ENDOFA Successfully Completes Its First Year
- Business & Finance
ENDOFA, a bunker supplier owned and operated by three Danish partners, Kenn Soendergaard, Mads Borggaard and Allan Frost, has completed its first year with a turnover of USD 235 mil between the company’s offices in Houston and Dubai, more than doubling the organization’s first-year turnover projections.
“ENDOFA has been well received in the competitive market in general and that has helped put our name on the map,” says Soendergaard. “Plus, strong support in our three physical operations has added greatly to the turnover.”
Soendergaard adds ENDOFA’s first-year success also can be attributed to stronger cooperation from larger players in WAF, the Far East and the Persian Gulf.
The company’s first year in operation will leave it with a loss of close to USD $500,000, a figure ENDOFA’s management deems satisfactory for a first year in operation coupled with significant investments made in 2013.
ENDOFA currently owns and charters seven vessels ranging from coaster to Pan-Max and expects to expand its current fleet in the coming year.
With a stronger and proven name in the market, a new joint physical setup, owned vessels and an increase in traders in both offices, ENDOFA projects 2014 will generate a turnover of USD 350 mio.
ENDOFA, January 14, 2014