
It is particularly important for Bunker Holding to be aware
of and comply with tax compliance matters, including
legislative developments, in the jurisdictions where we
operate.
Tax risk management and use of structures
Bunker Holding adopts a prudent approach to tax risk, and
we are committed to mitigating tax risks whenever possible.
We do not apply artificial or tax-driven structures. All
organisational and transactional structures are based on
genuine commercial rationale and requirements.
Where we have operations in jurisdictions included on the
EU list of non-cooperative tax jurisdictions, such presence
is strictly based on the substantive commercial operations
and not for the purpose of tax evasion.
The right balance
As part of our daily operations, tax expenses are regarded
as an operational cost. These should be optimised
through effective tax management and planning within
the framework of relevant tax legislation. We will manage
our tax position within the limits of the tax legislation and
strive to avoid double taxation to the extent possible. This
includes the use of tax incentives and subsidies, provided
such benefits are generally available to a broad group
of taxpayers and are commercially relevant for Bunker
Holding.
Governance and oversight
The CFO of Bunker Holding has the overall responsibility for
the Group’s approach to tax-related matters, including tax
risk management, supported by the Group Head of Tax.
Reporting and disclosure
The Group’s tax positions will be further detailed in the
USTC Sustainability Report, scheduled for publication in
Q3 2025.
Whistleblower
We are committed to conducting our
business with honesty and integrity,
and we expect all staff to maintain high
standards in accordance with our Code
of Conduct. We require all individuals
associated with Bunker Holding to uphold
the principles of decency, integrity, and
respect. To promote and uphold a culture
of compliance, it is important that every-
one understands how and when to report
unethical behaviour.
Whistleblowing refers to the disclosure of
information relating to actual or potential
violations of serious matters, suspected
misconduct, or dangers at work. Any
form of corruption, sanctions breach, or
fraudulent behaviour is contrary to our
corporate values and internal compliance
policies. Likewise, discriminatory behav-
iour in the workplace, such as racism,
sexism, and homophobia, is not tolerated.
Open communication and the willingness
to raise concerns with colleagues are
key for maintaining a healthy business
culture, guided by our Code of Conduct.
We encourage employees across the
Group to report suspected misconduct
through our Whistleblower platform, an
online and anonymous grievance mech-
anism designed to address significant
issues in a timely manner. Both internal
and external stakeholders can use our
whistleblower scheme to report concerns,
and all submissions are handled with the
utmost confidentiality and in accordance
with the applicable directives.
Our online whistleblowing submission
form is easily accessible via the Bunker
Holding website and our intranet. In
2023, for the first time, we assessed
internal awareness of the policy and
reporting platform, as well as employ-
ees’ confidence in raising concerns,
through the LEAP survey. This included
two questions rated on a scale from 1 to
10 (1 being low and 10 being high). The
results yielded a weighted average of
8.4, indicating a high level of awareness
regarding where to report concerns and
a strong sense of confidence, trust, and
safety in voicing them.
Refer to further description of our availa-
ble reporting channels at S1-3.
Bunker Holding Annual Report 2024/25
Management’s Review
68
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
G-3 ANTI-BRIBERY AND ANTI-CORRUPTION
Bunker Holding is committed to conducting our
business fairly, transparently, and with integrity.
We are firmly committed to deterring, detecting,
and preventing bribery and corruption across
all levels of our organisation. Accordingly, all
employees are expected to uphold high ethical
standards at all times and comply with applicable
laws and regulations in the jurisdictions in which
Bunker Holding operates.
Employees who fail to adhere to our Anti-bribery
and Anti-corruption Policy may be subject
to disciplinary actions, including immediate
termination of employment. Such breaches may
also result in legal sanctions and reporting to law
enforcement authorities. We work proactively
with people leaders across the organisation to
clarify policies and prevent incidents of serious
non-compliance. In 2024, Bunker Holding recorded
no convictions and no fines for violation of anti-
corruption and anti-bribery legislations.
To ensure continued adherence to compliance
obligations, we have implemented several
measures to prevent, detect, and address
incidents of corruption and bribery. We effectively
identify and manage related risks within our
operations through a robust due diligence process,
which includes know-your-counterparty (KYC)
screenings, as well as annual training for our
workforce.
Know-Your-Counterparty (KYC)
Through this onboarding procedure for
counterparty due diligence we have adopted a
“know more, less risk” approach. This involves
collecting a wide range of information about
counterparties, and conducting risk assessments
in relation to sanctions, litigation, non-
compliance with anti-bribery and anti-corruption
regulations and adverse media news. For high-
risk engagements, we conduct enhanced due
diligence, assessing additional factors and risk
types.
At-risk functions
Within Bunker Holding, certain functions are more
susceptible to bribery or corruption due to their
involvement in critical financial transactions,
interactions with key business partners, and
geographic location. Offices and departments
with elevated risk exposure are therefore provided
customised training. Additional risks arise when
entering new markets, particularly in countries
with higher corruption risks and lower levels
of transparency. To mitigate these risks, our
compliance monitoring processes ensure the
highest standards of integrity and adherence to
regulations.
Business conduct training
All new employees are required to complete an
e-learning module on our Code of Conduct as part
of their onboarding process. This training must
be completed annually by all employees across
Bunker Holding.
The training module reflects our commitment
to maintaining a best-in-class compliance
programme. The Code of Conduct is structured
around five key topics, covering anti-bribery and
anti-corruption, anti-money laundering, conflict
of interest, fair competition, and trade sanctions.
The module includes realistic scenarios and ethical
dilemmas to support practical understanding of
the principles outlined.
Our Compliance team is responsible for monitoring
the completion of the module and delivering
additional ad-hoc training for functions identified
as at-risk. The training aims to ensure that all
employees are equipped to understand and apply
ethical business conduct principles in their daily
work, and to reinforce compliance with the Code of
Conduct and related internal policies.
Whether in internal discussions or external
communications, all representations made on
behalf of Bunker Holding must adhere strictly to
applicable laws and industry standards.
GLOBAL HEAD OF
COMPLIANCE
COMPLIANCE COMMITTEE
EXECUTIVE
MANAGEMENT
GENERAL
COUNSEL
GOVERNANCE SETUP
The scope of Bunker Holding’s Compliance Programme is governed by our Compliance
Committee charter, which also outlines the roles and responsibilities for our Executive
Management, General Counsel, and the Global Head of Compliance, who manages and
oversees the programme. They are collectively responsible for considering and resolving
compliance matters brought to their attention, reviewing, and adopting significant new
compliance policies and revisions to compliance policies, and periodically reporting to the
Board of Directors.
Bunker Holding Annual Report 2024/25
Management’s Review
69
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
G-4 INCIDENTS OF CORRUPTION AND BRIBERY
Bunker Holding has not had any incidents, convictions, or fines concerning breaches of anti-corruption and
anti-bribery laws, nor any violations of associated procedures and standards during 2024/25. Furthermore,
Bunker Holding has not been subject to any legal proceedings involving allegations of corruption or bribery
against the company or its employees.
The financial year 2024/25 marks the first year of reporting on incidents of corruption and bribery, and
therefore no comparative figures are included.
Corruption and bribery incidents
2024/25 2023/24
No. of convictions for violation of anti-corruption and
anti-bribery laws
0 -
Fines for violation of anti-corruption and anti-bribery laws (USD)
0 -
Accounting policies
Convictions for violations of anti-corruption and anti-bribery laws
Conviction issued against a Bunker Holding entity by a court of law which is determined during the
financial year.
Fines for violations of anti-corruption and anti-bribery laws
Fines imposed on a Bunker Holding entity are determined by a court of law during the financial year.
G-5 POLITICS AND LOBBYING
In an environment defined by complex regulations, geopolitical uncertainty, and the urgent need for
decarbonisation, the bunker industry needs a resolute and proactive stance more urgently than ever. At
Bunker Holding, we engage actively with the evolving landscape to help shape a low carbon future for
maritime fuel.
A key part of our strategy is our participation in global industry forums and regulatory processes. Led by our
Director of Environmental Regulatory Affairs, Maria Skipper Schwenn, who serves on the Global Board of IBIA
and attends IMO MEPC meetings, we share insights on fuel quality, emerging fuel solutions, supply dynamics,
and regulatory developments. This engagement enables us to help shape the frameworks that govern
international shipping.
We also drive progress through collaboration. By working closely with industry networks, authorities, and
industry peers, and by building strong partnerships across the supply chain, we aim to accelerate the
adoption of low- and zero-carbon fuels. Our commitment is underscored by our support for key international
joint commitments made in the context of COP28 and COP29, as well as our continued engagement with
industry bodies such as IBIA.
Our engagement in these areas is closely linked to our material sustainability priorities, particularly those
related to climate change mitigation. It allows us to manage transition risks effectively while contributing to
the decarbonisation of maritime transport, creating both positive impact and as a source of long-term value
for Bunker Holding (refer to IRO no. 8 and 22).
Bunker Holding conducts all advocacy efforts with transparency and integrity. We have not made any
financial or in-kind political contributions. Bunker Holding is not registered in the EU Transparency Register,
and no members of our Board of Directors have held public administration positions within the past two years.
Bunker Holding Annual Report 2024/25
Management’s Review
70
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
COUNTERPARTY DUE DILIGENCE
Through comprehensive onboarding checks and processes, we emphasise compliance from the outset of the collaboration;
verifying information and gaining crucial insights to mitigate risks. As we prepare for upcoming regulatory requirements, such
as the EU Corporate Sustainability Due Diligence Directive (CSDDD), we will further strengthen our due diligence processes
and work diligently to have a clear overview of risk profiles not limited to compliance but broadening into the wider ESG risk-
related landscape. This is in acknowledgement of the growing importance of responsible procurement.
PRIORITISING AND INVESTING IN A STRONG COMPLIANCE CULTURE
We require all our employees to complete annual training on a range of risk and compliance topics
related to our policies, processes, and applicable regulations and sanctions. We continue to develop
training courses to ensure that they are targeted and relevant for our employees. Overall, we strive
to continuously increase the scope of our training to uphold our commitment to having a ‘best-in-
class compliance programme’. In 2024/25, we conducted training on our Code of Conduct and other
compliance-related policies for all employees.
ESG REPORTING AND PERFORMANCE MANAGEMENT
Reliable ESG data is essential to track our progress and uncover opportunities for improvement. We are committed to ensuring
the highest level of trust in the data we disclose.
Despite the evolving nature of the CSRD framework, including delays, simplifications, and clarifications, we remain focused on
advancing our ESG reporting. Through our Double Materiality Assessment, we have already identified the most relevant data
points for our business and value chain. This has given us a strong foundation to pinpoint areas where we need to strengthen
governance, enhance our ESG programme, and expand data collection and reporting processes. We acknowledge that the
reporting landscape will evolve over the coming years. With CSRD compliance now set to apply from the 2027/28 financial year,
we are using this time to build a resilient ESG ecosystem - one that embeds sustainability performance into our core business
practices. Not only is this a regulatory expectation; it is sound business practice.
CYBER SECURITY FRAMEWORK AND COMPLIANCE
In recent years, Information and Cyber Security has been rated amongst one of our key risks by Group Enterprise
Risk Management due to the potential disruption to IT systems and infrastructure failure leading to business
disruptions or a breach of data confidentiality. Among key actions is to continuously advance our maturity level
in the NIST CSF framework and CIS18 standard, while also being dedicated to continuously assessing our security
landscape to identify areas of improvement and to adapt to evolving threats. This includes, but is not limited to,
focusing on risk management, incident response processes, and cyber resilience testing.
Bunker Holding assesses that all data in our records are administrated in compliance with current GDPR laws why
no formal data ethical policy is presented (statement of compliance with the Danish Financial Statements Act,
section 99 d)
LOOKING AHEAD
GOVERNANCE
Bunker Holding Annual Report 2024/25
Management’s Review
71
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
KLAUS NYBORG
Chairman
Born in 1963
Chairman since 2022
Vice Chairman from 2012-2022
Board management and investment
Special competences
Global experience with management
of listed shipping companies incl. CEO
of Pacific Basin Shipping, Hong Kong.
Strategic and financial expertise as
well as in-depth knowledge of risk
management.
Other directorships
Chairman of the boards in Uni-Tankers
A/S, Norden A/S, Bawat A/S, Moscord
Pte. Ltd., and the investment committee
of Maritime Investment Fund 2 K/S and
Maritime Investment Fund 3 K/S related to
Navigare Capital. Vice Chairman of the
board in A/S United Shipping & Trading
Company (USTC). Member of the boards
in X- Press Feeders Ltd., and Norchem
A/S. Director of Return ApS.
Education
Msc in Business & Law, Copenhagen
Business School supplemented with
management courses at London Business
School and IMD.
TORBEN ØSTERGAARD-NIELSEN
Vice Chairman of the board and owner
Born in 1954
Board member since 1994
Vice Chairman since 2022
Chairman from 2014-2022
Chairman of the board, founder and
owner of the USTC Group (A/S United
Shipping & Trading Company)
Special competences
Extensive background and global
experience within the shipping and bunker
industry.
Other directorships
Chairman and Vice Chairman of the
boards in several USTC Group companies.
Vice Chairman of the board in Guldfeldt
Holding A/S. Member of the boards in
Fayard Holding ApS & Group companies,
H.J. Hansen Holding A/S & Group
companies, Gottfred Petersen A/S, and
Selected Car Group A/S.
Other
German Honorary Consul from 1988-
2020. Member of Corps Consulaire
since 1988. Member of Danske Bank
Erhvervsråd from 2006-2022.
NINA ØSTERGAARD
Board member and owner
Born in 1983
Board member since 2014
CEO and owner of the USTC Group (A/S
United Shipping & Trading Company)
Special competences
Company evaluations, mergers and
acquisitions, financial due diligence,
business restructuring, reorganisation,
turnarounds and compliance.
Other directorships
Member of the boards in A/S United
Shipping & Trading Company (USTC),
Uni-Tankers A/S, CM Biomass Partners
A/S, A/S Global Risk Management Ltd.
Holding, A/S Global Risk Management
Ltd. Fondsmæglerselskab, and Middelfart
Erhvervsråd. Vice Chairman of the
board in SDK FREJA A/S and Chairman
of the board in Unit IT A/S. Member of
Beiratssitzung Nord, Deutsche Bank.
Education
MSc in Applied Economics and Finance
supplemented by courses at Harvard
University and London School of
Economics and Political Science.
BOARD OF
DIRECTORS
Bunker Holding Annual Report 2024/25
Management’s Review
72
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
KRISTIN FÆRØVIK
Board member
Born in 1962
Board member since 2022
Professional board member
Special competences
Extensive leadership experience from
the oil and gas industry, incl. Managing
Director of Lundin Energy Norway and
Marathon Petroleum Norway. Deep
exposure to major projects execution,
operations, risk management, and
business development. Broad board
experience within energy and maritime
industries.
Other directorships
Member of the boards of Kongsberg
Group, Shearwater Geoservices,
Hafslund, Ashtead Technology, BlueNord
and Edge Navigation.
Education
MSc Petroleum Engineering, Norwegian
University of Science and Technology.
PETER FREDERIKSEN
Board member
Born in 1963
Board member since 2012
Professional board member
Special competences
Extensive experience within the shipping
industry from leading global positions in
liner shipping at A.P. Moller-Maersk for
more than 25 years and Hamburg Süd for
9 years. Broad management and strategy
skills as well as financial experience.
Other directorships
Chairman of the board of Sund & Bælt
Holding A/S 2016 - 2021. Chairman/Vice
Chairman of the Board of Oeresundsbro
Konsortiet 2017 - 2021. Member of the
boards of Uni-Tankers A/S and MPC
Container Ships ASA.
Education
Shipping education at A.P. Moller-Maersk
supplemented with management training
at INSEAD and Cornell University.
PETER APPEL
Board member
Born in 1961
Board member since 2019
Partner, Gorrissen Federspiel law firm
Special competences
In-depth knowledge and extensive
experience within legal matters related
to the shipping industry, as an adviser
to and member of board of directors in
a number of Danish shipping companies
and investment foundations with
connections to the area. Specialised in
the transport sector and infrastructure
projects, including extensive knowledge
about ferry service, train and harbour
projects.
Other directorships
Chairman of the boards in Deloitte
Fonden, Fayard Holding Aps, and Fayard
A/S. Member of the boards in Uni-Tankers
A/S, SDK FREJA A/S, A/S United Shipping
& Trading Company (USTC), Clipper
Group Ltd., BIMCO Informatique A/S,
Norchem A/S, Sølovsudvalget, and
Northern Offshore Services.
Education
LL.M. (Master of Laws), Copenhagen.
Maritime Law, University of Oslo. LL.M
with Merit in Commercial and Corporate
Law, London School of Economics.
ANJA MONRAD
Board member
Born in 1966
Board member since 2022
Professional board member
Special competences
Strategic and international commercial
experience from leading global and
regional teams, as well as strong in-depth
knowledge from IT industry.
Other directorships
Member of the board of Gladteknik
A/S. Vice Chairman of VL – The Danish
Management Society. Member of the
Advisory Board of ATP Langsigtet Dansk
Kapital.
Education
MSc in Business Administration
& International Marketing from
Copenhagen Business School.
MIA ØSTERGAARD RECHNITZER
Board member and owner
Born in 1989
Board member since 2018
Head of Corporate Governance and
owner of the USTC Group (A/S United
Shipping & Trading Company)
Special competences
C-suite succession planning, C-level and
board composition, board and leadership
assessments, governance structure,
development and implementation of ESG
strategy.
Other directorships
Member of the boards in A/S United
Shipping & Trading Company (USTC),
Uni-Tankers A/S, and SDK FREJA A/S.
Education
MSc in Human Resource Management
supplemented by courses at Harvard
University and London School of
Economics.
Bunker Holding Annual Report 2024/25
Management’s Review
73
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
From left:
Anders Grønborg,
Peder Møller,
Keld R. Demant,
Michael Krabbe
KELD R. DEMANT
Group CEO
Born in 1966
Joined Bunker Holding in 1998
Member of the Executive Board since 2004.
Appointed Group CEO in 2013
Special competences
Substantial experience from leading positions
in international companies. Strong operational
competences and extensive knowledge within
strategic management and marketing as well
as substantial management experience.
Other directorships
Chairman and member of the board of several
Bunker Holding Group companies.
Chairman of the board of Strib Idrætsefterskole.
Education
Executive Management and Board of Director
programs from INSEAD supplemented by
shipping training at Oxford University and
Lorange Institute.
MICHAEL KRABBE
Group CFO
Born in 1974
Joined Bunker Holding in 2019
Member of the Executive Board and Group
CFO
Special competences
Holds a strong track record of more than
15 years of different senior financial
management positions in various industries.
Other directorships
Member of the board of several Bunker
Holding Group companies.
Education
Holds a MSc in Finance from Aarhus School of
Business and a MSc in Economics and Finance
from Warwick University.
PEDER MØLLER
Group COO
Born 1986
Joined Bunker Holding in 2016
Appointed Group COO in 2024
Member of the Executive Board and Group COO
Special competences
Extensive international leadership experience across sales,
operations, risk management, and trading. Proven track
record in driving strategic transformation, operational
excellence, and cross-functional execution. Deep industry
insight into physical bunkering and financial markets and
vendor management, and the global energy value chain.
Other directorships
Member of the board in several Bunker Holding Group
companies.
Board Member at Poul Schou A/S (CONTAINER-TRANS AF
6. DECEMBER 1976 ApS)
Education
Holds an Executive MBA from INSEAD, a MSc in Finance
investments & accounting and BSc in Commercial Law from
Copenhagen Business School.
ANDERS GRØNBORG
Group CCO
Born 1967
Joined Bunker Holding in 2020
Appointed Group CCO in 2024
Member of the Executive Board and Group CCO
Special competences
More than 35 years of industry expertise holding various
C-level positions with market leaders. Proven track
record showing continued return for shareholders,
and outstanding relationship management and
communication skills with stakeholder/business partners
globally. Strong analytical skills in determining value
propositions and strong adaption to multicultural teams
and challenges.
Other directorships
Member of the board in several Bunker Holding Group
companies.
Education
Holds a Graduate Diploma in Sales and Marketing.
EXECUTIVE
MANAGEMENT
Bunker Holding Annual Report 2024/25
Management’s Review
74
1 2 3
Introduction Performance Review Sustainability Statements · Environment Social Governance
SECTION 2
FINANCIAL
STATEMENTS
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
76 Consolidated Financial Statements
81 Consolidated Financial Statement Notes
112 Parent Company Financial Statements
116 Parent Company Financial Statement Notes
123 Management’s and Auditor’s reports
Bunker Holding Annual Report 2024/25
Financial Statements
75
1 2 3
FINANCIAL STATEMENTS
CONSOLIDATED
77 Income statement
77 Statement of comprehensive income
78 Statement of financial position
79 Statement of changes in equity
80 Cash flow statement
Bunker Holding Annual Report 2024/25
Financial Statements
76
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
INCOME STATEMENT
USD'000
Note
2024/25 2023/24
Revenue
1.1
13,726,654 14,494,092
Costs of goods sold
-13,376,311 -14,075,803
Gross Profit
350,343 418,289
Other operating income
799 923
Other external expenses
1.2
-234,469 -235,567
Depreciation, amortisation and impairment
2.3-2.5
-26,200 -21,276
Profit before interest and tax
90,473 162,369
Share of profit/loss in associated companies
2.6
2,876 2,769
Financial income
4.1
10,949 9,990
Financial expenses
4.1
-58,700 -47,076
Profit before tax from continuing operations
45,598 128,052
Corporation tax
1.3
-8,249 -31,526
Profit from continuing operations
37,349 96,526
Discontinued operations
2.1
-36,254 -94,778
Profit for the year
1,095 1,748
Attributable to:
Shareholder in Bunker Holding A/S
1,095 1,748
STATEMENT OF COMPREHENSIVE INCOME
USD'000
Note
2024/25 2023/24
Profit for the year
1,095 1,748
Items that may be reclassified to Income Statement
Fair value adjustment of derivative financial instruments
-2,194 -2,180
Exchange differences on translation of foreign operations
-574 175
Income tax relating to these items
-783 949
Other comprehensive income
-3,551 -1,056
Total comprehensive income
-2,456 692
Attributable to:
Shareholder in Bunker Holding A/S
-2,456 692
Bunker Holding Annual Report 2024/25
Financial Statements
77
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
STATEMENT OF FINANCIAL POSITION
USD'000
Note
2024/25 2023/24
Non-current assets
Intangible assets
2.3
39,175 34,523
Property, plant and equipment
2.4
19,288 18,666
Right-of-use assets
2.5
45,560 24,373
Investments in associates
2.6
23,155 21,259
Deferred taxes
1.3
13,724 9,490
Total non-current assets
140,902 108,311
Current assets
Inventories
3.1
89,869 143,063
Trade receivables
3.2
923,660 1,284,188
Tax receivables
14,803 21,446
Other receivables
92,962 176,961
Derivatives
3.3
69,871 62,785
Cash and cash equivalents
15,486 7,683
Total current assets
1,206,651 1,696,126
Total Assets
1,347,553 1,804,437
USD'000
Note
2024/25 2023/24
Equity
Share capital
1,781 1,781
Reserves
3,173 4,828
Retained earnings
289,362 352,163
Equity
4.8
294,316 358,772
Non-current liabilities
Borrowings
4.6
21,401 161,053
Lease liabilities
2.5
14,972 12,903
Deferred taxes
1.3
11,696 9,784
Total non-current liabilities
48,069 183,740
Current liabilities
Borrowings
4.6
135,178 199,920
Lease liabilities
2.5
31,811 12,437
Trade payables
734,937 912,192
Corporation taxes
12,542 39,627
Derivatives
3.3
23,453 39,525
Other payables
67,247 58,224
Total current liabilities
1,005,168 1,261,925
Total liabilities
1,053,237 1,445,665
Total equity and liabilities
1,347,553 1,804,437
Bunker Holding Annual Report 2024/25
Financial Statements
78
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
STATEMENT OF CHANGES IN EQUITY
USD'000
Share
capital
Hedging
reserve
Foreign
currency
translation
reserve
Reserve
for other equity
investments
Retained
earnings
Total
equity
2024/25
Equity at 1 May
1,781 4,754 -13,776 13,850 352,163 358,772
Profit for the year
0 0 0 1,896 -801 1,095
Other comprehensive income
0 -2,977 -574 0 0 -3,551
Total comprehensive income for the year
0 -2,977 -574 1,896 -801 -2,456
Capital contribution
0 0 0 0 9,000 9,000
Dividend to shareholder
0 0 0 0 -71,000 -71,000
Total transactions with shareholder
0 0 0 0 -62,000 -62,000
Equity at 30 April
1,781 1,777 -14,350 15,746 289,362 294,316
2023/24
Equity at 1 May
1,781 5,985 -13,951 10,711 463,530 468,056
Profit for the year
0 0 0 3,139 -1,391 1,748
Other comprehensive income
0 -1,231 175 0 0 -1,056
Total comprehensive income for the year
0 -1,231 175 3,139 -1,391 692
Capital contribution
0 0 0 0 10,000 10,000
Dividend to shareholder
0 0 0 0 -119,976 -119,976
Total transactions with shareholder
0 0 0 0 -109,976 -109,976
Equity at 30 April
1,781 4,754 -13,776 13,850 352,163 358,772
Bunker Holding Annual Report 2024/25
Financial Statements
79
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
CASH FLOW STATEMENT
USD'000
Note
2024/25 2023/24
Profit before interest and tax
90,473 162,369
Depreciation, amortisation and impairment
26,200 21,276
Changes in receivables
443,429 42,884
Changes in inventories
53,194 241,299
Changes in derivatives
-23,159 21,264
Changes in trade payables, other payables, etc
-167,115 61,729
Cash flow from operating activities
before financial items and tax
423,022 550,821
Financial income received
11,165 10,057
Financial expenses paid
-59,722 -48,146
Corporation tax paid
-31,014 -42,052
Discontinued operations
-36,254 -94,778
Other adjustments
-3,047 -77
Cash flow from operating activities
304,150 375,825
Business acquisition
-4,384 -3,791
Investment in associated
0 -7,257
Purchase of intangible assets
-4,513 -1,046
Purchase of property, plant and equipment
-3,316 -5,974
Sale of property, plant and equipment
-58 227
Sale of subsidiaries and other shares
0 112
Cash flow from investing activities
-12,271 -17,729
Repayment of borrowings
5.5
-18,682 -12,961
Changes in bank borrowings
5.5
-204,394 -244,008
Capital increase
9,000 10,000
Dividend paid
-71,000 -120,000
Dividend received from associates
1,000 0
Cash flow from financing activities
-284,076 -366,969
Change in cash and cash equivalents
7,803 -8,873
Cash and cash equivalents at 1 May
7,683 16,556
Change in cash and cash equivalents
7,803 -8,873
Cash and cash equivalents at 30 April
15,486 7,683
Bunker Holding Annual Report 2024/25
Financial Statements
80
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
FINANCIAL STATEMENT
CONSOLIDATED
NOTES
82 Note 1 Revenue and costs
83 Note 1.1 Revenue
83 Note 1.2 Other external expenses
84 Note 1.3 Taxes
86 Note 2 Invested capital
87 Note 2.1 Discontinued operations
88 Note 2.2 Business combinations
89 Note 2.3 Intangible assets
91 Note 2.4 Property, plant and equipment
92 Note 2.5 Right-of-use assets
93 Note 2.6 Investments in associates
94 Note 3 Net working capital
95 Note 3.1 Inventories
96 Note 3.2 Trade receivables and credit risk
97 Note 3.3 Derivatives
99 Note 3.4 Oil price risk
100 Note 4 Capital structure and financial items
101 Note 4.1 Financial income and expenses
102 Note 4.2 Financial instruments
103 Note 4.3 Foreign exchange risks
103 Note 4.4 Interest rate risks
104 Note 4.5 Liquidity risk
104 Note 4.6 Maturities of liabilities and commitments
105 Note 4.7 Hedging
105 Note 4.8 Equity
106 Note 5 Other disclosures
107 Note 5.1 Unrecognised Items
107 Note 5.2 Fees to auditors
108 Note 5.3 Transactions with related parties
109 Note 5.4 Companies in the Bunker Holding Group
110 Note 5.5 Change in liabilities arising from financing
activities
111 Note 5.6 General accounting policies
Bunker Holding Annual Report 2024/25
Financial Statements
81
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
3,069
6,669
REVENUE
AMERICA
REVENUE
EUROPE
REVENUE
ASIA
USD MILLION
USD MILLION
USD MILLION
USD MILLION
1,140
REVENUE
OTHER AREAS
2,849
VOLUME
Strong market position maintained
Amidst a competitive market, we
retained our strong market standing and
maintained volume at same level as last
year, reaffirming Bunker Holding’s position
as a leading global bunkering company.
REVENUES
Revenue in sync with oil prices
Bunker Holding’s revenue naturally
decreased in 2024/25, driven by lower oil
market prices compared to the previous
year. This led to a 6% change in the
average sales price per tonne, culminating
in a revenue of USD 13,727 million.
GROSS PROFIT
Market dynamics put pressure on
margins
During the year, Bunker Holding
experienced significant margin pressure
driven by intensified competition from new
market entrants, increased investment
activity by existing players, and a reduced
appetite for credit among customers. As
a result, gross margin declined from 2.9%
to 2.6%, slightly below historical levels,
leading to a gross profit of USD 350 million.
EXTERNAL EXPENSES
Costs remained under control
Bunker Holding maintained its cost level
unchanged from the previous year at
USD 235m. Costs included significant
investments in digital technology and
forward-looking initiatives supporting the
green transition.
NOTE 1
REVENUE
AND COSTS
82 Note 1 Revenue and costs
83 Note 1.1 Revenue
83 Note 1.2 Other external expenses
84 Note 1.3 Taxes
Bunker Holding Annual Report 2024/25
Financial Statements
82
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE . REVENUE
USD'000
2024/25 2023/24
Sale of goods and services
13,714,362 14,462,638
Commodity derivatives
12,292 31,454
Total
13,726,654 14,494,092
Revenue specified on geographical areas:
Europe
2,849,444 3,208,720
Asia
6,668,590 6,819,076
Americas
3,068,664 3,336,366
Other
1,139,956 1,129,930
Total
13,726,654 14,494,092
Revenue is presented basis the country of delivery.
NOTE .2 OTHER EXTERNAL EXPENSES
USD'000
2024/25 2023/24
Staff expenses
Wages and salaries
-142,509 -135,333
Pensions
-6,958 -6,505
Other social security expenses
-7,546 -8,900
Total
-157,013 -150,738
Number of direct employees at 30 April
994 1,034
Number of indirect employees at 30 April
396 624
Number of employees at 30 April
1,390 1,658
Average employees
1,565 1,592
Staff expenses do not include costs to indirect employees. Renumeration to key management is disclosed in
note 5.3.
Accounting policies
Revenue
Revenue comprises the sale of goods and services. Revenue is recognised if a binding sales agreement
has been made, and payment has been received or is with reasonable certainty expected to be
received.
Sales of fuel products is recognised upon passing of control over the fuel to the customer which
generally coincides with passing of legal title, delivery and acceptance of the goods sold.
Revenue from arranging sales is recognised when the right to the arrangement fee has been obtained.
Revenue is measured at the consideration agreed net of discounts, returns and value added taxes.
Revenue includes fair value gains and losses net related to commodity derivatives.
Cost of goods sold
Cost of goods sold include expenses for the purchase of goods for resale.
Accounting policies
Other external expenses
Other external expenses include staff expenses and expenses for sales, administration as well as the
running of office facilities, etc.
Bunker Holding Annual Report 2024/25
Financial Statements
83
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE .3 TAXES
USD'000 Income statement
Other
comprehensive
income Total
2024/25
Current tax for the year
-12,771 -783 -13,554
Tax concerning previous years
1,050 0 1,050
Adjustment of deferred tax
3,472 0 3,472
Total tax for the year
-8,249 -783 -9,032
2023/24
Current tax for the year
-31,810 949 -30,861
Tax concerning previous years
2,344 0 2,344
Adjustment of deferred tax
-2,060 0 -2,060
Total tax for the year
-31,526 949 -30,577
Reconciliation of tax expenses
USD'000
2024/25 2023/24
Profit before tax
45,598 128,052
Share of profit/loss in associated companies
-2,876 -2,769
Non-deductible expenses, net
2,422 7,131
Other adjustments
13,307 -8,452
Profit before tax adjusted
58,451 123,962
Tax using the Danish corporation tax rate
-12,858 -27,271
Tax rate deviations in foreign jurisdictions
-1,230 -3,927
Adjustment relating to previous years
1,050 2,344
Adjustment relating to deferred taxes
3,472 -2,060
Others
1,317 -612
Total Income tax
-8,249 -31,526
Bunker Holding Annual Report 2024/25
Financial Statements
84
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
Deferred taxes
USD'000
2024/25 2023/24
Deferred tax at 1 May
-294 1,557
Exchange rate adjustment
-1,755 -614
Adjustment relating to previous years
605 823
Recognised in the income statement
3,472 -2,060
Deferred tax at 30 April
2,028 -294
Deferred tax is recognised in the balance sheet as follows:
Deferred tax assets
13,724 9,490
Deferred tax liabilities
-11,696 -9,784
Deferred tax at 30 April
2,028 -294
Deferred tax assets including the tax base of tax loss carry forwards are recognised at the amount by which
they are estimated to reduce future tax payments. Unused tax losses for which no deferred tax asset has
been recognised amount to USD 0.4 million in 2024/25 (2023/24: USD 0.2 million).
Unrecognised tax asset may be carried forward for a unlimited period of time, and it is uncertain whether
the tax loss can be utilised.
OECD Pillar II. The Group is subject to the OECD Pillar Two rules, which aim to ensure that multinational
enterprises (MNEs) pay a minimum level of tax. Denmark has enacted Pillar Two legislation, which took effect
on 1 January 2024. The Group applies the IAS 12 exception, allowing it to avoid recognizing or disclosing
deferred tax assets and liabilities related to Pillar Two income taxes. Under the new legislation, the Group will
be obligated to pay a top-up tax for any subsidiary that does not meet the Pillar Two minimum effective tax
rate of 15%. However, the new rules include a set of “Transitional Safe Harbor” exemptions that lessen the
requirement to submit a full Pillar Two minimum tax calculation, provided the Group meets at least one of the
three Safe Harbor tests. In 2024/25, the Group can leverage these Safe Harbor exemptions and based on the
test, only immaterial top-up tax is expected to be paid.
Management has evaluated the impact of the Pillar Two legislation and anticipates that during future years
it will have no or very limited impact on the annual effective tax rate.
NOTE .3 TAXES (CONTINUED)
Accounting policies
Corporation tax
Tax comprises an estimate of current and deferred income tax as well as adjustments to previous
years of those. The tax attributable to the profit for the year is recognised in the income statement,
whereas the tax attributable to equity transactions is recognised directly in equity.
Any changes in deferred tax due to changes to tax rates are recognised in the income statement.
Bunker Holding A/S is jointly taxed with Danish group enterprises. The tax effect of the joint taxation is
allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation
with credit for tax losses).
Deferred tax assets and liabilities
Deferred tax is recognised in respect of all temporary differences between the carrying amount and
the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary
differences concerning goodwill not deductible for tax purposes.
Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the
legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax.
In cases where the computation of the tax base may be made according to alternative tax rules,
deferred tax is measured on the basis of the intended use of the asset and settlement of the liability,
respectively.
Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at
which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off
against deferred tax liabilities.
Deferred tax assets and liabilities are offset within the same legal tax entity.
Current tax receivables and liabilities
Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated
on the basis of the expected taxable income for the year and adjusted for tax on taxable incomes for
prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and
an intention to settle on a net basis or simultaneously.
The balance comprises temporary differences attributable to:
USD’000 Deferred tax assets Deferred tax liabilities
2024/25 2023/24 2024/25 2023/24
Intangible assets
2,355 851 -3,050 -3,614
Property, plant and equipment
155 166 -127 -44
Other assets
1,502 2,206 -3,272 -2,295
Provisions
6,101 4,046 -5,247 -3,831
Tax losses etc.
3,611 2,221 0 0
Deferred tax at 30 April
13,724 9,490 -11,696 -9,784
Expected to be utilised as follows:
Within 12 months
2,745 2,340 -2,339 -704
After 12 months
10,979 7,150 -9,357 -9,080
Total
13,724 9,490 -11,696 -9,784
Bunker Holding Annual Report 2024/25
Financial Statements
85
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
ASSET-LIGHT BUSINESS MODEL
Bunker Holding is operating an asset-light
business model based on an efficient
resource allocation. This entails that as
of 30 April 2025 only 10% of the balance
sheet is non-current assets. Our strategy
enables rapid capital deployment and
flexibility in resource allocation, essential
for navigating the dynamics in the marine
fuel industry.
We prioritise partnerships and
technological solutions to minimise the
need for extensive long-term assets,
allowing for agile responses to market
fluctuations.
NON-CURRENT ASSETS
Booked value of intangible assets USD 39.1
million primarily originates from goodwill
USD 21.1 million related to acquisitions
aimed to give Bunker Holding a competitive
edge and capitalised it-projects USD
16.3 million related to tailored business
solutions.
Right-of-use assets are office rentals
and operational equipment used in our
physical operations. Property, plant,
and equipment relates to various assets
as stipulated in note 2.4. Investments in
associates specifies our investment in joint
ventures.
2024/25
TOTAL ASSETS
1,354.6
USD MILLION
45.6
RIGHT-OF-USE
ASSETS
39.1
INTANGIBLE ASSETS
23.2
INVESTMENTS IN
ASSOCIATES
19.3
PROPERTY, PLANT
AND EQUIPMENT
82 Note 1 Revenue and costs
83 Note 1.1 Revenue
83 Note 1.2 Other external expenses
84 Note 1.3 Taxes
86 Note 2 Invested capital
87 Note 2.1 Discontinued operations
88 Note 2.2 Business combinations
89 Note 2.3 Intangible assets
91 Note 2.4 Property, plant and equipment
92 Note 2.5 Right-of-use assets
93 Note 2.6 Investments in associates
NOTE 2
INVESTED
CAPITAL
INVESTED
CAPITAL
127.2
USD MILLION
Land &
Buildings
Goodwill
IT
development
& software
Patents,
trademarks
& other
rights
Fixtures
and
fittings,
tools and
equipment
Customer
relationships
Fixtures
and fittings,
tools and
equipment
16.3
1.1
0.6
21.1
20.7
24.9
Lease-
hold
improve-
ments
2.9
Land &
buildings
9.7
6.7
Bunker Holding Annual Report 2024/25
Financial Statements
86
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 2. DISCONTINUED OPERATIONS
Discontinued operations in the financial year 2024/25 comprise the results of GRM Commodities A/S as well
as value adjustments related to PSTV Cargo, which was reported as a discontinued operation in the prior
year.
GRM Commodities A/S was engaged in commodity trading and after thorough analysis, and calibration of
our strategy during 2024/25 it was concluded that the GRM Commodities A/S did not comply with our core
business and there was a misfit in terms of the direction that the Fit for Future strategic direction showed.
Accordingly, the operation was closed.
Value adjustments related to PSTV Cargo reflects an updated assessment of the recoverable amount
of assets held in connection with the discontinued Cargo business in East and West Africa, which was
previously conducted by PSTV Energy DMCC and ceased operations during the financial year 2023/24.
Financial information relating to the discontinued operations for the period is set out below.
USD'000
2024/25 2023/24
Income statement
Revenue
14,540 558,765
Expenses
-52,443 -653,819
Earnings before tax
-37,903 -95,054
Income tax
1,649 276
Profit from discontinued operation
-36,254 -94,778
Statement of comprehensive income
Fair value adjustment of derivative financial instruments
0 1,399
Total Comprehensive income
0 1,399
Cash flow statement
Cash flows from operating activities
-3,117 225,027
Cash flows from financing activities
3,011 -196,977
Net Cash flow from discontinued operations
-106 28,050
Accounting policy
Discontinued operations
A discontinued operation is a component of the entity that has been disposed of or is classified as
held for sale and that represents a separate major line of business or geographical area of operations,
is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or
is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are
presented separately in the statement of profit or loss.
Assets related to the discontinued operations are presented in the statement of financial position as the
assets they are related to.
Bunker Holding Annual Report 2024/25
Financial Statements
87
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 2.2 BUSINESS COMBINATIONS
USD'000 Country
Acquired
ownership
Acquisition
date
Main
Activity Consideration
2024/25
New York Harbour USA
100% February 2025 Bunkering 4,384
In 2024/25 Bunker Holding Group acquired the rights to operate in New York Harbour from Element Americas
Inc.
Acquisition-related costs of USD 19k that were directly attributable to the acquisition are included in total
consideration.
The fair value has been determined in accordance with generally accepted discounted cash flow analysis,
where significant inputs are the entity’s earnings and the discount rate. This is a level 3 in the fair value
hierarchy.
Assets acquired and liabilities recognised at the date of acquisition:
USD'000
February 2025
Goodwill arising on acquisition
4,384
Total purchase price
4,384
Of which acquired cash and cash equivalents
0
Total consideration
4,384
The acquired business contributed to the group with:
USD'000
February 2025
Since date of acquisition
Revenue
80,467
Net Profit
-2,431
Revenue and profit or loss of the acquired operations as if the acquisition had occurred on 1 May 2024 is not
disclosed, as this information is impracticable to obtain. The acquired operations were previously integrated
within a broader business and did not maintain separate financial records.
Accounting estimates and judgement
Purchasing Price Allocation for acquisition of businesses
For acquisitions of entities, the assets, liabilities and contingent liabilities of the acquiree are
recognised using the acquisition method. The most significant assets acquired generally comprise of
goodwill, customer contracts, trademarks, other non-current assets and receivables.
No active market exists for the majority of the acquired assets and liabilities, in particular in respect of
acquired intangible assets. Accordingly, management makes estimates of the fair value of acquired
assets, liabilities and contingent liabilities. Depending on the nature of the item, the determined fair
value of an item may be associated with uncertainty and possibly adjusted subsequently.
Customer agreements and portfolios
In business combinations, the value of acquired customer agreements and customer portfolios are
assessed based on the value of repeat customers who buy the Group’s products. The current repeat
customers have substantial value due to future revenue via additional purchases of products with
a minimum sales effort as a result of established relationships. These relationships are defined as
customer relationships. The valuation method applied is based on a capitalised value of future cash
flows attributable to the customers based upon expected future mortality dispersion function and
deducted with cost of goods sold, related expenses and corporate income taxes.
Accounting policy
Business combinations
Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured
at fair value at the date control was achieved using the acquisition method. Identifiable intangible
assets are recognised if they arise from a contractual right or can otherwise be separately identified.
The difference between the fair value of the acquisition cost and the fair value of acquired identifiable
net assets is recognised as goodwill. Any subsequent changes to contingent acquisition costs are
recognised as other income or other costs in the income statement. Transaction costs are recognised
as operating costs as they are incurred. When Bunker Holding Group ceases to have control of a
subsidiary, the value of any retained investment is re-measured at fair value and the value adjustment
is recognised in the income statement as gain (or loss) on sale of non-current assets. The effect of the
purchase and sale of noncontrolling interests without changes in control is included directly in equity.
Bunker Holding Annual Report 2024/25
Financial Statements
88
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 2.3 INTANGIBLE ASSETS
USD'000 Goodwill
Patents,
trademarks
and other
rights
IT
devel opment
and
software
Customer
relationships Total
2024/25
Cost at 1 May
17,490 13,981 33,026 34,642 99,139
Exchange rate adjustment
5 0 25 0 30
Additions
4,512 0 4,399 0 8,911
Disposals
0 0 -1,781 0 -1,781
Cost at 30 April
22,007 13,981 35,669 34,642 106,299
Depreciation at 1 May
-900 -12,704 -17,280 -33,732 -64,616
Exchange rate adjustment
0 0 -14 0 -14
Depreciation
0 -185 -3,810 -280 -4,275
Reversed depreciation of
disposals
0 0 1,781 0 1,781
Depreciation at 30 April
-900 -12,889 -19,323 -34,012 -67,124
Carrying amount at 30 April
21,107 1,092 16,346 630 39,175
2023/24
Cost at 1 May
14,670 13,981 31,978 34,642 95,271
Exchange rate adjustment
0 0 2 0 2
Additions
0 0 1,046 0 1,046
Acquired in Business
Combinations
2,820 0 0 0 2,820
Cost at 30 April
17,490 13,981 33,026 34,642 99,139
Depreciation at 1 May
0 -12,519 -12,962 -33,432 -58,913
Exchange rate adjustment
0 0 -2 0 -2
Depreciation
0 -185 -4,316 -300 -4,801
Impairment losses
-900 0 0 0 -900
Depreciation at 30 April
-900 -12,704 -17,280 -33,732 -64,616
Carrying amount at 30 April
16,590 1,277 15,746 910 34,523
Goodwill on cash generating units
USD'000
2024/25 2023/24
New York Harbour
4,384 0
Tideform Limited
2,820 2,820
Others
13,902 13,770
Carrying amount at 30 April
21,106 16,590
Impairment Test
Goodwill is monitored by management at CGU level.
The Group tests whether goodwill has suffered any impairment on an annual basis. The recoverable amount
of a cash generating unit (CGU) is determined based on value-in-use calculations which require the use of
assumptions. The calculations use cash flow projections based on financial budgets and forecasts approved by
management covering a five-year period.
Cash flows beyond the five-year period are extrapolated using the estimated growth rates stated below. These
growth rates are consistent with forecasts included in industry reports specific to the industry in which each
CGU operates.
Management determines the values assigned to each of the key assumptions as follows:
Annual growth
This is the weighted average
growth rate used to extrapolate
cash flows beyond the budget
period. The rates are consistent
with forecasts included in industry
reports.
EBITDA margin
This is weighted average EBITDA
margin defined as EBITDA divided
by gross profit. Based on past
performance and management’s
expectations.
Discount rate
The discount rate is a WACC
after tax that reflects the risk free
interest rate with the addition of a
risk premium associated with the
particular cash generating unit.
During the impairment tests we have concluded that for 2024/25 there were impairment losses of USD 0
represented in the P&L under discontinued operations (2023/24: USD 900k).
Management finds that no reasonable change in key assumptions upon which recoverable amount is based
would lead to an impairment loss.
USD'000
2024/25 2023/24
Tideform Limited
Annual growth rate %
15.0% 2.0%
EBITDA Margin %
51.2% 62.1%
Discount rate
12.5% 8.1%
Other
Annual growth rate % (avg.)
2.0% 2.0%
EBITDA margin % (avg.)
36.9% 34.6%
Discount rate (avg.)
13.7% 9.2%
Bunker Holding Annual Report 2024/25
Financial Statements
89
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
Impairment of fixed assets
The carrying amounts of intangible assets and property, plant and equipment are reviewed on an
annual basis to determine whether there is any indication of impairment other than that expressed by
amortisation and depreciation.
Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit
exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is
attributed to cashgenerating units on acquisition and impaired before other assets.
Intangible assets and property, plant and equipment are tested for impairment, if there is an indication
of impairment.
However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite
useful lives.
Accounting estimates and judgement
Goodwill
The unallocated purchase price (positive amount) is recognised in the statement of financial position
as goodwill, which is allocated to the Group’s cash-generating units. Management makes estimates of
the acquired cash-generating units, the cash-generating units that already existed in the Group and
the allocation of goodwill. The allocation of goodwill is based on the expected future cash flows for the
business.
The present value of expected future cash flows (value in use) is based on budgets and business plans.
Key parameters are annual growth rates in the first five years, EBIT-margin and growth expectations
for the following years.
As the risk associated with cash flows are not included in the expected cash flows for newly acquired
entities, the expected future cash flows are discounted using a WACC rate. Management believes that
the purchase price accounted for in the consolidated financial statements reflect the best estimate of
the total fair value of the business. Determining whether goodwill is impaired requires a comparison
of the recoverable amount with the carrying amount. The recoverable amount is determined as the
net present value of the future cash flows expected to arise from the cashgenerating unit to which
goodwill is allocated.
Trademarks
The value of the trademarks acquired and their expected useful life are assessed based on the
trademarks’ market position, expected long-term developments and the trademarks’ profitability. The
estimated value of acquired trademarks include all future cash flows associated with the trademarks
using the relief from royalty method. For most entities acquired, there is a close relationship between
trademarks and sales.
Impairment Test
Management’s assessment of indication of impairment is based on the cash-generating units (CGUs).
If there are indications that the carrying amount of assets exceeds the value of future cash flows from
the assets (recoverable amount), an impairment test must be carried out. The recoverable value is
calculated as the highest value of the net selling price (fair value less selling costs) and the value in use
at continued use.
The impairment test is carried out within the Group’s CGUs. The impairment test is conducted
by estimating the recoverable amount at value in use calculated as the present value of the total
expected cash flows within the CGU. If the value in use is lower than the carrying amounts of the
assets in the CGU, the assets are written down by first reducing the value of any goodwill allocated
to the CGU and then pro rata reducing the value of the other assets of the CGU on the basis of the
carrying amount of each asset. The assets are not written down to a lower amount than the individual
assets’ net selling price.
Intangible assets
Intangible assets are measured at cost less accumulated amortisation and impairment losses.
Amortisation is calculated on a straight-line basis over the estimated useful lives of the assets.
Trademarks are amortised over a useful life of 3 years. IT development and software are amortised over
a useful life of 3-7 years. Customer relations are amortised over a useful life of 5 years.
NOTE 2.3 INTANGIBLE ASSETS (CONTINUED)
Bunker Holding Annual Report 2024/25
Financial Statements
90
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 2.4 PROPERTY, PLANT AND EQUIPMENT
USD'000
Land and
buildings
Leasehold
improvements
Fixtures and
fittings,
tools and
equipment Total
2024/25
Cost at 1 May
10,309 9,384 20,042 39,735
Adjustment to cost at 1 May
0 0 688 688
Exchange rate adjustment
0 -111 -513 -624
Additions
165 551 2,709 3,425
Disposals
0 -1,470 -932 -2,402
Cost at 30 April
10,474 8,354 21,994 40,822
Depreciation at 1 May
-495 -4,974 -15,600 -21,069
Adjustment to depreciation at 1 May
0 0 508 508
Exchange rate adjustment
0 -16 343 327
Depreciation
-287 -1,228 -1,465 -2,980
Reversed depreciation of disposals
0 781 899 1,680
Depreciation at 30 April
-782 -5,437 -15,315 -21,534
Carrying amount at 30 April
9,692 2,917 6,679 19,288
2023/24
Cost at 1 May
10,305 7,500 16,628 34,433
Exchange rate adjustment
0 -253 183 -70
Additions
4 2,363 3,611 5,978
Disposals
0 -226 -380 -606
Cost at 30 April
10,309 9,384 20,042 39,735
Depreciation at 1 May
-217 -4,233 -13,272 -17,722
Exchange rate adjustment
0 58 -137 -79
Depreciation
-278 -984 -2,447 -3,709
Reversed depreciation of disposals
0 185 256 441
Depreciation at 30 April
-495 -4,974 -15,600 -21,069
Carrying amount at 30 April
9,814 4,410 4,442 18,666
Accounting policy
Property, plant and equipment
Property, plant and equipment are measured at cost less accumulated depreciation and impairment
losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until
the time when the asset is ready for use.
Land is measured at cost. No depreciation is made on land.
Interest paid on loans raised for indirect or direct financing or production of property, plant and
equipment is recognised in the income statement.
Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the
expected useful lives of the assets:
Buildings are amortised over a useful period of 20-50 years. Other fixtures and fittings, tools and
equipment are amortised over a useful time of 3-10 years.
Estimated useful lives and residual values are reassessed on a regular basis. Scrap values are
reassessed yearly.
Gains and losses on sale of property, plant and equipment are recognised in the income statement
under Other operating income and Other external expenses, respectively.
Impairment of fixed assets
The carrying amounts of intangible assets and property, plant and equipment are reviewed on an
annual basis to determine whether there is any indication of impairment other than that expressed by
amortisation and depreciation.
Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit
exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is
attributed to cashgenerating units on acquisition and impaired before other assets.
Intangible assets and property, plant and equipment are tested for impairment, if there is an indication
of impairment.
However, annual impairment tests are carried out for goodwill and other intangible assets with
indefinite useful lives.
Bunker Holding Annual Report 2024/25
Financial Statements
91
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
Accounting policy
Rights-of-use asset
The Group recognises a right-of-use asset and a lease liability at the commencement date for
contracts conveying the right to control the use of an identified assets for a period of time. The
commencement date is the date on which a lessor makes an underlying asset available for use by a
lessee.
The right-of-use assets are initially measured at cost, which comprises:
• the amount of the initial measurement of the lease liability,
• any lease payments made at or before the commencement date, less any lease incentives,
• any initial direct costs incurred by the lessee,
• an estimate of costs to be incurred by the lessee in dismantling and removing the underlying
assets or restoring the site on which the assets are located.
Contracts with a duration of one year and contracts where the underlying value of the individual
assets is low is not capitalised.
After the commencement date the right-of-use assets are measured at cost less any accumulated
depreciation and any accumulated impairment losses and adjusted for any re-measurement of the
lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at
that date. These include:
• fixed payments, less any lease incentives receivable;
• variable lease payments that depend on an index or a rate, initially measured using the index or
rate as at the commencement date;
• amounts expected to be payable by the lessee under residual value guarantees;
• the exercise price of a purchase option if the lessee is reasonably certain to exercise that option;
and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising
an option to terminate the lease.
The lease payments exclude variable elements which are dependent on external factors such
as e.g. sale volume in the point of sale leased. Variable lease payments not included in the initial
measurement of the lease liability are recognised directly in the profit and loss.
The lease payments are discounted using the Group’s incremental borrowing rate or the rate implicit in
the lease contract.
NOTE 2.5 RIGHT-OF-USE ASSETS
The balance sheet shows the following amounts relating to leases:
USD'000
2024/25 2023/24
Land and buildings
20,692 17,621
Fixtures and fittings, tools and equipment
24,868 6,752
Right-of-use assets at 30 April
45,560 24,373
Lease liabilities, Current
-31,811 -12,437
Lease liabilities, Non-current
-14,972 -12,903
Lease liabilities at 30 April
-46,783 -25,340
Additions to the right-of-use assets during the 2024/25 financial year were USD 40.6 mill., (2023/24: USD
15.3 mill.)
USD'000
2024/25 2023/24
Depreciation charge of right-of-use assets
Land and buildings
-9,736 -8,203
Fixtures and fittings, tools and equipment
-9,201 -4,564
Total
-18,937 -12,767
Interest expense (included in finance cost)
-1,882 -990
Expenses relating to short-term leases
-70,394 -77,382
Bunker Holding Annual Report 2024/25
Financial Statements
92
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 2.6 INVESTMENTS IN ASSOCIATES
USD'000
2024/25 2023/24
Cost at 1 May
7,409 152
Additions for the year
0 7,257
Cost at 30 April
7,409 7,409
Value adjustments at 1 May
13,850 10,711
Adjustments
20 370
Share of profit for the year
2,876 2,769
Dividend
-1,000 0
Value adjustments at 30 April
15,746 13,850
Carrying amount at 30 April
23,155 21,259
USD'000 Country Currency Method
2024/25 2023/24
Kaeline Group Limited Cyprus USD Equity
50% 50%
FueLink Performance
Optimisation Services
Ltd.
Cyprus USD Equity
50% 50%
Accounting policy
Share of profit/loss in associated companies
Share of profit or loss in associated companies is recognised net of tax and corrected for the share of
unrealised intra-group gains and losses.
Investments in associates and joint ventures
Investments in associated companies and joint ventures are recognised at Bunker Holding’s share
of the equity value inclusive of goodwill less any impairment losses. Goodwill is an integral part of
the value of associated companies and is therefore subject to an impairment test together with the
investment as a whole. Impairment losses are reversed to the extent the original value is considered
recoverable.
Bunker Holding Annual Report 2024/25
Financial Statements
93
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
USD'000
2024/25 2023/24
Inventory
89,869    143,063
Trade receivables
923,660 1,284,188
Other receivables
92,962 176,961
Net derivatives
46,418 23,260
Trade payables
-734,937 -912,192
Other payables
-67,247 -58,224
Total net working capital
350,725 657,056
NET WORKING CAPITAL ALIGNED WITH MARKET TRENDS
Net working capital is a key metric that reflects
the liquidity and operational efficiency of our
organisation. As of 30 April 2025, our net working
capital position stood at USD 351 million, reflecting
a decrease compared to the previous reporting
period. This change was driven by fluctuations in
accounts receivable, inventory levels, and accounts
payable.
Trade- and other receivables represent amounts
due from customers and business, and our
management of receivables focuses on optimising
collection periods while minimising credit risk. Close
monitoring of inventory levels allows us to maintain
strong turnover ratios while ensuring immediate
availability to meet customer demand. Trade-
and other payables represent amounts owed to
suppliers for goods or services received, and we aim
to manage payables efficiently to optimise cash
flow while maintaining strong supplier relationships.
We use derivatives for economic hedging and not
as speculative investments.
External factors such as market conditions, industry
trends, and economic indicators all impact our net
working capital. As such, we continuously monitor
and assess our working capital management
strategies to adapt to changing circumstances
and optimise our financial performance. Effective
working capital management is critical to sustaining
our business operations. By maintaining a healthy
net working capital position, we can enhance our
financial flexibility, mitigate liquidity risks, and
capitalise on opportunities for strategic investments
and expansions.
CORRELATION OF OIL PRICE AND NET WORKING CAPITAL
During this fiscal year, we have seen a reduction in our net working capital, which reflects stronger
capital efficiency and improved cash flow management. This trend aligns with the overall decline in
the Brent Spot price since May 1st. As fuel prices have come down, so have the values of inventories
and receivables — naturally contributing to a leaner working capital position. This underscores our
ability to adapt to market dynamics while optimising capital allocation across the organisation.
700
600
500
400
300
200
100
-
1 May 2024
657
351
-53
-9
177
-84
23
-361
30 April 2025
Trade receivables
Other receivables
Net derivatives
Inventory
Trade payables
Other payables
700
600
650
550
500
450
400
350
300
100
90
95
85
80
75
70
65
60
May
June
July
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
NWC
BRENT SPOT
BRENT SPOTNWC
DEVELOPMENT IN NET WORKING CAPITAL (USD million)
82 Note 1 Revenue and costs
83 Note 1.1 Revenue
83 Note 1.2 Other external expenses
84 Note 1.3 Taxes
86 Note 2 Invested capital
87 Note 2.1 Discontinued operations
88 Note 2.2 Business combinations
89 Note 2.3 Intangible assets
91 Note 2.4 Property, plant and equipment
92 Note 2.5 Right-of-use assets
93 Note 2.6 Investments in associates
94 Note 3 Net working capital
95 Note 3.1 Inventories
96 Note 3.2 Trade receivables and credit risk
97 Note 3.3 Derivatives
99 Note 3.4 Oil price risk
NET WORKING CAPITAL
NOTE 3
Bunker Holding Annual Report 2024/25
Financial Statements
94
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 3. INVENTORIES
USD'000
2024/25 2023/24
Current assets
Good for resale - at cost
2,936 4,624
Good for resale - at fair values less costs to sell
86,933 138,439
Total inventories
89,869 143,063
Accounting policy
Inventories
Inventories are measured at the lower of cost under the FIFO method and net realisable value. The
net realisable value of inventories is calculated at the amount expected to be generated by sale in
the process of normal operations with deduction of selling expenses and costs of completion. The net
realisable value is determined allowing for marketability, obsolescence and development in expected
sales sum.
The cost price of inventories whose fair value is effectively hedged from derivative financial
instruments is adjusted for the change in fair value attributable to the hedged risk.
The cost of goods for resale, raw materials and consumables equals landing cost.
Bunker Holding Annual Report 2024/25
Financial Statements
95
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 3.2 TRADE RECEIVABLES AND CREDIT RISK
The aging of receivables is as follows:
USD'000
Trade
receivables Provision for impairment
Net trade
receivables
2024/25
Receivables not due
739,723 0.2% -1,479 738,244
Less than 90 days overdue
155,339 0.5% -777 154,562
More than 90 days overdue
34,598 10.8% -3,744 30,854
Carrying amount
929,660 0.6% -6,000 923,660
2023/24
Receivables not due
1,086,466 0.5% -5,432 1,081,034
Less than 90 days overdue
178,154 0.8% -1,390 176,764
More than 90 days overdue
35,173 25.0% -8,783 26,390
Carrying amount
1,299,793 1.2% -15,605 1,284,188
During the year, the following gains/losses were recognised in the income statement in relation to impaired
receivables.
USD'000
2024/25 2023/24
Incurred losses
-3,743 -10,487
Movement in expected credit losses
9,605 1,945
Reversal of previous incurred losses
1,700 1,340
Loss recognised in the income statement
7,562 -7,202
During the year, the following movement in provision were recognised in the statement of financial position in
relation to impaired receivables.
USD'000
2024/25 2023/24
Provision 1 May
-15,605 -17,550
Movement in provision for impairment
9,605 1,945
Carrying amount at 30 April
-6,000 -15,605
Accounting estimates and judgements
Trade Receivables
Trade receivables are measured at amortised cost less write-down for estimated bad debt losses.
Impairment losses are based on an individual review of the need for impairment based on customers’
creditworthiness and expected ability to pay, customer insolvency or anticipated insolvency, and past
due amounts. Write-downs are also considered on a portfolio level. In assessing the adequacy of write-
downs for bad debt losses, Management specifically analyses receivables, including doubtful debts,
concentrations of credit risk, credit ratings, current economic conditions and changes in customers’
payment behavior.
The specific amount provided for as bad debt is estimated based on a specific assessment of the
customers. In this assessment, professional judgment is used, and options such as taking collateral are
taken into consideration.
Accounting policy
Receivables
Receivables are measured in the balance sheet at the amount initially recognised less the expected
lifetime credit loss. Provisions for bad debts are determined on the basis of an individual assessment of
each receivable in combination with an assessment on a portfolio level based on current and expected
future economic conditions.
The carrying amounts of trade receivables include receivables subject to sale of receivable
arrangements. Under these arrangements, Bunker Holding has transferred the relevant receivables to
buyers in exchange for cash and is prevented from selling or pledging the receivables. Through these
transactions, Bunker Holding has transferred the majority of the late payment and credit risk associated
with the receivables. Bunker Holding derecognises the majority of the transferred receivables from
its statement of financial position. However, Bunker Holding continues to recognise a portion of the
transferred receivables where it retains a minority share of the late payment and credit risk.
The Group is exposed to credit risk relating to its customers, and all customers and other business partners
are credit rated regularly in accordance with the Group’s policy for assuming credit risks. The credit risk
also comprises risks relating to term contracts that can occur when one party fails to fulfill its contractual
obligations due to credit related issues. In a term contract, two parties agree to enter into a long-term
agreement where one party provides goods, and the other party agrees to make payments over a specified
period. Such circumstances may lead to uncertainty with regards to the valuation of financial assets. Such term
commitments are assessed by Group Credit in a M2M credit framework. The assessment of the Groups credit
risk is reflected in the provision for expected credit losses and will fluctuate over time.
The Group has receivables related to claims on freight, interest, price differences etc. recognised in the
balance sheet under trade receivables. The nature of such receivables has an increased inherent risk of
impairment due to the counter party not receiving any products in return of the claim. Thorough internal
procedures are in place to minimise the credit risks and the international conventions for obtaining maritime
lien for bunker deliveries mitigate the negative impact from defaulting payers. In addition, the Group insure
the credit risk on certain receivables where considered adequate due to the credit worthiness of the counter
party or the size of the credit exposure.
The Group’s cash at bank and in hand is deposited with banks that meet the appropriate credit criteria.
In terms of credit rank banks must be at an acceptable level. Risk Management services are offered to
our customers. These services include derivatives on fixed price contracts to customers which have been
approved in line with the group’s credit policy.
Bunker Holding has established receivable sale programs that enable us to sell certain qualifying receivables
to third parties. We have assessed the criteria for risk transfer and the control of receivables subsequent to
their sale. Based on this assessment, sold receivables are excluded from trade receivables, except for any
amounts representing our continuing involvement. One of the programs involves the sale of receivables
to a third-party special purpose vehicle (SPV) established to acquire receivables from Bunker Holding. An
assessment was conducted to determine whether Bunker Holding controls the SPV, with the conclusion being
that it does not. This conclusion is based on several factors, including that Bunker Holding only manages the
debt collection process until any potential event of default, after which other parties in the structure will take
over.
As of 30 April 2025, we had sold receivables amounting to USD 268.7 million. Our continuing involvement in
these sold receivables, which we continue to recognise, was USD 6.8 million.
Bunker Holding Annual Report 2024/25
Financial Statements
96
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 3.3 DERIVATIVES
Derivatives are used mainly for economic hedging purposes and not as speculative investments. However,
where derivatives do not meet the hedging criteria, they are classified as ‘held for trading’ for accounting
purposes below. Bunker Holding Group has the following derivative financial instruments:
USD'000
2024/25 2023/24
Assets Liabilities Assets Liabilities
Commodity swaps
474,149 -369,224 207,771 -220,386
Commodity futures
187,547 -259,271 89,847 -66,537
Commodity options
1,140 -902 1,609 -1,745
Interest rate hedge
0 0 0 -141
Forward foreign exchange contracts
373 -14,901 31 -1,504
Gross balance
663,209 -644,298 299,258 -290,313
Balances qualifying for offsetting
Commodity swaps, -futures and -options
-493,533 493,533 -227,179 227,179
Net balance
169,676 -150,765 72,079 -63,134
Margin deposits
-99,805 127,312 -9,294 23,609
Amounts presented in the balance sheet
69,871 -23,453 62,785 -39,525
Amounts with right to set-off
-6,717 6,717 -2,380 2,380
Net exposure
63,154 -16,736 60,405 -37,145
Bunker Holding Group has a master netting agreement with all customers and obtains and provides collateral
in excess of agreed credit limits. In the balance sheet, derivative assets, liabilities and related collateral with the
same counter party is presented net to the extent that the amounts will be settled net.
Offsetting is typically limited within specific products. According to IFRS, financial assets and liabilities
are presented net, if there is both a legal right and intention to settle amounts with a counter party net or
simultaneously.
Derivatives are classified as held for trading and accounted for at fair value through income statement unless
they are designated as hedges. They are presented as current assets or current liabilities if they are expected to
be settled within 12 months after the end of the reporting period.
Fair value hierarchy – Financial instruments measured at fair value
Financial instruments measured at fair value comprise of only derivatives and can be divided into three
levels:
Level 1
Quoted prices (unadjusted) in active markets for
identical assets or liabilities.
Level 2
Inputs other than quoted prices included within
Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e.
derived from prices). To a large extent, level 2 is
based on observable quoted prices; however, in
some instances forward prices are not observable.
In these situations we use the most liquid forward
curves and derive a spread to the specific location.
For options theoretical pricing models with implied
volatilities from Ice are used to calculate market
prices.
These valuation techniques maximise the use of
observable market data where it is available and
rely as little as possible on entity specific estimates.
If all significant inputs required to calculate the
fair value of an instrument are observable, the
instrument is included in Level 2.
Level 3
Inputs for the assets or liabilities that are not based
on observable market data.
Fair value of listed securities fall within level 1 of
the fair value hierarchy. Non-listed shares and
other securities fall within level 3 of the fair value
hierarchy.
Fair value of derivatives fall mainly within level 2
of the fair value hierarchy and is calculated on the
basis of observable market data as of the end of
the reporting period. A minor amount of crude oil
price derivatives fall within level 1 of the fair value
hierarchy.
Fair value of level 3 assets and liabilities is primarily
based on the present value of expected future cash
flows. A reasonably possible change in the discount
rate is not estimated to affect the Group’s earnings
after tax or equity significantly.
Bunker Holding Annual Report 2024/25
Financial Statements
97
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 3.3 DERIVATIVES (CONTINUED)
USD '000 Level 1 Level 2 Level 3 Total
2024/25
Financial assets
Derivatives
194,868 468,340 0 663,208
Total
194,868 468,340 0 663,208
Financial liabilities
Derivatives
-274,419 -369,879 0 -644,298
Total
-274,419 -369,879 0 -644,298
2023/24
Financial assets
Derivatives
90,104 209,154 0 299,258
Total
90,104 209,154 0 299,258
Financial liabilities
Derivatives
-70,232 -220,082 0 -290,313
Total
-70,232 -220,082 0 -290,313
Accounting policy
Derivative financial instruments
Derivative financial instruments are initially recognised in the balance sheet at fair value. Any difference
between the transaction price and fair value determined when applying a valuation model, which is not
solely based on observable market data, is deferred and recognised over the term of the contract.
Derivative financial instruments are subsequently remeasured at their fair values. Derivative financial
assets, liabilities and related collateral payable and receivable are presented net if the company has
both a current legally enforceable right to set off the recognised amounts and intends to settle net.
Net amounts of positive and negative fair values of derivative financial instruments are presented in
separate line items in the balance sheet.
Fair value of OTC oil derivative contracts is determined on the basis of generally applied forward
and option pricing models. Inputs to the models are to the extent possible determined on the basis
of observable prices for the underlying products. For contracts where the most significant input is
unobservable, Management estimates the input.
Changes in the fair values of derivative financial instruments are recognised in the income statement
unless the derivative financial instrument is designated and qualify as hedge accounting. The contracts
entered into as of 30 April 2024 comprise commodity derivatives. The net amount of fair value gains and
losses related to commodity derivatives is presented as gross profit.
Bunker Holding Annual Report 2024/25
Financial Statements
98
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 3.4 OIL PRICE RISK
The majority of the Group’s trading activities is back-to-back trading of bunker
products with delivery on short notice (so called spot trading), where sale and
purchases are made simultaneously. This eliminates the oil price risk as there are no
open positions in such transaction.
The same is the case when the Group enters into fixed price agreements with customers
for delivery of bunker products on future dates. Here the oil price exposure of such
contracts is hedged to mitigate any oil price risk arising. In cases where bunkers are
sold on term contracts at fixed prices and a counter party fails to fulfil its contractual
obligations of lifting product this may lead to uncertainty with regards the net
realisable value of the inventory. To mitigate for this; term commitments are assessed
by Group Credit in a M2M credit framework.
When it comes to physical activities the Group possesses stocks of oil as the bunker
products are bought in larger quantities and stored for blending and resale. The
oil price risk arising from these oil price stocks is mitigated by entering into hedge
agreements and only a small risk is allowed for each company involved in physical
activities – this risk is allowed for operational reasons.
The overall risk limit set in the policy is defined by a maximum net open (unhedged)
position for the Group and for the individual companies involved in physical exposure
having a limit for open oil price risk. The sensitivity of the consolidated net open position
is calculated every day on a 1 day Value at-Risk basis, based on a confidence level of
95% and 500 days of historical observations. Measured on these terms Value-at-Risk
was respectively USD 1.6 million and USD 1.5 million for 2024/25 and 2023/24. The
Group is exposed to oil price risk arising from future purchases and sales of bunkers
and from bunker inventories. The Group regularly enters into financial derivatives to
hedge this risk. The risk is measured as the net open position until December 2026.
The company designates the spot component of oil futures and swaps as the hedging
instrument.
The changes in the forward element that relate to the hedged item (‘aligned forward
element’) is deferred in the costs of hedging reserve and recognised against the related
hedged transaction when it occurs. The forward element relates to the respective
hedged item if the critical terms of the forward or swap are aligned with the hedged
item. Any residual time value and forward points (the non-aligned portion) are
recognised in the income statement. During the years ending 30 April 2025 and 2024,
the company did not have any hedging instruments with terms which were not aligned
with those of the hedged items. The spot component of forward contracts is determined
with reference to relevant spot market prices. The differential between the contracted
forward rate and the spot market exchange rate is defined as the forward point.
The effects of applying hedge accounting on the company’s financial position and performance are as follows
2024/25 2023/24
Oil futures and swaps hedging future sales of oil
Notional amount (MT)
91,520 86,573
Carrying amount, assets (USD’000)
80 863
Carrying amount, liabilities (USD’000)
-1,619 -457
Maturity dates
May’25-Dec’26
May’24-Jul’25
Hedge ratio
1:1 1:1
Change in discounted spot value of outstanding hedging instruments since 1 May (USD’000)
-1,538 600
Change in value of hedged item used to determine hedge effectiveness (USD’000)
-1,538 782
Weighted average hedge price per metric tonne including forward points (USD)
563 623
The carrying amount of USD -1.5 million (2023/24: USD 0.6 million) has been netted with carrying amount of the oil futures and swaps
hedging futures purchase of oil. Net carrying amount is USD -5.5 million (2023/24: USD 1.0 million).
2024/25 2023/24
Oil futures and swaps hedging future purchases of oil
Notional amount (MT)
210,038 102,095
Carrying amount, assets (USD’000)
61 1,107
Carrying amount, liabilities (USD’000)
-3,605 -699
Maturity dates
- -
Hedge ratio
1:1 1:1
Change in discounted spot value of outstanding hedging instruments since 1 May (USD’000)
-3,974 445
Change in value of hedged item used to determine hedge effectiveness (USD’000)
-3,974 445
Weighted average hedge price per metric tonne including forward points (USD)
556 643
The carrying amount of USD -4.0 mill (2023/24: USD 0.4 mill) has been netted with carrying amount of the oil futures and swaps hedging
futures sales of oil. Net carrying amount is USD -5.5 mill (2023/24: USD 1.0 million).
2024/25 2023/24
Oil futures and swaps hedging inventory
Notional amount (MT)
-144,240 -148,833
Carrying amount, assets (USD’000)
3,869 73
Carrying amount, liabilities (USD’000)
-1,762 -4,304
Maturity dates
May’25-Dec’26
May’24-Nov’24
Hedge ratio
1:1 1:1
Change in discounted spot value of outstanding hedging instruments since 1 May (USD’000)
2,107 -4,231
Change in value of hedged item used to determine hedge effectiveness (USD’000)
2,107 -4,231
Weighted average hedge price per metric tonne including forward points (USD)
689 624
Bunker Holding Annual Report 2024/25
Financial Statements
99
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
FINANCIAL RISKS
Bunker Holding faces multiple financial risks including market risks such as currency risks, interest rate risks
and price risks. In addition to market risks, the company also faces credit and liquidity risks. Market risk refers
to the risk of losses on financial positions arising from movements in market prices to which the company
is exposed to through financial instruments. Market risks are regularly assessed and prioritised by their
probability and anticipated impact. Bunker Holding’s risk management programme seeks to minimise the
potential adverse effects on the company’s financial performance. Bunker Holding uses derivative financial
instruments to hedge certain risk exposures. Risk management is overseen by a central department, following
policies approved by the Board of Directors.
82 Note 1 Revenue and costs
83 Note 1.1 Revenue
83 Note 1.2 Other external expenses
84 Note 1.3 Taxes
86 Note 2 Invested capital
87 Note 2.1 Discontinued operations
88 Note 2.2 Business combinations
89 Note 2.3 Intangible assets
91 Note 2.4 Property, plant and equipment
92 Note 2.5 Right-of-use assets
93 Note 2.6 Investments in associates
94 Note 3 Net working capital
95 Note 3.1 Inventories
96 Note 3.2 Trade receivables and credit risk
97 Note 3.3 Derivatives
99 Note 3.4 Oil price risk
100 Note 4 Capital structure and financial
items
101 Note 4.1 Financial income and expenses
102 Note 4.2 Financial instruments
103 Note 4.3 Foreign exchange risks
103 Note 4.4 Interest rate risks
104 Note 4.5 Liquidity risk
104 Note 4.6 Maturities of liabilities and commitments
105 Note 4.7 Hedging
105 Note 4.8 Equity
CAPITAL STRUCTURE
AND FINANCIAL ITEMS
NOTE 4
1.1
UNSECURED
COMMITTED
CREDIT
FACILITIES
USD BILLION
0.8
BILATERAL
GUARANTEE
FACILITIES &
FACTORING LINES
USD BILLION
USD'000
2024/25 2023/24
Non-current borrowings
21,401 161,053
Current borrowings
135,178 199,920
Cash and cash equivalents
-15,486 -7,683
Net interest-bearing debt
141,093 353,290
Equity
294,316 358,772
Total capital structure
435,409 712,062
Unutilised credit facilities:
723,515 565,230
FUNDING
At the heart of our financial strategy lies a robust
capital structure designed to support our business
objectives while ensuring stability and resilience. We
strive to optimise capital allocation and enhance
shareholder value through prudent management of
debt, equity, and financial instruments.
Notes within this topic covers various aspects of
our financial framework. This includes a breakdown
of financial income and expenses, derivatives and
other financial instruments used, an assessment of
financial risks, and our equity structure.
As we navigate through these financial details, our
overarching goal remains clear: to maintain a strong
and sustainable financial position that supports our
long-term ambitions while mitigating risk.
UNUTILISED
CREDIT
USD BILLION
0.724
AND
Bunker Holding Annual Report 2024/25
Financial Statements
100
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 4. FINANCIAL INCOME AND EXPENSES
USD'000
2024/25 2023/24
Interest expenses on liabilities
-55,208 -44,522
Interest expense on lease liabilities
-1,882 -990
Interest income on loans and receivables
10,949 9,990
Securities, capital losses
-2,417 -2,568
Net interest expenses
-48,558 -38,090
Net foreign exchange gains/losses
807 1,004
Net fair value gains/losses
807 1,004
Financial expenses, Net
-47,751 -37,086
Of which:
Financial income
10,949 9,990
Financial expenses
-58,700 -47,076
Accounting policy
Financial income and expenses
Financial income and expenses comprise interest, financial expenses in respect of finance leases,
realised and unrealised exchange adjustments, price adjustment of securities, amortisation of
mortgage loans as well as extra payments and repayment under the on-account taxation scheme.
Bunker Holding Annual Report 2024/25
Financial Statements
101
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 4.2 FINANCIAL INSTRUMENTS
USD'000
Fair value
through income
statement
Amortised
cost
2024/25
Financial assets
Trade and other receivables
0 1,016,622
Derivative financial instruments
69,871 0
Cash and cash equivalents
0 15,486
Total financial assets
69,871 1,032,108
Financial liabilities
Trade and other payables
0 -802,184
Borrowings
0 -156,579
Lease liabilities
0 -46,783
Derivative financial instruments
-23,453 0
Total financial liabilities
-23,453 -1,005,546
Total
46,418 26,562
2023/24
Financial assets
Trade and other receivables
0 1,461,149
Derivative financial instruments
62,785 0
Cash and cash equivalents
0 7,683
Total financial assets
62,785 1,468,832
Financial liabilities
Trade and other payables
0 -970,416
Borrowings
0 -360,973
Lease liabilities
0 -25,340
Derivative financial instruments
-39,525 0
Total financial liabilities
-39,525 -1,356,729
Total
23,260 112,103
Categories of financial assets and liabilities as defined in IFRS 9. The classification depends on the purpose
for which the investments were made. Management determines the classification of its investments on initial
recognition and reevaluates these at the end of every reporting period to the extent that such a classification
is permitted and required.
Financial instruments carried at fair value
Bunker Holding Group has entered into financial bunker sale agreements with customers with the bunker
price in places where the price is not directly observable. Fair value is determined as the present value of the
difference between the price fixed in the agreement and the forward price for the same quality of bunker in
a liquid place (Rotterdam, Singapore) with the addition of an estimated spread between the liquid place and
the place of delivery under the contract for the same quality of bunker and an estimated margin. The spread
is determined on the basis of an analysis of the historical difference between the actual price in the liquid
place and available price observations for the place of delivery. The margin is estimated to be equal to the
margin on inception of the contract over the term of the agreement. Refer to note 3.3 for further information.
Financial instruments carried at amortised cost
Fair value of the short term financial assets and other financial liabilities carried at amortised cost is not
materially different from the carrying amount. In general, fair value is determined primarily based on the
present value of expected future cash flows, discounted with an interest rate reflecting the credit rating
of the company. Where a market price was available, this was deemed to be the fair value. Fair value of
borrowing items fall within level 2 of the fair value hierarchy and is calculated on the basis of discounted
future cash flows. Carrying amount of borrowings differs from fair value due to capitalised borrowing costs
of USD 5.1 million (2023/24: USD 5.2 million).
Accounting policy
Financial liabilities
Fixed-interest loans are recognised initially at the proceeds received net of transaction expenses
incurred. Subsequently, the loans are measured at amortised cost; the difference between the
proceeds and the nominal value is recognised as an interest expense in the income statement over the
loan period. Other debts are measured at amortised cost, substantially corresponding to nominal value.
Bunker Holding Annual Report 2024/25
Financial Statements
102
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 4.3 FOREIGN EXCHANGE RISKS
The functional currency is USD and thus all amounts are recorded and reported in USD. Nearly all of
revenues and costs of sales are denominated in USD. However, payments of local costs such as office
expenses, local taxes, local employee compensation and GST/VAT payments may be denominated in local
currencies. In some limited locations, suppliers are paid in local currency. The largest gross exposures are to
the Singapore Dollar, Danish Kroner, and Taiwan New Dollar. However, the risk management policy requires
the use of hedging strategies to mitigate the impact of foreign currency exchange risk. Therefore, the net
exposure to foreign currency exchange risk is insignificant.
An increase in the USD exchange rate of 10% against all other significant currencies to which the Group
is exposed to is estimated to have a positive impact on the Group’s EBT by USD 0.4 million (2023/24: USD
0.1 million) add to affect the Group’s equity, excluding tax, positively by USD 0.3 million (2023/24: USD 0.1
million). The sensitivities are based only on the impact of financial instruments that are outstanding at the
balance sheet date and are thus not an expression of the Group’s total currency risk.
Net interest-bearing debt
USD'000
2024/25 2023/24
Non-current liabilities
Bank borrowings
-21,401 -161,053
Current liabilities
Bank borrowings
-135,178 -199,920
Interest-bearing debt
-156,579 -360,973
Cash and cash equivalents
15,486 7,683
Net interest-bearing debt
-141,093 -353,290
The Group has most of its debt denominated in USD. Borrowings issued at variable interest rates expose the
Group to interest rate risk. The Group’s policy is to have its borrowings mainly in floating rate instruments, as
the borrowings are mainly financing short term assets.
The risk management policy allows to use hedging strategies to mitigate the impact of interest rate risk.
A general increase in interest rates by one percentage point is estimated, all other things being equal, to
have a negative impact on earnings before tax and equity, (excluding tax) by USD 4.4 million per annum
(2023/24: negatively by USD 5.5 million), as a result of higher interest cost on borrowings.
The pricing model of the Group allows to a large extent the pass-through of interest costs to customers.
Hence, from an operational point of view the Group is not as exposed as the analysis indicates. As such the
analysis is therefore not representative for the Group.
NOTE 4.4 INTEREST RATE RISKS
Bunker Holding Annual Report 2024/25
Financial Statements
103
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 4.5 LIQUIDITY RISK
Funding and adequate liquidity are fundamental factors in driving an expanding business, and
management of both is an integrated part of Bunker Holding’s continuous budget and forecasting
process. To ensure focus on managing the risks related to funding and liquidity, Bunker Holding’s Group
Treasury department manages and monitors funding and liquidity for the entire Group and ensures
sufficient cash and bank credit facility reserves to enable the Group to meet the operating liquidity needs,
and having an adequate amount of committed credit facilities and monitoring forecast and actual cash
flow by matching the maturity profiles.
The borrowings are based on loan facilities committed by the banks for up to a 3-year period ending April
2028. The financing is granted as overdraft facilities without an agreed repayment profile.
The Group’s borrowings are subject to standard clauses, according to which the Group’s debt must
be repaid in case of a change of control. The group has open credit lines to ensure an acceptable level
of liquidity and monitors capital on the basis of four key figures/ratios of which the group is subject to
covenants. The covenants consist of a borrowing base covenant (1), equity covenant (2) Interest cover
covenant (3) and a gearing covenant (4). The covenants have not been breached in 2024/25, and neither
were they breached in 2023/24.
It is crucial for the Group to maintain a financial reserve to cover the Group’s obligations and investment
opportunities and to provide the capital necessary to offset changes in the Group’s liquidity due to changes
in the cash flow from operating activities. At 30 April 2025 Bunker Holding Group had total unutilised credit
facilities of USD 723.5 million (2023/24: USD 565.2 million). Besides the unutilised credit facilities the Group
has factoring lines and bilateral guarantee facilities of USD 833.0 million (2023/24: USD 679.0 million).
NOTE 4.6 MATURITIES OF LIABILITIES AND COMMITMENTS
The tables below detail the Group’s remaining contractual maturity for its financial liabilities with agreed
repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial
liabilities based on the earliest date on which the Group can be required to pay.
USD '000
Carrying
Amount 0-1 year 1-5 years
After
5 years Total
2024/25
Borrowings
-156,579 -135,178 -21,401 0 -156,579
Lease liabilities
-46,783 -33,655 -15,646 -190 -49,491
Payables to related parties
-3,220 -3,220 0 0 -3,220
Trade payables
-731,717 -731,717 0 0 -731,717
Other payables
-67,247 -67,247 0 0 -67,247
Derivatives
-23,453 -23,453 0 0 -23,453
Financial instruments
-1,028,999 -994,470 -37,047 -190 -1,031,707
Short-term leases
0 -24,017 0 0 -24,017
Total
-1,028,999 -1,018,487 -37,047 -190 -1,055,724
2023/24
Borrowings
-360,973 -199,920 -161,053 0 -360,973
Lease liabilities
-25,340 -13,439 -13,525 -421 -27,385
Payables to related parties
-3,226 -3,226 0 0 -3,226
Trade payables
-908,966 -908,966 0 0 -908,966
Other payables
-58,224 -58,224 0 0 -58,224
Derivatives
-39,525 -39,525 0 0 -39,525
Financial instruments
-1,396,254 -1,223,300 -174,578 -421 -1,398,299
Short-term leases
0 -35,635 0 0 -35,635
Total
-1,396,254 -1,258,935 -174,578 -421 -1,433,934
Bunker Holding Annual Report 2024/25
Financial Statements
104
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 4.7 HEDGING
Hedging reserve
USD'000
2024/25 2023/24
Cash flow hedging reserve
Fair value 1 May
-604 1,022
Fair value changes deferred for the year
-1,178 3,279
Reclassified to sales
-467 -5,203
Reclassified to costs of goods sold
-319 298
Fair value 30 April
-2,568 -604
Cost of hedging reserve
Fair value 1 May
-970 49
Fair value changes deferred for the year
3,340 1,274
Reclassified to costs of goods sold
-2,095 -2,293
Fair value 30 April
275 -970
Total of hedging reserve
Fair value 1 May
-1,575 1,071
Fair value changes deferred for the year
2,162 4,552
Reclassified to sales
-467 -5,203
Reclassified to costs of goods sold
-2,413 -1,995
Fair value 30 April
-2,293 -1,575
Accounting policy
Hedge accounting
Changes in the fair values of financial instruments that are designated and qualify as fair value hedges
of a recognised asset or a recognised liability are recognised in the income statement as are any
changes in the fair value of the hedged asset or the hedged liability related to the hedged risk. Changes
in the fair values of financial instruments that are designated and qualify as hedges of highly probable
future transactions are recognised in other comprehensive income and presented in a separate reserve
within equity as regards the effective portion of the hedge. The ineffective portion is recognised in the
income statement. If the hedged transaction results in an asset or a liability, the amount deferred in
equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If
the hedged transaction results in an income or an expense, the amount deferred in equity is transferred
from equity to the income statement in the period in which the hedged transaction is recognised. The
amount is recognised in the same item as the hedged transaction.
Changes in the fair values of financial instruments that are designated and qualify as hedges of net
investments in independent foreign subsidiaries or associates are recognised directly in equity in
regard to the effective portion of the hedge, whereas the ineffective portion is recognised in the income
statement.
The Group applies the “cost of hedge” approach to certain hedge relationships. For hedges to which
this approach is applied, changes in forward points and option premiums are recognised in other
comprehensive income and classified in a separate reserve within equity. For cash flow hedges, the
amount is transferred to the income statement along with the hedged items. For fair value hedges, the
amount is transferred to the income statement on a systematic basis over the term of the hedge.
NOTE 4.8 EQUITY
The share capital consists of 100,001 shares of DKK 100 (equivalent USD 17.8) at the historical exchange rate of
5.6141 corresponding to USD 1,781k.
The Board of Directors proposes a dividend to the shareholder of USD 0 per share. Dividend paid to the
shareholder in 2024/25 was USD 710 per share – a total of USD 71,000 k.
Bunker Holding Annual Report 2024/25
Financial Statements
105
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
82 Note 1 Revenue and costs
83 Note 1.1 Revenue
83 Note 1.2 Other external expenses
84 Note 1.3 Taxes
86 Note 2 Invested capital
87 Note 2.1 Discontinued operations
88 Note 2.2 Business combinations
89 Note 2.3 Intangible assets
91 Note 2.4 Property, plant and equipment
92 Note 2.5 Right-of-use assets
93 Note 2.6 Investments in associates
94 Note 3 Net working capital
95 Note 3.1 Inventories
96 Note 3.2 Trade receivables and credit risk
97 Note 3.3 Derivatives
99 Note 3.4 Oil price risk
100 Note 4 Capital structure and financial
items
101 Note 4.1 Financial income and expenses
102 Note 4.2 Financial instruments
103 Note 4.3 Foreign
exchange risks
103 Note 4.4 Interest
rate risks
104 Note 4.5 Liquidity
risk
104 Note 4.6 Maturities of liabilities and commitments
105 Note 4.7 Hedging
105 Note 4.8 Equity
106 Note 5 Other disclosures
107 Note 5.1 Unrecognised Items
107 Note 5.2 Fees to auditors
108 Note 5.3 Transactions with related parties
109 Note 5.4 Companies in the Bunker Holding Group
110 Note 5.5 Change in liabilities arising from
financing activities
111 Note 5.6 General accounting policies
OTHER
DISCLOSURES
NOTE 5
SUPPLEMENTARY NOTES
This section includes statutory and regulatory disclosures that
complement the understanding of the Group’s financial position, but
which are not directly tied to the Group’s core operating activities.
The notes provide details on contingent liabilities, auditor fees,
transactions with related parties, cashflow related notes, and general
accounting policies. These disclosures ensure transparency and
compliance with applicable accounting and reporting standards.
Bunker Holding Annual Report 2024/25
Financial Statements
106
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 5. UNRECOGNISED ITEMS
Contingent Liabilities and Contingent assets
The Group’s Danish legal entities are jointly and severally liable for the tax on the Group’s jointly taxed
income. Total accrued corporation tax appears from the Annual Report of SelfGenerations T ApS which
acts as management company in the jointly taxed group. Moreover, the Group’s Danish enterprises are
jointly and severally liable for Danish withholding tax. Any subsequent adjustments to the corporation tax or
withholding tax may result in an increase of the Company’s liability.
Change of control
The bank borrowings are committed and unsecured (no pledge of assets) and are subject to change-of-
control clause.
Operating lease commitments
The group leases various offices, vehicles, barges and storage facilities under non-cancelable operating
leases expiring within three months to eight years. The leases have varying terms, escalation clauses and
renewal rights. On renewal, the terms of the leases are renegotiated. Bunker Holding recognise right-of-use
assets for leases, except for short term and low-value leases.
USD'000
2024/25 2023/24
Within one year
-24,017 -35,635
Total Lease
-24,017 -35,635
Lease expenses in the income statement
-70,394 -77,382
Capital Commitments
At 30 April 2025 the Group had no material capital commitments (30 April 2024: no material capital
commitment).
Events occurring after the reported period
No events have occurred since the balance sheet date which could materially affect the Group’s financial
position.
NOTE 5.2 FEES TO AUDITORS
USD'000
2024/25 2023/24
PricewaterhouseCoopers
Audit
1,376 1,347
Assurance engagements
2 22
Tax services
368 401
Other services
386 316
Other
Audit
311 244
Assurance engagements
24 28
Tax services
394 584
Other services
815 726
Total fee for the year
3,676 3,668
Bunker Holding Annual Report 2024/25
Financial Statements
107
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 5.3 TRANSACTIONS WITH RELATED PARTIES
Related parties
Related parties are defined as parties with control or significant influence, including Group Companies.
Bunker Holding A/S is included in the Consolidated Financial Statements of the immediate Parent Company,
A/S United Shipping & Trading Company.
Controlling interest is exercised through the Company’s immediate Parent Company, A/S United Shipping
& Trading Company. The Company’s ultimate Parent Company which prepares Consolidated Financial
Statements is SelfGenerations T ApS, in which Torben Østergaard-Nielsen, CEO, exercises control.
Other related parties comprise the Board of Directors and the Executive Board.
Associated companies
Bunker Holding holds ownership interests in two associated companies (2023/24: 2 ). The Group’s share of
associates’ profit for the year amounted to USD 2.9 million (2023/24: USD 2.8 million). The carrying amount
of the investment was USD 23.2 million at 30 April 2025 (30 April 2024: USD 21.3 million).
The following transactions occurred with related parties:
USD'000
Parent
company
Sister
companies
Associated
companies
Key
management
2024/25
Income statement
Revenue
0 157,411 18,153 0
Operation costs
0 -39,525 -946 0
Other external expenses
-6,975 -5,151 -134 -6,397*
Other income
0 11,535 0 0
Financial, net
0 -974 404 0
Assets
Trade receivables
19 13,648 48 0
Loan deposits
0 1,796 4,841 0
Liabilities
Trade payables
-2,249 -971 -921 0
Derivatives
0 -21,528 0 0
Dividend paid
-71,000 0 0 0
2023/24
Income statement
Revenue
8 103,410 5,352 0
Operation costs
0 -18,254 -1,706 0
Other external expenses
-8,482 -4,422 -192 -1,799*
Other income
1 9,231 136 0
Financial, net
0 -403 586 0
Assets
Trade receivables
23 9,399 1,038 0
Other receivables
71,000 0 0 0
Loan deposits
0 0 6,726 0
Liabilities
Trade payables
-2,343 -883 0 0
Derivatives
0 -20,818 0 0
Dividend paid
-120,000 0 0 0
* In the amount to key management is included remunerations to the Board of Directors of USD 0.4 million
and to the Executive Management of USD 6.0 million. In 2023/24 the amount to the Board of Directors was
USD 0.4 million and Executive Management was USD 1.4 million.
Bunker Holding Annual Report 2024/25
Financial Statements
108
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 5.4 COMPANIES IN THE BUNKER HOLDING GROUP
The Group’s investments in subsidiaries comprise:
Company Country
Owner-
ship
Parent company
Bunker Holding A/S
Denmark
Companies included in the consolidated statements
A/S Dan-Bunkering Ltd. Denmark
100%
A/S Global Risk Management Ltd. Holding Denmark
100%
AuctionConnect A/S Denmark
100%
Baseblue (Asia) Limited Hong Kong
100%
Baseblue (UK) Ltd. UK
100%
Baseblue B.V. Netherlands
100%
Baseblue LLC USA
100%
Baseblue Ltd. Cyprus
100%
Baseblue Pte. Ltd. Singapore
100%
Baseblue S.A. ApS Denmark
100%
BH Shared Service Center Pte. Ltd. Singapore
100%
BHG Holding (USA) LLC USA
100%
Bunker One (Chile) SPA Chile
100%
Bunker One (Germany) GmbH Germany
100%
Bunker One (Gulf of Mexico) S.A. Panama
100%
Bunker One (Jamaica) Limited Jamaica
100%
Bunker One (Latin America) LLC USA
100%
Bunker ONE (LNG) B.V. Netherlands
100%
Bunker One (Mauritius) Limited Mauritius
100%
Bunker One (South Africa) Pty Ltd. South Africa
100%
Bunker One (Sweden) AB Sweden
100%
Bunker One (UK) Ltd. UK
100%
Bunker One (USA) Inc. USA
100%
Company Country
Owner-
ship
Bunker One Combustiveis E Lubrificantes Ltda. Brazil
100%
Dan-Bunkering (Africa) Ltd. South Africa
100%
Dan-Bunkering (America) Inc. USA
100%
Dan-Bunkering (Angola) Limitada Angola
100%
Dan-Bunkering (Australia) Pty Ltd. Australia
100%
Dan-Bunkering (Mauritius) Ltd Mauritius
100%
Dan-Bunkering (Middle East) DMCC UAE
100%
Dan-Bunkering (Monaco) S.A.M. Monaco
100%
Dan-Bunkering (Shanghai) Co., Ltd. China
100%
Dan-Bunkering (Singapore) Pte. Ltd. Singapore
100%
Dan-Bunkering (South Africa) Pty. Ltd. South Africa
100%
Glander International Bunkeing Spain, S.L.
Spain
100%
Glander International Bunkeirng (Geneva) Sárl Switzerland
100%
Glander International Bunkering (India) Pvt. Ltd.
India
100%
Glander International Bunkering (Montréal) Ltd. Canada
100%
Glander International Bunkering FZCO UAE
100%
Glander International Bunkering Inc. USA
100%
Glander International Bunkering Pte. Ltd. Singapore
100%
Glander International Bunkering (Norway) AS Norway
100%
Global Risk Management Pte. Ltd. Singapore
100%
KPI OceanConnect A/S Denmark
100%
KPI OceanConnect Athens IKE Greece
100%
KPI OceanConnect B.V. Netherlands
100%
KPI OceanConnect Global Accounts Pte. Ltd. Singapore
100%
KPI OceanConnect GmbH Germany
100%
KPI OceanConnect HK Limited Hong Kong
100%
KPI OceanConnect Inc. USA
100%
Company Country
Owner-
ship
KPI OceanConnect Istanbul Denizcilik Ltd Turkey
100%
KPI OceanConnect JP LLC Japan
100%
KPI OceanConnect Limited UK
100%
KPI OceanConnect London Ltd UK
100%
KPI OceanConnect Pte. Ltd. Singapore
100%
KPI OceanConnect UK Ltd. UK
100%
Nexus Digital A/S Denmark
100%
Nova Offshore Navegacao Ltda Brazil
100%
Power Energy Company Limited Saudi Arabia
100%
PSTV Energy DMCC UAE
100%
PT. KPI OceanConnect Jakarta Indonesia
100%
Reniden S.A Uruguay
100%
South American Bunkers S.A. Agentina
100%
Suppleo (Taiwan) Ltd. Taiwan
100%
Suppleo Bunkering S. de R.L. de C.V Mexico
100%
Tideform Limited UK
100%
Unicore Fuel Americas LLC USA
100%
Unicore Fuel Pte. Ltd. Singapore
100%
Unioil Cargo A/S Denmark
100%
Unioil Supply A/S Denmark
100%
USTC Administration ApS Denmark
100%
Other subsidiaries and associated companies
Kaeline Group Limited
Cyprus 50%
FueLink Performance Optimisation Services
Ltd.
Cyprus 50%
Moreover the Group owns enterprises without any business activity,
which are not included in the list.
Bunker Holding Annual Report 2024/25
Financial Statements
109
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 5.5 CHANGE IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
USD '000 Lease liabilities Bank borrowings Total
2024/25
Net debt as at 1 May
-25,340 -360,973 -386,313
Repayment
18,682 0 18,682
Changes in bank borrowings
0 204,394 204,394
Cash flows
18,682 204,394 223,076
New leases
-40,125 0 -40,125
Non-cash flows
-40,125 0 -40,125
Net debt as at 30 April
-46,783 -156,579 -203,362
2023/24
Net debt as at 1 May
-22,872 -604,981 -627,853
Repayment
12,961 0 12,961
Changes in bank borrowings
0 244,008 244,008
Cash flows
12,961 244,008 256,969
New leases
-15,429 0 -15,429
Non-cash flows
-15,429 0 -15,429
Net debt as at 30 April
-25,340 -360,973 -386,313
Accounting policy
Cash flow statement
Cash flow from operating activities is presented according to the indirect method based on EBIT,
adjusted for depreciation, non-cash operating movements, net interests, changes in working capital
and income taxes paid.
Cash flows from investing activities comprise of cash flows from acquisitions and disposals of intangible
assets, property, plant and equipment as well as fixed asset investments.
Cash flows from financing activities comprise of cash flows from the raising and repayment of long-
term debt as well as payments to and from shareholders.
Cash and cash equivalents
Cash and cash equivalents comprise the items “Cash and cash equivalents” under current assets.
The cash flow statement cannot be immediately derived from the published annual report.
Bunker Holding Annual Report 2024/25
Financial Statements
110
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 5.6 GENERAL ACCOUNTING POLICIES
Basis of Preparation
The Consolidated financial statements
for 2024/25 for Bunker Holding A/S
have been prepared in accordance with
the International Financial Reporting
Standards (IFRS) as adopted by the
EU and further requirements in the
Danish Financial Statements Act. The
Consolidated financial statements
are also in accordance with IFRS as
issued by the International Accounting
Standards Board (IASB).
The Board of Directors and the Executive
Board have on 24 June 2025 considered
and adopted the annual report for
2024/25, which will be presented for
adoption by the shareholders at the
Company’s Annual General Meeting on
18 July 2025.
Comparative figures have been
restated where relevant to reflect the
classification of discontinued operations
in accordance with IFRS 5.
Basis of measurement
Amounts in the Annual Report are
presented in thousands of United States
Dollar (USD), unless otherwise stated.
The Annual Report has been prepared
under the historical cost convention
with the exception of derivative financial
instruments and acquisition opening
balances, which are measured at
fair value. The accounting policies
described in the notes have been applied
consistently to the financial year and the
comparative figures.
Consolidation
The consolidated financial statements
include the parent company Bunker
Holding A/S and subsidiaries controlled
by Bunker Holding A/S.
Subsidiaries are all entities over which
the Group has control. The Group
controls an entity when the Group is
exposed to, or has rights to, variable
returns from its involvement with the
entity and has the ability to affect those
returns through its control over the
entity.
Subsidiaries are fully consolidated from
the date on which control is transferred
to the Group. They are deconsolidated
from the date that control ceases.
The consolidated financial statements
are prepared by consolidating items of a
uniform nature. In the consolidation, inter
company income and costs, balances,
dividends and inter company gains
and losses are eliminated. The financial
statements used for the consolidation
are prepared in accordance with the
Group’s accounting policies.
Foreign currency translation
Items included in the financial
statements of each of the Group’s
entities are measured using the currency
of the primary economic environment in
which the entity operates (‘the functional
currency’). The consolidated financial
statements are presented in USD, which
is the Group’s presentation currency and
the functional currency of the parent
company and in all material aspects for
all of the Group’s entities.
Foreign currency transactions are
translated into the functional currency
using the exchange rates prevailing at
the dates of the transactions or valuation
where items are re-measured. Foreign
exchange gains and losses resulting
from the settlement of such transactions
and from the translation at year-end
exchange rates of monetary assets
and liabilities denominated in foreign
currencies are recognised in financial
items.
The results and financial position
of all of the Group entities (none of
which has the currency of a hyper-
inflationary economy) that have a
functional currency different from the
presentation currency are translated
into the presentation currency. Assets
and liabilities for each balance sheet
presented are translated at the closing
rate at the date of that balance sheet;
income and costs for each income
statement are translated at average
exchange rates. All resulting exchange
differences are recognised in other
comprehensive income.
Materiality in Financial Reporting
In preparing the Annual Report,
Management seeks to improve the
information value of the consolidated
financial statements, notes to the
statements and other measures
disclosed by presenting the
information in a way that supports
the understanding of the Group’s
performance in the reporting period.
This objective is achieved by presenting
fair transactional aggregation levels
on line items and other financial
information, emphasising information
that is considered of material importance
to the user and making relevant rather
than generic descriptions throughout the
Annual Report. All disclosures are made
in compliance with the International
Financial Reporting Standards, Danish
Financial Statements Act and other
relevant regulations, ensuring a true and
fair view throughout the Annual Report.
Statement of comprehensive
income
Other comprehensive income consists
of income and costs not recognised
in the income statement, including
exchange rate adjustments arising from
the translation from functional currency
to presentation currency, fair value
adjustments of other equity investments
and cash flow hedges.
Bunker Holding A/S’s share of other
comprehensive income in associated
companies and joint ventures is also
included.
Other comprehensive income includes
current and deferred income tax to the
extent the items recognised in other
comprehensive income are taxable or
deductible
Significant accounting estimates
and judgements
In preparing the consolidated financial
statements, Management makes various
significant accounting estimates and
judgments that affect the reported
amounts and disclosures in the
statements and in the notes to the
financial statements. These estimates
are based on professional judgment,
historical data and other factors that
management considers appropriate
under the given circumstances, but
which are inherently uncertain or
unpredictable. Such assumptions
may be incomplete or inaccurate, and
unexpected events or circumstances
may occur. In addition, the Company is
subject to risks and uncertainties that
may cause actual outcomes to deviate
from these estimates. Risk factors
specific to Bunker Holding Group are
described in the Management’s review.
By their nature, however, estimates
include a degree of uncertainty,
and actual results may deviate from
the estimates at the reporting date.
Estimates are continuously evaluated,
and the effects of any changes are
recognised in the relevant period. Key
accounting estimates and judgements
used in the preparation of the
consolidated financial statements are
described alongside the corresponding
notes.
Definition of financial ratios
Gross
margin
=
Gross profit x 100
Revenue
Return on
equity
=
Profit for the year x 100
Average equity
Current
ratio
=
Current assets
Current liabilities
Solvency
ratio
=
Equity at year end x 100
Total assets
Number of
employees
=
Headcounts of direct
employees and indirect
employees, which
consists of rented
crew on vessels and
terminals.
New legislation
New and amended IFRS standards:
The following Amendments to IFRS,
which are relevant for the Group became
effective as of 1 May 2024:
• Amendments to IAS 1 “Presentation of
Financial Statements: Classification
of Liabilities as Current and Non-
current Liabilities with Covenants”
• Amendment to IFRS 16 “Leases: Lease
Liability in a Sale and Leaseback”
• Amendment to IAS 7 “Statement of
Cash Flows and IFRS 7 Financial
Instruments: Disclosures: Supplier
Finance Arrangements”
The implemented amendments have
not had any impact on the Group’s
accounting policies. The amendments
have affected the disclosures provided in
the financial statements.
The following new standards and
amendments to existing IFRS will become
effective in future years.
Adopted by EU effective for 2025/26:
• Amendment to IAS 21 “The Effects of
Changes in Foreign Exchange Rates:
Lack of Exchangeability”
Not yet adopted by EU:
• IFRS 18: “Presentation and Disclosure
in Financial Statements” (Effective 1
May 2027)
• IFRS 19 Subsidiaries without public
accountability (effective 1 May 2027)
The Group expects to adopt the
amendments when they become
mandatory. Management has not yet
assessed the potential effect of IFRS
18. IFRS 19 Subsidiaries without public
accountability provides a number of
disclosure exemptions compared to
full IFRS. Management has not yet
determined whether to apply this
standard, should it be endorsed for use
in Denmark. The other amendments are
not expected to have any significant
impact on the financial statements.
Bunker Holding Annual Report 2024/25
Financial Statements
111
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
FINANCIAL STATEMENTS
PARENT COMPANY
113 Income statement
114 Statement of financial position
115 Statement of changes in equity
Bunker Holding Annual Report 2024/25
Financial Statements
112
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
INCOME STATEMENT
USD'000
Note 2024/25 2023/24
Other operating income
64,025 61,846
Other external expenses
-37,017 -41,968
Staff costs
1.1 -33,806 -22,028
Depreciation and amortisation
1.2 -3,647 -3,561
Profit before interest and tax
-10,445 -5,711
Profit from investments in group enterprises and associates
27,404 7,953
Financial income
1.3 41,633 64,090
Financial expenses
1.4 -62,328 -67,212
Profit before tax
-3,736 -880
Corporation tax
1.5 4,476 1,905
Profit for the year
740 1,025
Bunker Holding Annual Report 2024/25
Financial Statements
113
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
STATEMENT OF FINANCIAL POSITION
USD'000
Note 2024/25 2023/24
Software
14,474 15,257
Intangible assets
2.1 14,474 15,257
Fixtures and fittings, tools and equipment
1,061 663
Property, plant and equipment
2.2 1,061 663
Investments in subsidiaries
371,748 389,642
Investments in associates
23,156 21,259
Fixed asset investments
2.3 394,904 410,901
Fixed assets
410,439 426,821
Receivables from group enterprises
319,881 430,554
Receivables from associates
4,821 6,708
Prepayments
9,969 10,308
Other receivables
3.1 35,429 29,166
Corporation tax
3,460 2,810
Receivables
373,560 479,546
Cash at bank and in hand
44 60
Current assets
373,604 479,606
Assets
784,043 906,427
USD'000
Note 2024/25 2023/24
Share capital
1,781 1,781
Reserve for net revaluation under the equity method
14,172 12,046
Other reserves
14,474 15,257
Retained earnings
256,562 323,784
Equity
3.3 286,989 352,868
Deferred tax
3.2 2,875 3,340
Provisions
2,875 3,340
Credit institutions
196,961 350,706
Trade payables
2,023 2,215
Payables to group enterprises
279,822 191,547
Other payables
15,373 5,751
Short-term debt
494,179 550,219
Total debt
494,179 550,219
Liabilities and equity
784,043 906,427
Bunker Holding Annual Report 2024/25
Financial Statements
114
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
STATEMENT OF CHANGES IN EQUITY
USD'000
Share
capital
Reserve
under the
equity
method
Other
reserves
Retained
earnings
Total
equity
2024/25
Equity at 1 May
1,781 12,046 15,257 323,784 352,868
Capital contribution
0 0 0 9,000 9,000
Dividend paid
0 0 0 -71,000 -71,000
Profit for the year
0 27,404 -783 -25,881 740
Fair value adjustment of derivative financial instruments
0 0 0 4,363 4,363
Other adjustments
0 -25,278 0 16,296 -8,982
Equity at 30 April
1,781 14,172 14,474 256,562 286,989
2023/24
Equity at 1 May
1,781 218,441 17,601 225,425 463,248
Capital contribution
0 0 0 10,000 10,000
Dividend paid
0 0 0 -120,000 -120,000
Profit for the year
0 -211,200 -2,344 214,569 1,025
Fair value adjustment of derivative financial instruments
0 0 0 -3,924 -3,924
Other adjustments
0 4,805 0 -2,286 2,519
Equity at 30 April
1,781 12,046 15,257 323,784 352,868
Bunker Holding Annual Report 2024/25
Financial Statements
115
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
PARENT COMPANY
NOTES
FINANCIAL STATEMENT
117 Note 1 Income statement
117 Note 1.1 Staff costs
117 Note 1.2 Depreciation and Amortisation
117 Note 1.3 Financial income
117 Note 1.4 Financial expenses
117 Note 1.5 Taxes
118 Note 2 Invested capital
118 Note 2.1 Intangible assets
118 Note 2.2 Property, plant and equipment
119 Note 2.3 Investments in subsidiaries and associates
120 Note 3 Other disclosures
120 Note 3.1 Other receivables
120 Note 3.2 Deferred tax
120 Note 3.3 Equity
120 Note 3.4 Proposed distribution of profit
120 Note 3.5 Related parties
120 Note 3.6 Fees to auditors
121 Note 3.7 Guarantees, securities and contingent liabilities
121 Note 3.8 Accounting policies
Bunker Holding Annual Report 2024/25
Financial Statements
116
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE . STAFF COSTS
USD'000
2024/25 2023/24
Wages and salaries
-31,708 -20,141
Pensions
-1,786 -1,584
Other social security expenses
-312 -303
Total
-33,806 -22,028
Number of employees
217 191
Remuneration to the Executive Management
-6,000 -1,400
Remuneration to the Board of Directors
-397 -399
NOTE .4 FINANCIAL EXPENSES
USD'000
2024/25 2023/24
Interests banks
-20,636 -44,837
Interest group enterprises
-20,859 -13,566
Other financial expenses
-20,834 -8,809
Total
-62,329 -67,212
NOTE .2 DEPRECIATION AND AMORTISATION
USD'000
2024/25 2023/24
Software
-3,363 -3,329
Fixtures and fittings, tools and equipment
-164 -145
Leasehold improvements
-120 -87
Total
-3,647 -3,561
NOTE .3 FINANCIAL INCOME
USD'000
2024/25 2023/24
Interests banks
7 2
Interest group enterprises
39,908 63,334
Interest associates
404 587
Interest other
1,314 167
Total
41,633 64,090
NOTE .5 TAXES
USD'000
2024/25 2023/24
Current tax for the year
4,013
1,380
Tax concerning previous years
-2
5
Deferred tax
465
520
Total tax for the year
4,476 1,905
Which is specified as follows:
Tax on profit for the year
2,789
2,487
Tax concerning previous years
-2
5
Deferred tax
465
520
Tax on equity transactions
1,224
-1,107
Total tax for the year
4,476 1,905
NOTE 1
INCOME STATEMENT
Bunker Holding Annual Report 2024/25
Financial Statements
117
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 2. INTANGIBLE ASSETS
USD'000
IT development
and software
2024/25
Cost at 1 May
24,271
Additions
2,580
Cost at 30 April
26,851
Amortisation at 1 May
-9,014
Amortisation
-3,363
Amortisation at 30 April
-12,377
Carrying amount at 30 April
14,474
2023/24
Cost at 1 May
23,286
Additions
985
Cost at 30 April
24,271
Amortisation at 1 May
-5,685
Amortisation
-3,329
Amortisation at 30 April
-9,014
Carrying amount at 30 April
15,257
NOTE 2.2 PROPERTY, PLANT AND EQUIPMENT
USD'000
Fixtures and
fittings, tools and
equipment
Leasehold
improvements Total
2024/25
Cost at 1 May
1,688 492 2,180
Additions
276 406 682
Cost at 30 April
1,964 898 2,862
Depreciation at 1 May
-1,344 -173 -1,517
Depreciation
-164 -120 -284
Depreciation at 30 April
-1,508 -293 -1,801
Carrying amount at 30 April
456 605 1,061
2023/24
Cost at 1 May
1,602 420 2,022
Additions
86 72 158
Cost at 30 April
1,688 492 2,180
Depreciation at 1 May
-1,199 -86 -1,285
Depreciation
-145 -87 -232
Depreciation at 30 April
-1,344 -173 -1,517
Carrying amount at 30 April
344 319 663
NOTE 2
INVESTED CAPITAL
Bunker Holding Annual Report 2024/25
Financial Statements
118
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 2.3 INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES
USD'000
Investments
in subsidiaries
Investments
in associates
2024/25
Cost at 1 May
389,871 8,984
Additions
77,265 0
Disposals
-9,486 0
Cost at 30 April
457,650 8,984
Value adjustments at 1 May
-229 12,275
Exchange rate adjustment
-694 20
Adjustments
-8,308 0
Disposals
6,675 0
Share of profit for the year
24,527 2,877
Dividend
-107,873 -1,000
Value adjustments at 30 April
-85,902 14,172
Carrying amount at 30 April
371,748 23,156
Bunker Holding Annual Report 2024/25
Financial Statements
119
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 3.5 RELATED PARTIES
Related parties are defined as parties with control or significant influence, including Group Companies.
Related party transaction details are disclosed in note 5.3 in the consolidated financial statement.
The Company is included in the Consolidated Financial Statements of the immediate Parent Company, A/S
United Shipping & Trading Company, Middelfart, Denmark.
Controlling interest is exercised through the Company’s immediate Parent Company, A/S United Shipping &
Trading Company.
The Company’s ultimate Parent Company which prepares Consolidated Financial Statements is
SelfGenerations T ApS, in which Torben Østergaard-Nielsen, CEO, exercises control.
Other related parties comprise the Board of Directors and the Executive Board.
NOTE 3.6 FEES TO AUDITORS
USD'000
2024/25 2023/24
PricewaterhouseCoopers
Audit
99 93
Tax services
6 25
Other services
158 60
Total fees for the year
263 178
NOTE 3. OTHER RECEIVABLES
The item other receivables include adjustment of derivative financial instruments to fair value by net USD
6,331k. Stated on a gross basis, the asset amounts to USD 21,641k and the liability USD 15,310k.
USD 19,821k of the gross receivables and USD 420k of the gross payables relates to group enterprises.
USD'000
2024/25 2023/24
Adjustment of derivative financial instrument, asset
21,641 548
Adjustment of derivative financial instrument, liability
-15,310 -625
Adjustment of derivative financial instrument, net
6,331 -77
Amounts related to group enterprises, asset
19,821 0
Amounts related to group enterprises, liability
-420 -316
NOTE 3.3 EQUITY
The share capital consists of 100,001 shares of DKK 100 (equivalent USD 17.8) at the historical exchange rate
of 5.6141 corresponding to USD 1,781k.
NOTE 3.2 DEFERRED TAX
USD'000
2024/25 2023/24
Deferred tax at 1 May
-3,340 -3,860
Change for the year
465 520
Total tax for the year
-2,875 -3,340
Deferred tax relates to intangible assets and property, plant and equipment.
NOTE 3
OTHER DISCLOSURES
NOTE 3.4 PROPOSED DISTRIBUTION OF PROFIT
USD'000
2024/25 2023/24
Extraordinary dividend
-71,000
-120,000
Reserve for net revaluation under the equity method
27,404
-211,200
Other reserves
-783
-2,344
Retained earnings
45,119
334,569
Earnings after tax (EAT)
740 1,025
Bunker Holding Annual Report 2024/25
Financial Statements
120
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
NOTE 3.8 ACCOUNTING POLICIES
Basis of Preparation
The Annual Report of Bunker Holding A/S for 2024/25 has been prepared in accordance with the provisions of
the Danish Financial Statements Act applying to large enterprises of reporting class C.
The accounting policies applied remain unchanged from previous years.
The Financial Statements have been prepared based on the same accounting policies as the group with below
exceptions:
Share of profit/loss in subsidiaries
Share of profit or loss in subsidiaries is recognised net of tax and corrected for the share of unrealised intra-
group gains and losses.
Intangible assets
Intangible assets are measured at cost less accumulated amortisation.
The period of amortisation of goodwill is longest for enterprises acquired for strategic purposes with a strong
market position and a long earnings profile.
Amortisation based on cost is calculated on a straight-line basis over the expected useful lives of the assets,
which are:
Goodwill max. 20 years
Software 3-7 years
Scrap values are yearly reassessed.
Investments in subsidiaries
Investments in subsidiaries are recognised at Bunker Holding’s share of the equity value inclusive of goodwill
less any impairment losses. Goodwill is an integral part of the value of subsidiaries and is therefore subject to
an impairment test together with the investment as a whole. Impairment losses are reversed to the extent the
original value is considered recoverable.
Dividend
Dividend distribution proposed by Management for the year is disclosed as a separate equity item.
NOTE 3.7 GUARANTEES, SECURITIES AND CONTINGENT LIABILITIES
USD'000
2024/25 2023/24
Guarantees
The Parent Company has issued a guarantee for the liabilities
of the subsidiaries
2,228,408 1,974,754
At the balance sheet date, the following has been applied of the
guarantee commitment
398,682 406,426
At the balance sheet date, no other guarantees or security has
been provided
Lease and rent obligations
Lease and rent obligations
1,196 650
Contingent liabilities
The Group’s Danish companies are jointly and severally liable for the tax on the Group’s jointly taxed income
etc. Total accrued corporation tax appears from the Annual Report of Selfinvest ApS which acts as management
company in the jointly taxed group. Moreover, the Group’s Danish enterprises are jointly and severally liable for
Danish withholding tax. Any subsequent adjustments to the corporation tax or withholding tax may result in an
increase of the Company’s liability.
Bunker Holding Annual Report 2024/25
Financial Statements
121
1 2 3
Consolidated Financial Statements Consolidated Financial Statement Notes Parent Company Financial Statements Parent Company Financial Statement Notes
REPORTS
AND OTHER
DISCLOSURES
SECTION 3
Bunker Holding Annual Report 2024/25
Reports and other disclosures
122
1 2 3
Management’s statement Independent auditor’s report
MANAGEMENT’S
STATEMENT
Executive Board
Keld Rosenbæk Demant
Group CEO
Michael Krabbe
Group CFO
Anders Grønborg
Group CCO
Peder Møller
Group COO
The Board of Directors and the Executive Board have today considered and adopted the Annual Report of
Bunker Holding A/S for the financial year 1 May 2024 – 30 April 2025.
The Consolidated Financial Statements have been prepared in accordance with International Financial
Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements
Act, and the Parent Company Financial Statements have been prepared in accordance with the Danish
Financial Statements Act. Management’s Review has been prepared in accordance with the Danish Financial
Statements Act.
In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a
true and fair view of the financial position at 30 April 2025 of the Group and the Parent Company and of the
results of the Group and Parent Company operations and consolidated cash flows for the financial year 1
May 2024 - 30 April 2025.
In our opinion, Management’s Review includes a true and fair account of the development in the operations
and financial circumstances of the Group and the Parent Company, of the results for the year and of the
financial position of the Group and the Parent Company as well as a description of the most significant risks
and elements of uncertainty facing the Group and the Parent Company.
We recommend that the Annual Report be adopted at the Annual General Meeting.
Middelfart, 24 June 2025
Bunker Holding Annual Report 2024/25
Reports and other disclosures
123
1 2 3
Management’s statement Independent auditor’s report
INDEPENDENT
AUDITOR’S REPORT
To the Shareholder of Bunker Holding A/S
Opinion
In our opinion, the Consolidated Financial
Statements give a true and fair view
of the Group’s financial position at
30 April 2025 and of the results of the
Group’s operations and cash flows for
the financial year 1 May 2024 to 30 April
2025 in accordance with IFRS Accounting
Standards as adopted by the EU and
further requirements in the Danish
Financial Statements Act.
Moreover, in our opinion, the Parent
Company Financial Statements give
a true and fair view of the Parent
Company’s financial position at 30 April
2025 and of the results of the Parent
Company’s operations for the financial
year 1 May 2024 to 30 April 2025 in
accordance with the Danish Financial
Statements Act.
We have audited the Consolidated
Financial Statements and the Parent
Company Financial Statements of Bunker
Holding A/S for the financial year 1 May
2024 to 30 April 2025, which comprise
income statement, balance sheet,
statement of changes in equity and notes,
including material accounting policy
information, for both the Group and the
Parent Company, as well as statement
of comprehensive income and cash flow
statement for the Group (“financial
statements”).
Basis for Opinion
We conducted our audit in accordance
with International Standards on
Auditing (ISAs) and the additional
requirements applicable in Denmark. Our
responsibilities under those standards
and requirements are further described
in the “Auditor’s Responsibilities for
the Audit of the Financial Statements”
section of our report. We are independent
of the Group in accordance with the
International Ethics Standards Board for
Accountants’ International Code of Ethics
for Professional Accountants (IESBA Code)
and the additional ethical requirements
applicable in Denmark, and we have
fulfilled our other ethical responsibilities in
accordance with these requirements and
the IESBA Code. We believe that the audit
evidence we have obtained is sufficient
and appropriate to provide a basis for our
opinion.
Statement on Management’s Review
Management is responsible for
Management’s Review.
Our opinion on the financial statements
does not cover Management’s Review,
and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the
financial statements, our responsibility
is to read Management’s Review and, in
doing so, consider whether Management’s
Review is materially inconsistent with the
financial statements or our knowledge
obtained during the audit, or otherwise
appears to be materially misstated.
Moreover, it is our responsibility to
consider whether Management’s Review
provides the information required under
the Danish Financial Statements Act.
Based on the work we have performed,
in our view, Management’s Review is
in accordance with the Consolidated
Financial Statements and the Parent
Company Financial Statements and has
been prepared in accordance with the
requirements of the Danish Financial
Statement Act. We did not identify any
material misstatement in Management’s
Review.
Management’s Responsibilities for the
Financial Statements
Management is responsible for the
preparation of Consolidated Financial
Statements that give a true and fair view
in accordance with IFRS Accounting
Standards as adopted by the EU and
further requirements in the Danish
Financial Statements Act and for the
preparation of Parent Company Financial
Statements that give a true and fair view
in accordance with the Danish Financial
Statements Act, and for such internal
control as Management determines is
necessary to enable the preparation of
financial statements that are free from
material misstatement, whether due to
fraud or error.
In preparing the financial statements,
Management is responsible for assessing
the Group’s and the Parent Company’s
ability to continue as a going concern,
disclosing, as applicable, matters
related to going concern and using the
going concern basis of accounting in
preparing the financial statements unless
Management either intends to liquidate
the Group or the Parent Company or
to cease operations, or has no realistic
alternative but to do so.
Auditor’s Responsibilities for the Audit
of the Financial Statements
Our objectives are to obtain reasonable
assurance about whether the financial
statements as a whole are free from
material misstatement, whether due to
fraud or error, and to issue an auditor’s
report that includes our opinion.
Reasonable assurance is a high level of
assurance, but is not a guarantee that
an audit conducted in accordance with
ISAs and the additional requirements
applicable in Denmark will always detect
a material misstatement when it exists.
Misstatements can arise from fraud
or error and are considered material
if, individually or in the aggregate,
they could reasonably be expected to
influence the economic decisions of users
taken on the basis of these financial
statements.
As part of an audit conducted in
accordance with ISAs and the additional
requirements applicable in Denmark,
we exercise professional judgement
and maintain professional scepticism
throughout the audit. We also:
• Identify and assess the risks of
material misstatement of the financial
statements, whether due to fraud
or error, design and perform audit
procedures responsive to those risks,
and obtain audit evidence that is
sufficient and appropriate to provide
a basis for our opinion. The risk of not
detecting a material misstatement
resulting from fraud is higher than for
one resulting from error as fraud may
involve collusion, forgery, intentional
omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal
control relevant to the audit in order
Bunker Holding Annual Report 2024/25
Reports and other disclosures
124
1 2 3
Management’s statement Independent auditor’s report
to design audit procedures that are
appropriate in the circumstances, but
not for the purpose of expressing an
opinion on the effectiveness of the
Group’s and the Parent Company’s
internal control.
• Evaluate the appropriateness of
accounting policies used and the
reasonableness of accounting
estimates and related disclosures
made by Management.
• Conclude on the appropriateness
of Management’s use of the going
concern basis of accounting in
preparing the financial statements
and, based on the audit evidence
obtained, whether a material
uncertainty exists related to events or
conditions that may cast significant
doubt on the Group’s and the Parent
Company’s ability to continue as a
going concern. If we conclude that
a material uncertainty exists, we
are required to draw attention in
our auditor’s report to the related
disclosures in the financial statements
or, if such disclosures are inadequate,
to modify our opinion. Our conclusions
are based on the audit evidence
obtained up to the date of our
auditor’s report. However, future
Henrik Forthoft Lind
State Authorized Public Accountant
mne34169
Henrik Kragh
State Authorized Public Accountant
mne26783
events or conditions may cause the
Group and the Parent Company to
cease to continue as a going concern.
• Evaluate the overall presentation,
structure and contents of the financial
statements, including the disclosures,
and whether the financial statements
represent the underlying transactions
and events in a manner that gives a
true and fair view.
• Plan and perform the group audit to
obtain sufficient appropriate audit
evidence regarding the financial
information of the entities or
business units within the group as a
basis for forming an opinion on the
Consolidated Financial Statements
and the Parent Company Financial
Statements. We are responsible for the
direction, supervision and review of
the audit work performed for purposes
of the group audit. We remain solely
responsible for our audit opinion.
We communicate with those charged
with governance regarding, among other
matters, the planned scope and timing of
the audit and significant audit findings,
including any significant deficiencies in
internal control that we identify during
our audit.
Trekantområdet, 24 June 2025
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
Bunker Holding Annual Report 2024/25
Reports and other disclosures
125
1 2 3
Management’s statement Independent auditor’s report
Bunker Holding A/S
Strandvejen 5
5500 Middelfart
P +45 8838 2828
bh@bunker-holding.com
www.bunker-holding.com
CVR No: 75 26 63 16
Financial year: 1 May – 30 April
Municipality of reg. office: Middelfart, Denmark
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2024-05-012025-04-302023-05-012024-04-302025-07-185493006USH29AB2B7A63Reporting class C, large enterpriseDKwww.bunker-holding.combh@bunker-holding.com2025-06-24529900VSWLQF0O3GA946Strandvejen 442900 HellerupOpinionBasis for Opinion2025-06-24mne2678333771231PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskabmne3416933771231PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab5493006USH29AB2B7A632024-05-012025-04-30cmn:ConsolidatedMember5493006USH29AB2B7A632024-05-012025-04-30cmn:ConsolidatedMember15493006USH29AB2B7A632024-05-012025-04-30cmn:ConsolidatedMember25493006USH29AB2B7A632024-05-012025-04-305493006USH29AB2B7A632023-05-012024-04-305493006USH29AB2B7A632025-04-305493006USH29AB2B7A632024-04-305493006USH29AB2B7A632024-04-30ifrs-full:IssuedCapitalMember5493006USH29AB2B7A632024-05-012025-04-30ifrs-full:IssuedCapitalMember5493006USH29AB2B7A632025-04-30ifrs-full:IssuedCapitalMember5493006USH29AB2B7A632024-04-30ifrs-full:ReserveOfCashFlowHedgesMember5493006USH29AB2B7A632024-05-012025-04-30ifrs-full:ReserveOfCashFlowHedgesMember5493006USH29AB2B7A632025-04-30ifrs-full:ReserveOfCashFlowHedgesMember5493006USH29AB2B7A632024-04-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5493006USH29AB2B7A632024-05-012025-04-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5493006USH29AB2B7A632025-04-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5493006USH29AB2B7A632024-04-30ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember5493006USH29AB2B7A632024-05-012025-04-30ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember5493006USH29AB2B7A632025-04-30ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember5493006USH29AB2B7A632024-04-30ifrs-full:RetainedEarningsMember5493006USH29AB2B7A632024-05-012025-04-30ifrs-full:RetainedEarningsMember5493006USH29AB2B7A632025-04-30ifrs-full:RetainedEarningsMember5493006USH29AB2B7A632023-04-30ifrs-full:IssuedCapitalMember5493006USH29AB2B7A632023-05-012024-04-30ifrs-full:IssuedCapitalMember5493006USH29AB2B7A632023-04-30ifrs-full:ReserveOfCashFlowHedgesMember5493006USH29AB2B7A632023-05-012024-04-30ifrs-full:ReserveOfCashFlowHedgesMember5493006USH29AB2B7A632023-04-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5493006USH29AB2B7A632023-05-012024-04-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5493006USH29AB2B7A632023-04-30ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember5493006USH29AB2B7A632023-05-012024-04-30ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember5493006USH29AB2B7A632023-04-30ifrs-full:RetainedEarningsMember5493006USH29AB2B7A632023-05-012024-04-30ifrs-full:RetainedEarningsMember5493006USH29AB2B7A632023-04-305493006USH29AB2B7A632023-05-012024-04-30cmn:ConsolidatedMember5493006USH29AB2B7A632024-05-012025-04-30cmn:ConsolidatedMember15493006USH29AB2B7A632024-05-012025-04-30cmn:ConsolidatedMember25493006USH29AB2B7A632024-05-012025-04-30cmn:ConsolidatedMember35493006USH29AB2B7A632024-05-012025-04-30cmn:ConsolidatedMember45493006USH29AB2B7A632024-05-012025-04-30cmn:ConsolidatedMember15493006USH29AB2B7A632024-05-012025-04-30cmn:ConsolidatedMember25493006USH29AB2B7A632024-05-012025-04-30cmn:ConsolidatedMember35493006USH29AB2B7A632024-05-012025-04-30cmn:ConsolidatedMember45493006USH29AB2B7A632024-05-012025-04-30cmn:ConsolidatedMember55493006USH29AB2B7A632024-05-012025-04-30cmn:ConsolidatedMember65493006USH29AB2B7A632024-05-012025-04-30cmn:ConsolidatedMember75493006USH29AB2B7A632024-05-012025-04-30cmn:ConsolidatedMember8iso4217:USDxbrli:pure