Swiss commodity trader Gunvor, which is majority-owned by businessman Thorbjorn Tornqvist, made a net profit after tax of $841 million in the first half of 2022 against $231 million a year earlier.
In general, for 2021, the trader received $726 million in profit.
The company’s revenue in January-June 2022 amounted to $89.1 billion, which is 1.9 times more than the first half of last year.
“Gunvor’s results over this period were driven by massive global market changes that have spread to all regions and businesses, including oil, petroleum products, natural gas and liquefied natural gas (LNG). Particularly encouraging is the return of substantial profitability to our downstream operations and to shipping sector.This was mainly due to limited refining capacity worldwide and strong demand, especially in Europe, for middle distillates, including diesel, heating oil and jet fuel.As the world’s leading ship charterer, Gunvor has benefited from high demand for spot charter capacity,” Tornqvist commented via the press office.
Since international economic sanctions have taken effect, Gunvor has ceased trading with Russian counterparties, fulfilling the remaining contracts that are not yet subject to sanctions, but which will expire in accordance with applicable closure provisions, the company recalls.
„None of Gunvor’s refineries process oil of Russian origin,” the trader emphasizes.
The sale of a non-controlling minority stake in the operator of the oil products terminal in the port of Ust-Luga ( 26% – IF ) is still not practically or legally feasible, and Gunvor continues to explore options, according to a press release.