Swiss trader and shipowner Gunvor Group has revealed an increase in its fleet as it logged a rise in traded volumes for 2019.
Total volumes hit 198m tonnes, from 184m tonnes in 2018, with the increase mainly due to an increase in the trading of natural gas, including 16m tonnes of LNG delivered.
Gunvor said net profit was $381m, without giving a figure for 2018.
"The company has continued to hire, and undertake all normal core business operations. Trading performance remains strong across all geographies and desks, including shipping, with more than 100 vessels owned or under long-term charter," the trader said.
In October, the company said it had ownership shares in 17 tankers, while the chartering arm Clearlake Shipping had more than 50 tankers on time charter.
Revenue hit
Revenue for 2019 was $75bn, down from $87bn in 2018, reflecting changes in the price of commodities during the year.
Gunvor also saw a record performance from its US trading operations in Houston and Stamford, and a "solid contribution" from the European oil refining network and oil trading activity.
The trader added that it entered 2020 with a "strong balance sheet and liquidity position to meet the unexpected events, and posted a profit for the first quarter"
The company's trading activities have been carried out in home offices, with. operations unaffected by the Covid-19 pandemic.
The European refining sector is expected to remain challenging for the foreseeable future, however, Gunvor added.
Greener fuels growing in importance
In 2019, "transitional" commodities such as LNG, LPG and biofuels comprised 45% of total trading activity for the company, up from 28% the year before.
A spokesman told TradeWinds it did not provide any specific information on its shipping operations.
Expanding fleet
The fleet of 17 ships has been amassed since 2017. Its vessel stakes vary from 33% to 50%.
The group has been taking advantage of cheap prices, Gunvor has said.
Last month it teamed up with Greece's Top Ships to continue their shipowning partnership with a deal to buy two new MR tankers from a private company linked to Top Ships chief executive Evangelos Pistiolis.
The companies will each own 50% of the 50,000-dwt eco vessels Eco Yosemite Park and Eco Joshua Park, both delivered in March from Hyundai Mipo Dockyard (HMD) in South Korea.
In 2018, TradeWinds revealed that German shipowners Rowil Ponta and Richard Grube had joined forces with the trader on a $50m-plus LR1 tanker project using the Norwegian KS (limited partnership) system.
Before that, TradeWinds reported that Clearlake had ordered two LR2s at South Korea's Daehan Shipbuilding in what appeared to be a shipowning debut for the group.
The two 114,000-dwt ships were contracted in October by the company, for delivery in August and November 2019.
John Dragnis-led Oceangold Tankers, a partner of Gunvor, was first linked to the deal.
