FincoEnergies may take over oil trading company Klaas de Boer under conditions. This has been decided by the Netherlands Authority for Consumers and Markets (ACM). Both companies supply, among other things, marine fuels in various ports in the Netherlands.
To ensure that customers maintain sufficient choice from multiple suppliers of marine fuels, FincoEnergies and Klaas de Boer must sell business units in different ports to another party.
In the ports of Harlingen, Lauwersoog, Eemshaven-Delfzijl and Den Helder, FincoEnergies and Klaas de Boer are virtually the only suppliers of marine fuels (bunkering companies) such as gas oil. They supply marine fuels in these ports to various customers such as fishermen, tug services, passenger/ferry services and offshore companies.
The ACM‘s investigation shows that a large proportion of these customers will not simply move to another port to bunker marine fuels in the event of a price increase. This is because of the distance and the relatively high costs involved. These customers are “tied” to a port for their marine fuel. It follows from the ACM’s market investigation that there are few or no fully-fledged alternatives to FincoEnergies and Klaas de Boer in these ports, which could lead to higher prices after the takeover.
Also read: Glomar switches offshore fleet to HVO
Conditions to takeover
A condition for the ACM to grant the licence for the takeover is that FincoEnergies and Oliehandel Klaas de Boer sell various business units (including the Klaas de Boer name) to GMB Group, of which Slurink Transport Services is part. This company will buy, among other things, five bunker boats, a storage terminal in Harlingen and Klaas de Boer’s (port-related) customer portfolio.
GMB Group will supply marine fuels under the Klaas de Boer name in the ports of Harlingen, Lauwersoog, Eemshaven-Delfzijl and Den Helder. These conditions ensure that customers in these ports will continue to have a choice of several bunkering companies even after the takeover.
The ACM also investigated the impact of this takeover on customers in the port of IJmuiden. Based on the investigation, the ACM does not expect any adverse consequences for customers there.
Also read: FinCo Fuel Group acquires marine biofuel supplier GoodFuels
Expansion of FincoEnergies
FincoEnergies first announced the plans for the takeover in December 2023. At that time, the company still spoke of an acquisition that was to include all business activities and associated vessels to expand FincoEnergies’ stake along the Dutch coastline. Klaas de Boer’s modern vessels were considered ‘a valuable addition to [FincoEnergy’s] existing fleet’.
Although the approval process with the ACM had already begun in December, the process has taken longer than anticipated. Back then, FincoEnergies expected the acquisition to be completed by the end of the first quarter of 2024.
Both companies offer traditional fuels and high-quality lubricants as well as biofuels, such as FincoEnergies’ GoodFuels products. Through the acquisition, FincoEnergies wants ‘to deliver the energy mix of the future better’.
Picture by FincoEnergies.
