OW Bunker profit up 65%

OW Bunker profit up 65% Marine fuel trader and supplier OW Bunker saw its pre-tax profit for the first half of 2008 rise 65 percent to $31.6 million from $19.1 million in the comparable period last year.
   The company, part of the Wrist Group, said revenue for the first six months of this year grew 67 percent to $4.2 billion, up from $2.5 billion in the first half of 2007.
   OW Bunker’s investments in the last year include new offices in Dubai, Chile and South Korea as well as $100 million to add 12 new vessels to its global fleet.
   'This record growth over the past six months is testament to OW Bunker's financial strength, which has enabled us to generate increased credit lines with suppliers, and to facilitate our ambitious global expansion plans,” said Jim Pedersen, chief executive, OW Bunker. “The high performance in all areas of the business, as well growth within new markets also demonstrates the strength of our business strategy and our ability to deliver even in a volatile economic climate. Our focus will remain firmly on providing high levels of service and operational excellence for our customers, as well as continuing to invest in further expansion and development in all aspects of the company in line with our growth plans.'