Moving Energy Forward
Gunvor Group Results 2018
Gunvor Group Ltd (“Gunvor”), one of the world’s leading independent commodities trading houses, today released results for the year ended 31 December 2018:
US $87 billion
185 million MT
US $1.8 billion
While Gunvor’s underlying trading platform continued to perform well, with significant new contributions from LNG and biofuels, adverse events altogether impacted net results for the Group. Gunvor faced a number of challenges in 2018, including a challenging physical energy trading environment due to abrupt market reversals and political uncertainty, and losses related to one-time items, such as the cancelled development project for the Rotterdam operation, a write-off related to an upstream project, and provisions taken concerning litigation. Gunvor, however, did move quickly to proactively address its challenges throughout the year by making decisive, strategic adjustments to its operations, including restructuring, trimming costs, and investing in its trading platform.
Gunvor has remained consistently focused on its core business areas, which are crude oil, oil products, natural gas and LNG. To build for the future in these areas—while the commercial teams have been cycling through a generational shift—the company has made internal promotions and selective external hires to further strengthen our presence in specific markets. The Group also undertook considerable restructuring to increase efficiency and reduce overall structure costs, including the reduction of the workforce.
About Gunvor Group
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced and stored to where they are demanded most. Gunvor has strategic investments in industrial infrastructure—refineries, pipelines, storage and terminals—that complement our core trading activity and generate sustainable value across the global supply chain for our customers
Gunvor undertook considerable restructuring to increase efficiency and reduce overall structure costs.