The history of USTC Group
Strengthening the Core business while expanding with Purpose
USTC Group continues to expand its global presence while reinforcing its core businesses through geographical expansions, portfolio refinement, and increased ownership across the Group companies.
In 2024, Uni-Tankers opens a new permanent office in Marbella, Spain, reinforcing its presence in the European market. In 2025, the company further expands into Asia with the establishment of an office in Singapore.
CM Biomass relocates to its new headquarters at Sundkrogsgade in Copenhagen in 2024. The company continues to expand in Asia, with new offices and teams established in Ho Chi Minh City, Singapore, and Seoul. This year USTC also increases its ownership in CM Biomass to 89%.
For Unit IT, 2024 is a milestone year with the opening of its first international office in Prague, Czech Republic, which marked the transition from being a player in the Danish market to now having an international presence.
In the autumn of 2024, Selected Car Group acquires RaceGroup, expanding its footprint in the high-performance automotive sector and enriching its portfolio within motorsport and premium car experiences.
In 2025, Bunker Holding reinforces its role in the green transition by now operating the industry’s largest biofuel supply network, covering more than 150 ports worldwide.
Charting the course as a united group
New leadership takes form, as the Group sharpens its structure and business focus.
In 2022, Nina Østergaard is appointed Chief Executive Officer of USTC, signalling the next step in the family’s carefully planned generational transition. She continues to work closely with her father, Torben Østergaard-Nielsen, who takes on the role of working Chairman of the Board. Torben Østergaard-Nielsen remains actively involved, setting strategic direction and ensuring that the values he built the Group upon continue to shape its culture. Later that year, Mia Østergaard Rechnitzer joins the Executive Management as Chief Governance Officer, strengthening the Group’s family ownership structure.
In November 2022, Torben Østergaard-Nielsen receives the Honorary Award for Owner Manager, one of Denmark’s most prestigious business accolades.
This period also sees important developments across USTC’s core businesses:
CM Biomass acquires Mohegan Renewable Group in early 2022, nearly doubling its US production footprint. In 2023, it continues to upgrade and expand its facilities in the United States and also strengthens its position in Asia by opening an office in Seoul, South Korea, complementing its operations in Singapore and Vietnam.
In March 2022, Selected Car Group merges with Solid Leasing, forming Denmark’s largest company specialising in premium car leasing and special vehicle investment. Later that year, the Group further strengthens its operations with the acquisition of DC Workshop. In 2023, Selected Car Group continued its expansion by acquiring CC-Cars and A-Leasing, enhancing its leasing portfolio. Additionally, a new event and conference venue was inaugurated in Silkeborg under the Selected Car Collection brand.
In August 2022, Global Risk Management becomes an independent entity under USTC Group, allowing greater focus on specialised financial services in risk and fuel price hedging.
In 2022, Bunker Holding launches its new five-year strategy, “Fueling the Future”, setting a clear direction for its ambition to lead the fuelling of global trade as the preferred and most trusted partner. In 2024, the strategy is reaccelerated under the campaign name “Fit for Future”.
In November 2023, USTC launches its first formal five-year strategy, Charting the Course, setting a clear direction for sustained growth.
In December 2023, Unit IT acquires GlobalConnect Outsourcing Services, nearly doubling its size and strengthening its foothold in the Copenhagen region.
The new generation steps forward
Ownership shifts and major acquisitions pave the way for a diversified conglomerate.
In 2020, Nina Østergaard officially joins USTC as Chief Operating Officer, setting in motion a new chapter in the owner family’s active leadership. Later that year, the Østergaard family announces a successful generational handover. Ownership of the USTC Group is now shared equally between Torben Østergaard-Nielsen, Nina Østergaard, and Mia Østergaard Rechnitzer. This transition secures both continuity and future readiness for the entire Group.
At the end of 2020, SDK merges with FREJA Transport & Logistics, forming SDK FREJA, a fully integrated shipping and logistics provider.
In 2021, USTC welcomes CM Biomass into the Group. The company quickly becomes of the world’s largest independent wood pellet trader and a top-five global producer, with operations across the United States.
Strategic structuring and new ventures shape USTC
The Group formalises its ownership model and grows in both technology and new business areas.
In 2015, the Østergaard family establishes Selfinvest as their dedicated family office. Besides asset management and investments, the family office’s purpose and objective is to create the framework for the Østergaard family’s active ownership of the Group.
During this time, the Group also strengthens its technology offering. Several IT acquisitions are brought together under one brand, and Outforce becomes Unit IT, USTC’s modern IT provider, delivering services both internally and to clients across Denmark.
Shipping activities continue to grow steadily. Shipping.dk, formerly Julius Mortensen Shipping, acquires several companies and, in 2018, unifies its operations under one name, SDK.
In 2018, Torben Østergaard-Nielsen also becomes the sole owner of Selected Car Group, turning his long-standing passion for performance cars into a business with three divisions: Selected Car Leasing, offering leasing of premium and luxury cars; Selected Car Collection, a curated and chronologically organised car collection that also serves as a high-end event space; and Selected Car Investment, which specialises in investing in rare and exclusive cars. The business is based in two modern showrooms, one in Middelfart and one in Hellerup, later expanding to Køge in 2020 and Silkeborg in 2021.
Expanding global reach and fuelling the shipping industry
USTC becomes a truly global group through new markets and technologies.
The late 2000s see a strong international expansion, especially within bunkering. Bunker Holding is represented across five continents, opening offices in the USA, Australia, South Africa, Chile, Dubai, and across Asia and South America. These strategic moves establish Bunker Holding’s role as one of the world’s largest supplier of marine fuel.
As digital transformation begins to reshape how businesses operate, the Group converts its internal IT function into a standalone tech company in 2007, Outforce. The company moves into its own building at Strandvejen 7, indicating a new level of independence and growth in IT services within the Group.
In 2013, Torben Østergaard-Nielsen moves part of the Group’s operations into the newly restored Turbinehallen (Turbine Hall) in Middelfart, a historic industrial building transformed into a modern, flexible office space. Turbinehallen now houses offices for Selfinvest, USTC, Uni-Tankers, and several other Group companies. Middelfart remains the center of the Group and now serves as the home base for Bunker Holding, Selected Car Group, Unit IT, and Dan-Bunkering, the bunker company where it all began.
The maritime roots grow stronger
Ownership is consolidated while maritime activities expand and new companies emerge.
In 1998, Torben Østergaard-Nielsen becomes the sole owner of USTC Group, bringing all core business activities under one leadership for the first time. With that step, the Group enters a new phase of focused investment and expansion across shipping, trading, and risk management.
Uni-Tankers, the Group’s specialised tanker shipping company, is founded in 1995. The company’s first newbuild vessel, M/T Fionia Swan, is launched soon after, and named by Mia Østergaard at Middelfart Harbour, a proud milestone for both Uni-Tankers and the Østergaard family.
Bunkering operations continue to expand internationally, with new offices and acquisitions in Sweden, the UK, China, Singapore, and Argentina. These years continue to contribute toward establishing Bunker Holding‘s global supply network.
In 2004, Global Risk Management (GRM) is established as part of Bunker Holding, offering customised hedging and risk management solutions for fuel and energy clients.
Full Ownership and a Decade of Expansion
The bunker operations expand internationally, and the foundation for a new headquarters is laid.
As global shipping grows, Bunker Holding responds by expanding its bunkering activities beyond Denmark. New offices are opened in Copenhagen and key international locations across Europe, including Norway and Greece, establishing the Group’s early global presence.
Meanwhile, the company’s home base is changing. The office in Brogade, Middelfart, no longer meets the needs of a growing team and business. Plans are set in motion to build a new head office at Strandvejen 5 in Middelfart to support a modern and expanding organisation. The new head office opens in 1995.
A new pioneer on the horizon
Torben Østergaard-Nielsen enters the business and identifies new growth potential in bunkering.
USTC’s modern journey begins in the late 1970s.
In 1974, Julius Mortensen Shipping acquires the local shipbroker H. Sommer’s Eftf. in Middelfart, an important step in expanding its regional presence and a move that brought the business across the bridge from Fredericia, setting the stage for the modern USTC.
Just four years later, in 1978, a young Torben Østergaard-Nielsen is appointed Managing Director, still technically a trainee, he is already demonstrating early leadership potential.
While managing H. Sommer in Middelfart, Torben Østergaard-Nielsen handles all the bills for his clients, and he notices something odd about them: The shipping lines always bought their fuel directly from the major oil companies, and the prices they paid for fuel varied wildly. Torben Østergaard-Nielsen sees the opportunity in the market for an independent bunker trading company that could secure the lowest price every day.
In 1981, Torben Østergaard-Nielsen establishes Dan-Bunkering as a separate business focused on supplying marine fuel. Starting out in small offices on Havnegade and later Brogade in Middelfart, the business grows quickly. Many employees from these early years are still part of USTC Group today.
The original Havnegade office still stands today and is now owned by Selfinvest, the Østergaard family’s holding company.
Where It All Began
From a local family shipbroker in Fredericia to the roots of today’s USTC.
The origins of USTC date back to 1876, when Julius Mortensen founded his shipbroker business in Fredericia. For nearly a century, the company remained a small, family-owned enterprise rooted in Danish maritime trade.
By the 1970s, the company was still owned by the Mortensen family and had moved into its fourth generation. This long-standing heritage eventually set the stage for transformation into what would become United Shipping & Trading Company (USTC), with new ownership, leadership, and direction emerging in the years to come.
