Business Model
Gunvor is one of the world’s leading independent global commodities trading houses by turnover, providing logistics solutions that safely and efficiently move physical energy materials from where they are sourced and stored to where they are demanded most. With strategic investments in industrial infrastructure (refineries, pipelines, storage, and terminals), Gunvor further generates sustainable value across the global supply chain for its customers. Gunvor’s trading business principally involves the physical trading of crude oil, refined petroleum products, natural gas, liquefied natural gas (LNG), biofuels, power, and carbon emissions.
Gunvor commenced its trading operations in 2000, initially focusing on the export of crude oil and refined petroleum products, and subsequently diversified its trading operations both in geographic and product terms. Since 2000, Gunvor’s traded volumes have substantially grown to amount to 177 million metric tons in 2023, and 3.1 million barrels of oil equivalent per day. Gunvor’s trading is spread across a wide range of products with a growing share of energy transition products, making Gunvor one of the top five independent energy trading houses by trading volumes in the world.
The Group currently trades globally through its centres that are supported by a number of other offices. Gunvor operates principally through its three main trading hubs located in Geneva (Switzerland), Singapore, and Houston (USA), with additional trading offices in Stamford (USA), Dubai (United Arab Emirates), London (U.K.), and Shanghai (China). These Trading Centres are supported by several representative offices in Ulaanbaatar (Mongolia), Beijing (China), Bogota (Colombia) and Calgary (Canada). In addition to the trading centres, Gunvor’s operations are supported by its service centre in Tallinn (Estonia) for logistics, shipping operations, accounting, finance and IT offices in Amsterdam (the Netherlands), Nicosia (Cyprus), and Istanbul (Türkiye).
Gunvor is also a major player in the shipping market and a leading charterer of crude and product tankers through its chartering arm, Clearlake Shipping. The Group holds equity investments in certain vessels together with leading shipping companies as joint venture partners. Gunvor benefits from this comprehensive transportation network as shipping operations provide optionality and competitive advantages for the Group’s trading operations, and are run as a separate business line that generates income from chartering vessels from and to third parties.
Gunvor’s activities along the energy supply chain, and its physical presence throughout the world, provide valuable and detailed insights into the nature of the marketplace locally, regionally and globally. Such information supports the Group’s ability to identify and capture trading opportunities and enhances its profitability. The Group’s trading activities are supported through several investments, both direct and indirect, in strategically located assets. These include refineries, crude and oil products terminals, pipelines and storage locations.
Gunvor’s ultimate parent company, Gunvor Group Ltd, is registered in Cyprus. Shareholding at year-end 2023 stood at 84.2% held by Torbjörn Törnqvist, the sole ultimate beneficial owner, with the remaining 15.8% is held by the Gunvor Employee Shareplan. There are no outside shareholders or economic interests.
At the end of 2023, Gunvor had 1,780 employees, with 980 from trading and 800 from assets. Financial information for the year ended 31 December 2023 consisted of:
Revenue
$3.25
Gross profit (billion)
$1.25
Net profit after taxes (billion)