United Shipping & Trading Company

United Shipping & Trading Company (USTC) is a global group of companies headquartered in Middelfart, Denmark. The largest company in the group is Bunker Holding A/S, one of the world's leading companies in bunker trading and the parent company of several autonomous bunker fuel companies around the world.

USTC Group is represented by 105 own offices in 33 countries (2020) and is actively involved in the global supply of fuel in the shipping industry via Bunker Holding A/S, ship owning via Uni-Tankers A/S that operates a fleet of product and chemical tankers, shipping and logistics via SDK A/S, hedging for fuel price risk via A/S Global Risk Management Ltd., and IT services via Unit IT A/S.

USTC Group has approximately 2,500 employees, and holds a turnover of 76.3 billion DKK (2019/20). The group is owned by Torben Østergaard-Nielsen and his two daughters, Nina Østergaard Borris and Mia Østergaard Nielsen (the first financial step in the planned succession process was implemented in June 2020).

History[]

United Shipping & Trading Company was founded as Julius Mortensen Shipping in Fredericia in 1876.^[1] In 1974, the company acquired the local shipbroker H. Sommer in Middelfart. In 1978, the current owner of the company, Torben Østergaard-Nielsen, was appointed as new Managing Director of H. Sommer's Eftf. Shipping ApS and under his leadership the company diversified into bunker trading.^[2]

In 1980, Østergaard-Nielsen embarked on a process which has led to the transfer of bunker activities to independent subsidiaries around the world, now the backbone of Bunker Holding A/S.

In 2013, USTC moved to its present head office, a fully restored turbine hall at Turbinevej in Middelfart.^[2]

Business units[]

• Bunker Holding A/S  – the largest company in the group with 66 offices in 33 countries (2020)
• Uni-Tankers A/S – founded in 1989 and since 1995 operating in its current form
• SDK A/S  – the group's shipping and logistics unit. The current name is from 2018 but its roots go back to 1876
• Unit IT A/S  – founded in 2003 as Outforce and merged with MindZet and it-Craft in 2019 as Unit IT
• Global Risk Management – founded in 2004

Global Risk Management[]

Global Risk Management (GRM) is a Danish company based in Middelfart, Denmark, that provides customised hedging for price risk management on fuel.^[3] Founded in Middelfart, a town on the Danish island of Funen, in 2004, it has branches in Copenhagen & Singapore.

The company's managing director is Peder D. Møller.^[4][5]

Rooted in the financial services industry, GRM specialises in protecting its clients from fuel price volatility through a combination of fuel risk management strategies and hedging. The company's main objective is to "help clients protect their margins from the risk posed by notoriously volatile fuel prices." GRM's primary client base includes the shipping and aviation industry, along with oil suppliers and those in industrial production.

See also[]

• Fuel price risk management
• Financial risk
• Risk assessment
• Fuel hedging

References[]

Further reading[]

• Global: Selfinvest posts record profits but cautions over outlook for year ahead - Bunkerspot.dk
• (in Danish) Torben Østergaard runder en milliard før skat i sit moderselskab - Shippingwatch.dk
• (in Danish) Han gav døtrene størstedelen af livsværket - og tjente 1 mia. kr. før skat - Finans.dk
• (in Danish) Fynsk oliekøbmand tredobler overskud og tjener over 1 mia kr på ét år - Børsen.dk
• (in Danish) Middelfart-firma: En milliard i overskud trods corona og olieuro - tv2fyn.dk

• Articles referencing Global Risk Management:
  • MarketWatch article on oil price slump
  • Conorsbank oil price forecast (German)
  • Radio Sputnik podcast of OPEC meeting
  • Shippingwatch article on Global Risk Management financial result
  • regarding all-time high financial result

New Managing Director in Global Risk Management **[1] New Chief Financial Officer in Global Risk Management ** [2]