Moving Energy



Gunvor Group Results 2023

Throughout 2023, Gunvor’s focus on advanced analytics and trading systems, and an infusion of new talent and business lines, enabled the Group to effectively navigate normalizing market conditions to deliver the second strongest trading result in the Group’s history, with a net income of $1.252 billion.

Gunvor Group Results 2022

Following a year in which the global economy began its recovery from the Covid-19 pandemic, 2022 commenced with commodities markets in tight supply and inflation rising throughout the world. With the invasion of Ukraine by Russia at the end of February, commodities prices spiked to new levels in response to unprecedented market uncertainty and a series of economic sanctions put in place by Western governments.

Gunvor Group Results H1 2022

Gunvor’s result during this period, driven by massive global market dislocations, was broad-based across all regions and activities, including crude oil, oil products, natural gas, and liquefied natural gas (LNG). Particularly encouraging is the return of substantial profitability in our refining operations and our shipping.

Gunvor Group Results 2021

The Group had gross profit of US $1.544 billion for the year, posting after tax net profit of US $726 million, more than double the 2020 earnings of US $320 million. Trading volumes increased to 240 million MT of commodities, up from 191 million MT the year prior. Gunvor generated revenue of US $135 billion, compared with US $50 billion the year prior, reflecting increases in the traded volumes and the price of commodities.

Gunvor Group Results 2020

Gunvor recorded its highest-ever trading profit during 2020, with strong performances across all desks, including crude oil, oil products, LNG and natural gas. Thanks to robust earnings, the company continued to strengthen its balance sheet and enhance its liquidity position.

Gunvor Group Results 2019

Gunvor’s performance in 2019 was broad-based across all geographies and trading desks, and as a result the company realized strong trading gross profit. The overhaul Gunvor undertook in 2017/2018 to improve risk management and corporate governance enabled the company to effectively take advantage of favorable market conditions throughout the year

Gunvor Group Results 2018

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.

Gunvor Group Results 2017

“2017 was an investment year for Gunvor, both in expanding our trading and upgrading our assets,” said Gunvor Group CFO Jacques Erni. “Underlying gross profit was strong given a challenging trading environment, and Gunvor is now well positioned to compete globally in all markets.”

Gunvor Group Results 2016

“Gunvor’s sound management and clear strategy has enabled the company’s continued growth and uninterrupted run of profitable operations,” said Gunvor Group CFO Jacques Erni. “We are now reaching into new geographies with new investments and trading, backed by a strong liquidity position.”

Gunvor Group Results 2015

Throughout 2015, Gunvor continued a series of planned divestments of Russian assets, which is now complete. Gunvor also continues to assess new asset investments, having most recently acquired a crude oil refinery in Rotterdam, The Netherlands.

Gunvor Group Results 2014

Revenue in 2014 was relatively flat, totalling US $88 billion, 2.9 percent down from US $91 billion the prior year, reflecting a drop in the price of commodities. Operating profit increased to US $432 million, up 20 percent over the prior year figure of US $358 million. EBITDA rose 5 percent to US $752 million, compared to US $719 million in 2013.

Gunvor Group Results 2013

Gunvor Group Ltd (“Gunvor”) today released its full year 2013 results, ending 31 December 2013. For the year, Gunvor’s EBITDA increased by 25% to US $719 mil., up from US $575 mil. the year prior. This represents an average 28% increase in EBITDA year-on-year for the last three years.