Bunker Holding Names GRM’s Jacob Norgaard as New CFO
Key Takeaways
- •Jacob Norgaard is being promoted from Global Risk Management, where he currently serves as CFO, to become Bunker Holding’s new CFO.
- •Michael Krabbe is stepping down by mutual agreement after eight years with Bunker Holding.
- •Bunker Holding said Norgaard’s experience in commodity risk management, risk reporting and commodity finance fits the demands of bunker trading.
- •The company said the appointment is intended to strengthen group-wide finance collaboration and support faster decision-making.
- •Bunker Holding cited volatile fuel prices and new shipping compliance rules as factors making the market more complex.
Bunker Holding, the world's largest marine fuels firm by sales volume, has appointed Jacob Norgaard as its new chief financial officer (CFO), bringing him over from sister company Global Risk Management (GRM). The group is headquartered in Middelfart, Denmark, and forms part of the family-owned United Shipping & Trading Company (USTC).
Norgaard, who is currently CFO at GRM, will succeed Michael Krabbe, who is stepping down by mutual agreement, the company said in an email statement on Thursday. GRM, which sits within the wider group, provides risk management and hedging services across energy commodities.
According to Bunker Holding, Norgaard has experience in commodity risk management, risk reporting and commodity finance. At GRM, he also worked on strengthening the link between finance and the wider business.
That background matches the day-to-day realities of bunker trading, where suppliers extend credit to shipowner counterparties and manage exposure to fuel prices that have swung sharply in recent years, including the oil price turbulence of 2020 and 2022. Fuel purchasing decisions have also grown more complex as rules such as the IMO's 2020 global sulphur cap, the extension of the EU Emissions Trading System to shipping from 2024, and the FuelEU Maritime regulation from 2025 have widened the range of fuels and compliance costs shipowners must weigh.
In his new role, Norgaard will support Bunker Holding's growth strategy and help bring its finance organisation closer together across the group. The company said the move is intended to improve collaboration, make better use of its finance expertise and support faster decision-making.
"Jacob is not only an excellent CFO, but he also knows our business, our market, and the risks we work with every single day," Peder Møller, CEO of Bunker Holding, said.
Krabbe is leaving after eight years with Bunker Holding.
"Michael has been part of an important period in Bunker Holding's development and has made a strong contribution to building and strengthening the financial platform the company has today," Nina Østergaard, chairman of the board and co-owner of Bunker Holding, said.
"At the same time, I am very pleased that we can welcome Jacob as CFO. He already knows our business and our culture, and we know the qualities he brings to the role."
Ship & Bunker News Team
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