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USTC Chief Executive: Tough time to be in shipping this past decade

The owner of one of the world's biggest ship bunker suppliers describes the past decade in shipping as a slog through the desert. But Torben Østergaard-Nielsen is satisfied with Bunker Holding's latest results.

Photo: PR-foto/USTC

While deficits and impairments are the reality for many players in global shipping, USTC CEO Torben Østergaard-Nielsen's holding and investment company Selfinvest is still able to deliver profits after taxes. Selfinvest is the parent company of Danish-based global shipping group United Shipping & Trading Company, USTC.

This is evident from Selfinvest's annual report for 2017/2018, which shows a steady profit. The result after taxes came to DKK 199 million (EUR 27 million) against DKK 201 million from the previous fiscal year, while revenue increased to DKK 53.6 million from 46 million.

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