Danish bunker and tanker group Monjasa has seen profit dip in 2018 despite a big rise in fuel volumes.
It said there had been a 17% increase in the amount of bunkers sold last year at 4.1m tonnes.
Net earnings were $5m, down from $7m last year, however.
"The positive developments of more customers buying more bunkers are not completely evident on the bottom line due to some non-recurring costs in the beginning of the year," it told TradeWinds.
"Despite a continuously challenged maritime shipping industry, 2018 was a good year for the Monjasa Group," it said.
The Americas saw volumes rise 31%, with Southeast Asia logging an increase of 25% and Europe 23%.
Revenue was up at $2.1bn, from $1.4bn. Group equity stood at $121m.
Transparency vital
Group CEO Anders Ostergaard said: "We succeeded to increase our sales volume significantly across all markets while at the same time improving our business fundamentals.
"We managed to expand our banking pool with two new partnerships to cater for our working capital needs in relation to our activities in the US and in the Middle East. At the same time, we accomplished to build close relationships with oil majors to secure future availability of low-sulphur products to meet the IMO 2020 regulations."
Looking ahead, Monjasa will continue the push for quality and extended transparency on bunker purchases, it said.
"The increasing regulatory framework across the shipping industry only confirms that the investments made to provide clear document trails are indeed relevant," it added.
The group has a fleet of 20 tankers, two oil terminals and offices worldwide.
