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Gunvor says trading and shipping thrived in second quarter

Oil trader Gunvor Group told its employees that the company thrived during the oil market collapse triggered by the coronavirus pandemic, as trading and shipping activities soared.

Arkivfoto | Photo: PR/Maersk

The billionaire CEO of Gunvor Group told staff the firm thrived during the oil market meltdown caused by the Covid-19 pandemic as trading and shipping operations boomed, offsetting potential refinery writedowns.

Torbjorn Tornqvist, the co-founder and chief executive officer of Gunvor, one of the biggest independent energy traders, told employees in an internal email that earnings from trading oil and ship chartering excelled during the second quarter, according to people familiar with the email’s contents.

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