Gunvor has released publicly detailed financial results for the first time, showing that commodity traders handled record amounts of raw materials amid strong demand for natural gas and crude oil in the first half of the year.
The privately owned group, controlled by billionaire Torbjorn Tornquist, said its business volume rose 28 percent year-on-year to 118 million tonnes in the six months to June.
The figures suggest big commodity traders একটি a group that includes Vittal, Trafigura, Glencore and Mercuria-are well positioned to take advantage of the supply crisis that has gripped energy markets and sent gas prices to record highs.
Gunvar cited rising fuel demand as epidemic restrictions and “unusually cold winter conditions” after the economy reopened to boost volumes in parts of Asia and the United States.
“Liquefied natural gas (LNG) has performed well, benefited from volatility and market displacement, and the positive performance of the natural gas business has continued during this period,” Gunvar said in a statement of its interim results. “Crude and original oil products have also reported healthy results.”
Since the end of the half-year of Gunver, natural gas prices in Europe have risen by 120 percent and LNG futures contracts in Asia have risen by the same amount. Crude oil, which could benefit from an industry moving away from gas, hit 80 80 a barrel this week for the first time in three years.
Geneva-based Ganvor, which says it is the world’s largest LNG trader, has not previously released detailed financial information.
It made its half-year numbers available late Tuesday night at Euronext Dublin after a bond issue this month. The company is trying to diversify its funding sources and increase its maturity.
Commodity traders usually rely on large lines of credit from banks to finance their trading activities. Due to the many scandals in Singapore, however, a number of donors have moved away from the sector, much to their dismay.
In the six months to June, Gunvar reported net income of $ 213.1 million, down from 23 230.5 million a year earlier when the company reported record results because it saved cheaper crude oil and made a profit by selling it in the futures market at a higher price.
It said natural gas and crude oil had the most significant growth in the first half of 2021, with trading volumes up 2 cents and 77 per cent, respectively. Revenue, which reflects high commodity prices as well as volume, nearly doubled to $ 47 billion.
Ganover’s equity rose 13 percent to 2.5 2.5 billion at the end of June. Tornquist, who is chairman and chief executive, owns 87 percent of the company.
In a statement of results, Gunvar further said that it is under investigation by the US Commodity Futures Trading Commission regarding its activities in Ecuador.
A former Gunbor employee has pleaded guilty in a New York court this year to helping Ecuadorian officials with more than 22 22 million in exchange for a lucrative deal with state oil company Petroquador.
“In addition to the existing judicial investigation into Ecuador, the U.S. Commodity Futures Trading Commission is also conducting an investigation,” the agency said in its findings.
“Gunvar Dowje is not aware of the full scope of the investigation. Accordingly, no assurances can be given about the direction of the investigation.”
Gunbhor and some of its rivals have stopped using agents to win business in resource-rich countries where corruption often occurs.