OW Bunker Q2 2014 Interim Financial Report. Volume growth of 7%. Full-year outlook maintained

1 APRIL - 30 JUNE 2014
Company Announcement no. 19/2014
                   29 August 2014

Volume growth of 7% in the second quarter of 2014. Full-year outlook maintained.

 USD million                              Q2 2014 Q2 2013 H1 2014 H1 2013  2013



 INCOME STATEMENT

 Volumes (million tonnes)                     7.2     6.7    14.9    13.5  29.2

 Gross profit                                49.2    36.1   105.9    94.5 218.8

 Gross profit per tonne (USD/tonne)           6.8     5.4     7.1     7.0   7.5

 Profit before tax (EBT) before special
 items                                       17.8     6.6    42.8    29.9  86.5

 EBT before special items conversion
 ratio                                        36%     18%     40%     32%   40%

 EBT before special items per tonne
 (USD/tonne)                                  2.5     1.0     2.9     2.2   3.0

 Profit for the period before special
 items and tax effect hereof                 14.1     5.7    33.4    23.4  68.4



CEO Jim Pedersen commented:
"The second quarter results are satisfying. With a volume growth of 7%, we are
gaining market share in a difficult market. Our new operations are performing
according to plans, and we maintain our full-year guidance."


Second quarter 2014 highlights

  * Marine fuel transaction volume rose 7% to 7.2 million tonnes (Q2 2013: 6.7
    million tonnes), mainly due to growth in Asia and Americas. H1 2014 volume
    was 14.9 million tonnes, up 11% from H1 2013. Volume growth in the second
    quarter was slightly below expectations.

  * Gross profit rose 37% to USD 49.2 million (Q2 2013: USD 36.1 million). Q2
    2014 gross profit was not impacted by unrealised gain or losses on fair
    value adjustments of risk management derivatives linked to inventory and
    underlying marine fuel transactions. H1 2014 gross profit was USD 105.9
    million, up 12% from H1 2013.

  * Gross profit per tonne rose to 6.8 USD (Q2 2013: USD 5.4 per tonne). H1
    2014 gross profit per tonne was USD 7.1 against 7.0 in H1 2013. Including
    interest income from trade credit, gross profit per tonne was USD 7.5 in Q2
    2014 and 7.7 in H1 2014.

  * Profit before tax (EBT) before special items almost tripled to USD 17.8
    million (Q2 2013: USD 6.6 million). H1 2014 EBT before special items was USD
    42.8 million, up 43% from H1 2013.

  * Q2 2014 special items comprise one-off costs of approx. USD 1 million
    related to the listing of OW Bunker on NASDAQ OMX Copenhagen in March 2014,
    bringing total IPO-related one-off cost to USD 11.1 in H1 2014. No further
    IPO-related one-off costs are expected.

  * EBT before special items conversion ratio increased to 36% (Q2 2013: 18%).
    H1 2014 EBT before special items conversion rate rose to 40% from 32% in H1
    2013, reflecting lower external costs.

  * Profit for the period before special items and tax effect hereof was USD
    14.1 million (Q2 2013: USD 5.7 million). H1 2014 profit for the period
    before special items and tax effect hereof rose 43% to USD 33.4 million.

  * Return on equity before special items and tax effect hereof was 23% (Q1
    2013: 10%). H1 2014 return on equity before special items and tax effect
    hereof was 28%, up from 20% in H1 2013.

  * 2014 full-year outlook maintained as previously announced in conjunction
    with the IPO.




Conference call
OW Bunker hosts a conference call at 10.00 am CET. Presentation material will be
available on www.owbunker.com approx. one hour before the call. Please use the
following numbers +45 3272 8018 (Denmark), +44 (0) 1452 555131
(UK/international) and +1 866 682 8490 (US - free dial-in).

Contact for further information
Per Bech Thomsen, IR & Group Communications +45 3137 3133

About OW Bunker A/S
OW Bunker is a leading global independent marine fuel (bunker) company founded
in Denmark in 1980 with operations in 29 countries, including the world's
busiest and most important ports. OW Bunker acts as a physical distributor as
well as reseller of marine fuel, and operates a global fleet of approx. 30
bunker vessels. OW Bunker also provides advanced risk management solutions aimed
at controlling costs, minimising risk and protecting against market
fluctuations. Headquartered in Nørresundby, Denmark, OW Bunker is listed on the
NASDAQ OMX Copenhagen and has over 600 employees globally.






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