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USTC and Selfinvest more than double their best consolidated annual result

June 21, 2023

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Despite geopolitical unrest, inflation, and volatile energy prices, family owned Selfinvest and its operating company USTC emerged with their best financial year to date. Strong results across all USTC companies have contributed to a record EBT of just above DKK 2.9 billion.

  •      An EBT of just over DKK 2.9 billion, which is more than a doubling of last year’s EBT of DKK 1.2 billion. 
  •      Revenue grew by 25% from DKK 120 billion to DKK 150 billion. 
  •      Four USTC companies each contributed with an EBT of more than DKK 200 million, while a fifth landed just below. A clear underscoring of the Group’s strategy to have several strong divisions make up its portfolio of companies. 
  •      The Group’s equity now stands at over DKK 8 billion, and it employs more than 4,500 across 165 offices in 40 countries.  

The Østergaard family conglomerate, which consists of the Selfinvest family office and the operating companies under USTC, can today present a record financial result with an EBT of just above DKK 2.9 billion while revenue grew to DKK 150 billion. Growth was driven by positive results across USTC’s seven companies operating within energy, shipping, logistics, environment, recycling, risk management, car activities, and IT. 


“If I were to summarize in one word why Selfinvest and USTC have delivered such impressive results, I would say it’s due to our ability to be agile. Our companies and employees have an outstanding ability to navigate through unforeseen challenges such as geopolitical events, extreme price fluctuations, and a surging inflation. That is of course an accomplishment that we as owners are very proud of,” says Torben Østergaard-Nielsen, working Chairman, founder, and co-owner. 


Since Torben Østergaard-Nielsen founded the Group more than 40 years ago, the companies have had to navigate major upheavals such as the Cold War, oil crises, digitization, and internationalization. Therefore, the Group’s culture is also characterized by an ability to adapt, which has been more necessary than ever in the past fiscal year. 

A solid portfolio 

In addition to a strong focus on building and developing the companies in the Group’s portfolio, USTC’s growth strategy is based on acquiring companies that operate in the industries where the Group possesses knowledge and insights, and where synergies to the remaining companies can be found. It is therefore satisfactory for the Group to experience several companies delivering significant financial results. 


“For many years, Bunker Holding has been the dominant company in USTC, and they continue to be the primary contributor to our record result. But over the past few years we have built a robust conglomerate that stands on several pillars. That Bunker Holding, SDK FREJA, Uni-Tankers, and CM Biomass can all deliver an EBT of over DKK 200 million each is solid proof that our strategy is a success,” says Nina Østergaard Borris, CEO and co-owner of USTC. 


During recent years, USTC has acquired notable Danish companies such as FREJA Transport & Logistics, CM Biomass, and Nordic Waste and DSH Recycling. All companies are now integrated into the USTC Group and have contributed significantly to this year’s financial result. 


Despite disruptions in shipping and logistics, SDK FREJA can report their highest financial result to date with an EBT of DKK 287 million. CM Biomass can also announce a record-breaking result with a revenue of more than DKK 6 billion and an EBT of DKK 224 million, despite a market characterized by a lack of raw materials and extreme price fluctuations. 


Growth across companies 

Bunker Holding has always been the main growth engine in USTC, and last year was no exception. Bunker Holding reported a highly satisfactory EBT of more than DKK 1.6 billion, which is almost half a billion more than Selfinvest’s and USTC’s hitherto best result from last year. 


“Bunker Holding has shown an impressive feat of strength. In a time of very high and volatile energy prices, they have managed to stay focused on the business while also rolling out a number of important ESG initiatives such as parental- and grandparental leave policies, which go far beyond current rules in force in many of the countries in which Bunker Holding operates. I would also like to point out Uni-Tankers’ impressive result. They have delivered a massive turnaround with profit after tax amounting to DKK 437 million, while also shearing off 70% of their debt following several challenging years,” says Nina Østergaard Borris. 


During the previous year, Global Risk Management moved from Bunker Holding to USTC. Global Risk Management provides risk management and hedging solutions in the energy markets and this year, they have contributed with an EBT of DKK 192 million. And finally, the Group’s IT company Unit IT continued growing its revenue by 14% and can report an EBT of DKK 22 million. 

A passion for cars 

At the end of Q2 2022, Selfinvest merged its car activities with those of Lars Larsen Group and created one of Denmark’s largest players in the sports and premium car segments. In the first year after the merger, the consolidated Selected Car Group can present a revenue of DKK 2.6 billion and an EBT of DKK 31 million. 


“It has been a challenge to merge two different and highly passionate companies, but the result speaks for itself. We anticipated a strong match which has been confirmed to a great extent. Jacob Brunsborg and Lars Larsen Group are driven by the same family values as us, and I foresee further growth in Selected Car Group in the coming years,” says Torben Østergaard-Nielsen. 

Expectations to 2023/24 

The previous fiscal year has yielded an exceptionally positive result, which Selfinvest and USTC do not expect to repeat this fiscal year 2023/24. Despite the ongoing uncertainty in various markets, the expectation is still that the Group will deliver a solid financial result on par with or higher than the previous year.


Annual Results fact sheet: Selfinvest and USTC companies  


Bunker Holding 

For financial year 2022/2023 Bunker Holding achieved its best result to date increasing EBT by 142% from DKK 664 million to DKK 1.6 billion, while revenue grew to DKK 131.5 billion. Bunker Holding has maintained its position as the global leading bunkering company in an industry where complexity is constantly increasing and focus on the green transition is intensifying. In 2022/23, Bunker Holding established a Centre of Excellence for new fuels with the hiring of global experts with specialist knowledge and expertise in LNG, ammonia, and biofuels, as well as experts on environmental regulatory affairs. 



SDK FREJA is a full-service logistics and shipping company and also operates in the environmental and recycling business through its subsidiaries DSH Recycling and Nordic Waste. SDK FREJA employs a workforce of 1,515 employees and operates in eight countries. In recent years, SDK FREJA has been through a major expansion of its business portfolio. Today, the company consists of three business areas: Shipping, Logistics, and Environment & Recycling with activities that include freight forwarding within Road, Air & Sea and Project Cargo, Contract Logistics as well as Stevedoring, Port Agency, Customs Clearing, Chartering, Liner and Cruise services, and Environmental and Recycling services. 2022/23 was yet another record year for the Group, where EBT increased by 18% to DKK 287 million and turnover grew by 10% to DKK 6.6 billion. 


CM Biomass 

CM Biomass, who employs more than 225 dedicated professionals in 12 countries, is the largest independent trader of wood pellets and the 5th largest producer in the world. CM Biomass works with a variety of clients across several markets trading around more than 3 million metric tons of biomass per year, striving to decarbonize power and heat production. CM Biomass has its roots in the family-owned Copenhagen Merchants Group. 2022/23 is the first full financial year since the USTC Group bought the majority stakes in the company. CM Biomass can present its best annual result to date with a revenue of more than DKK 6 billion and an EBT of DKK 246 million. During the past year, CM Biomass has scaled up own production activity bringing the company’s number of facilities to 11 in the USA and Denmark with an own production of up to 1 million metric tons of wood pellets per year. 



Uni-Tankers is a leading tanker shipping company trading in the intermediate and small tanker segment. The company operates 40 owned and chartered vessels and has offices in Denmark, Turkey, France, and USA. Through a combination of an effective turnaround strategy, favorable market conditions, and a streamlined organization, the company can present record earnings in 2022/23. A profit after tax result of DKK 437 million, which is an improvement of DKK 470 million compared to last financial year. A landmark result for the company that has also managed to reduce its total debt by 70 percent. 


Unit IT 

Unit IT offers a wide range of high-end services within infrastructure and the operations and support of private and public cloud solutions, including specialist units within cyber security, business intelligence and data platform for operation and optimization of database performance. The company is Danish-based and nationwide with six offices. In 2022/23, Unit IT could present an EBT of DKK 22 million and revenue improved by 14% to DKK 230 million. The 2022/23 result is better than expected in a year marked by the energy crisis and inflation.   


Global Risk Management 

Energy hedging company Global Risk Management has had its first financial year under the direct ownership of USTC. The company was established with an investment firm license in January 2018 and has previously been organized as part of Bunker Holding. In 2022/23, Global Risk Management achieved an EBT of DKK 192 million. 


Selected Car Group 

Selected Car Group comprises three business areas: Selected Car Leasing, which provides the leasing of premium cars; Selected Car Investment, which buys and sells investment cars worldwide and offers investment pools where customers can invest in a unique portfolio of cars; and Selected Car Collection, one of Europe’s finest collections of selected special cars in exclusive settings also serving as a unique venue for meetings, events, and presentations.

Fincancial year 2022/23 marked a record year for Selected Car Group that merged with Lars Larsen Group’s leasing activities end of Q2 2022. Revenue improved by 86% to DKK 2.6 billion, while EBT increased to DKK 31 million. During 2022/23, Selected Car Group also focused on other growth supporting initiatives and acquired additional companies within the sourcing of cars, among others. 



For more information, please contact: 
Jonas Søndergård, Vice President Communications & Public Affairs 
+45 5215 9911,  



Media enquires

Group Communications

Phone: +45 7879 8228


Terms of use for images

Please note that USTC Group owned images may only be used in editorial publications.

United Shipping & Trading Company (USTC) is represented in 40 countries through the Groups’ activities in Oil & Energy, Shipping, Door-to-Door Logistics, Risk Management, Car activities, IT and Sustainable energy, Environment & Recycling. The family-owned Group was founded in 1876 and today consists of well-known companies such as Bunker Holding, SDK FREJA, Uni-Tankers, Selected Car Group, CM Biomass and Unit IT – operating out of more than 165 offices with over 4,500 employees worldwide. Headquartered in Middelfart, Denmark, USTC’s equity stands at over DKK 5 billion with a turnover of DKK 147 billion in the last fiscal year.