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.
| Privately held | |
| Industry | Shipping |
| Founded | 1876 |
| Headquarters | , |
Area served | Worldwide |
Key people | Torben Østergaard-Nielsen (CEO, owner) |
| Revenue | 71.6 billion DKK (2018/19) |
| Total equity | 2.6 billion DKK (2018/19) |
| Owner | Torben Østergaard-Nielsen |
Number of employees | 1,780 |
| Website | ustc |
USTC Group is represented by 95 own offices in 32 countries (2019) 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 1,780 employees, and holds a turnover of 71.6 billion DKK (2018/19). The group is solely owned by Torben Østergaard-Nielsen.
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 59 offices in 31 countries (2019)
- 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
| Public | |
| Industry | Financial services |
| Founded | 2004 Middelfart, Denmark |
| Headquarters | Middelfart, Denmark |
Area served | Worldwide |
Key people | Peder D. Møller (CEO, Managing Director) |
Number of employees | 250 - 2000 |
| Website | global-riskmanagement.com |
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.
References
- "History of United Shipping & Trading Company". ustc.dk.
- "History". USTC. Retrieved 2012-10-23.
- "About Us". Global Risk Management. Global Risk Management.
- Vium, Nanna. "Middelfart-virksomhed rammer rekordresultat". fyens.dk. Retrieved 5 April 2017.
- "Company Overview of A/S Global Risk Management Ltd". Bloomberg.
Further reading
- (in Danish) Fyns største bliver større - fyens.dk
- (in Danish) Fynsk olie-kæmpe udvider - fyens.dk
- (in Danish) Computerhotel bag lukkede døre - fyens.dk
- Articles referencing Global Risk Management: