Bunker Fuel

Interview: Growth on track at Flex Commodities, says Trading Director

Company grew from just three to become a 22-strong team within the span of one and a half years, informs Maaz Ahmed, Trading Director at Flex.

Published

8 months ago

November 20, 2025

Admin

Dubai-based bunker trading firm Flex Commodities (Flex) is entering the middle of its second year of operations. Singapore bunkering publication Manifold Times checks with Maaz Ahmed, Trading Director at Flex, to find out more:

MT: Flex Commodities is entering the middle of its second year of operations; how has the company grown since its establishment in June 2024?

Over the past year, Flex Commodities has grown much faster than expected. We began in Q3 2024 with just three people, and as the business gained momentum, we built up our capabilities across trading, operations, finance, HR, and compliance. Today, we’re a 22-member team, with our headquarters in Dubai and support teams across multiple time zones.

Geographically, we expanded from being a single-office setup in Dubai to establishing operational presence in Greece, Singapore, and Brazil, giving us coverage across Europe, Asia, and South America.

Flex aims to be present at the heart of market action and a first step in that direction was to establish a Singapore entity – Flex Commodities PTE LTD. We have so far hired three senior professionals for the team who bring extensive experience across different facets of the value chain:

Wilson Tang (Regional Manager, Singapore) With a long track record in Asia’s marine fuels market, Wilson brings strong commercial judgement and regional trading insight that elevates FLEX’s strategic positioning in Singapore.
Tan Ying – Lead Trader, China (Singapore Desk) With more than 15 years of experience in marine fuels trading and business development across China and Singapore, Tan Ying enhances FLEX’s regional trading capabilities and commercial reach.
John Teng – (Senior Supply Trader) John brings deep expertise in regional supply markets, leveraging his understanding of trading economics and supplier networks to strengthen FLEX’s commercial edge across Asia.

MT: As a relatively new bunker and cargo trading startup, what was the biggest challenge Flex faced in gaining a foothold in this competitive marketplace during its first year? How has Flex managed to overcome this challenge?

One of the biggest challenges for us in the first year was credibility. In bunker and cargo trading, the market is extremely relationship-driven suppliers need to trust that you will perform, and customers need to know you can deliver consistently. Even though the team had years of experience, Flex as a company was still new, so we had to prove ourselves from day one.

We tackled this challenge by relying on the relationships and reputation our team members already had in the industry. That helped us gain early support from key suppliers and customers. The backing and PCG support from our parent company also played a major role, giving counterparties the confidence to trade with us at scale while we built our own credit history.

Another challenge was managing market exposure and volatility while scaling up. As our volumes increased, price risk became a bigger factor. To handle this, we set up a derivatives desk for internal hedging and risk management. This gave us better control over our exposure, improved our ability to take positions responsibly, and strengthened our internal risk framework.

At the same time, we expanded our operations, finance, and compliance teams to ensure the company could support the commercial growth sustainably.

By combining strong relationships, reliable performance, PCG support, and disciplined internal risk management, we were able to establish credibility quickly and build a solid foothold in a very competitive market within our first year.

MT: For counterparties, what are the advantages of working together with FLEX? Can you share some examples?

One of the biggest advantages for counterparties working with Flex is the speed and clarity we bring to every deal. Because our structure is lean and our decision-making is centralised, customers and suppliers get quick answers whether it’s pricing, credit approval, operations, or payments. That agility makes a huge difference, especially in time-sensitive bunker markets.

Another strength is our reliability. We take on trades we know we can perform, and once we commit, we execute cleanly. For suppliers, that means timely payments and smooth coordination with barges and agents. For customers, it means fewer operational issues and clear communication throughout the delivery.

We also add value through information. Our research team sends out daily market reports, giving our counterparties insights on price movements. It’s an additional service that many clients appreciate because it helps them make more informed decisions, not just spot purchases.

Our growing geographical presence with Dubai as our HQ and additional coverage in Greece, Singapore, and Brazil lets us support enquiries across multiple time zones and stay closer to both suppliers and end users.

Finally, counterparties take comfort in our financial backing. The support from our parent company, including PCG when required, gives suppliers confidence to extend credit and allows us to scale responsibly.

MT: Considering current global events and market volatility, what are the current risks and pitfalls of bunker trading firms, and how is Flex managing or even taking advantage of these exposures?

The biggest risks for bunker traders right now are price volatility, counterparty risk, and operational/compliance issues.

Volatility can easily eat into margins if exposure isn’t managed properly.

Counterparty risk is one of the major pitfalls, especially with uncertain markets and extended payment terms. At Flex, we run a strict Know Your Customer (KYC) and credit process which helps us avoid taking unnecessary exposure.

Operational and compliance risk is also high, given sanctions changes and port-specific restrictions. We have invested early in strong operations and compliance teams to ensure clean execution and avoid mistakes that can be costly.

These controls give us an advantage because while some traders pull back during volatile periods, we can take on opportunities confidently, knowing our exposure is disciplined and well-managed.

MT: Moving forward, it is clear the shipping industry is adopting green bunker fuels due to IMO 2030/2050. What are the plans Flex has undertaken to future proof itself?

We know the industry is moving toward greener bunker fuels, and our plan is to prepare for that transition gradually and realistically. Flex is already in the process of obtaining ISCC certification, which is the first step toward being able to handle sustainable fuels with proper documentation and traceability.

Beyond that, our approach is to stay informed. Our research team monitors developments in biofuels, methanol, LNG, and other alternative fuels, and we’re keeping an eye on how different ports and suppliers are progressing.

As the market becomes more mature and customer demand increases, we’ll be in a position to integrate these products into our offering. So for now, our focus is on certification, building internal understanding, and making sure we’re ready to move when the market is ready.

Photo credit: Flex Commodities
Published: 20 November 2025

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Methanol

World Fuel and partners complete first green methanol bunkering of car carrier in Shanghai

Operation involved the delivery of approximately 2,800 MT of green methanol to “Arctic Tern” via a ship-to-ship transfer using SIPG Energy’s dedicated methanol bunkering vessel “M/V Hai Gang Zhi Yuan”.

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July 22, 2026

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World Fuel and partners complete first green methanol bunkering of car carrier in Shanghai

Marine fuel provider World Fuel on Tuesday (21 July) said it successfully completed the first green methanol bunkering of M/V Arctic Tern, with EUKOR Car Carriers and SIPG Energy at the Port of Shanghai.

Arctic Tern is the first vessel in the new Shaper Class series of car carriers.

The operation involved the delivery of approximately 2,800 MT of green methanol to Arctic Tern via a ship-to-ship transfer using SIPG Energy’s dedicated methanol bunkering vessel M/V Hai Gang Zhi Yuan, the largest vessel of its kind in operation.

The bunkering operation was carried out at Haitong Terminal, Waigaoqiao Port Area, Shanghai Port, with cargo handling operations conducted simultaneously during bunkering.

This marks EUKOR Car Carriers’ first green methanol operation and the first time Arctic Tern has bunkered methanol since its delivery on 9 July. The operation marked the first bunkering at Shanghai Port of green methanol produced locally in Shanghai for an international PCTC operator.

It also demonstrated the city’s integrated green methanol value chain, spanning local production, storage and bunkering, and established a replicable “Shanghai Model” for green methanol supply.

World Fuel arranged the supply and delivery of the fuel on behalf of EUKOR Car Carriers, working with SIPG Energy as the physical supplier at the Port of Shanghai.

The green methanol supplied was produced from municipal solid waste, ISCC-EU certified, and had a carbon intensity value below 25 gCO₂e/MJ.

Arctic Tern is the first of fourteen Shaper Class vessels ordered by Wallenius Wilhelmsen. With a capacity of 9,300 car equivalent units and methanol dual-fuel capability, the vessel will be operated by EUKOR Car Carriers, jointly owned by Wallenius Wilhelmsen and Hyundai Motor Group. Following her first green methanol bunkering, Arctic Tern will continue her maiden voyage from Asia to Europe.

Xavier Leroi, COO Shipping Services at Wallenius Wilhelmsen and CEO of EUKOR Car Carriers, said: “Completing Arctic Tern’s first green methanol bunkering shortly after delivery is a significant milestone towards our decarbonisation ambition for both EUKOR Car Carriers and Wallenius Wilhelmsen. It demonstrates how investments in next-generation vessel technology and fuel flexibility are being translated into real-world operations.

“This achievement reflects the strong collaboration between all parties involved. Together, we have shown how partnerships across the maritime value chain can help make lower-emission fuels available and operationally viable at scale.”

Mark Tamsitt, SVP Global Marine Sales at World Fuel, said, “The first bunkering event with a new fuel is a significant moment for any shipowner, and our role is to make it as seamless as possible. By connecting EUKOR Car Carriers with SIPG Energy’s proven green methanol capability at the Port of Shanghai, we were able to deliver on reliable supply, fuel quality, and safe processes. As more of our customers bring methanol dual-fuel tonnage into service, we are committed to being the partner that makes these kinds of operations routine.”

Mr. Zhang Da, General Manager of SIPG Energy, said, “Welcoming Arctic Tern to the Port of Shanghai for her first green methanol bunkering demonstrates the strength and maturity of our supply capability. Building on our well-established methanol ship-to-ship bunkering services for container vessels, we have already extended such services to pure car and truck carriers (PCTCs). This bunkering sets a new record for the largest single SIMOPs green methanol bunkering for PCTCs in China, marking another step in building Shanghai’s position as a global green energy hub for international shipping.”

This operation follows Wallenius Wilhelmsen’s announcement on 9 July that Arctic Tern would complete her first methanol bunkering shortly after delivery. The vessel entered service on routes between Asia and Europe immediately following handover from China Merchants Jinling Shipyard in Nanjing.

Photo credit: World Fuel
Published: 22 July, 2026

Ammonia

HPA and MB Energy develop safety concept for STS ammonia bunkering

HPA says the Port of Hamburg will become “bunker ready” for ammonia, laying the groundwork for safe and reliable ammonia bunkering in the future.

Published

14 hours ago

July 22, 2026

Admin

HPA and MB Energy develop safety concept for STS ammonia bunkering

The Hamburg Port Authority (HPA) and integrated energy company MB Energy on Tuesday (21 July) said they have completed a comprehensive risk analysis and developed a dedicated safety concept for ship-to-ship ammonia bunkering.

MB Energy said the analysis lays the groundwork for the safe introduction of ammonia as a future marine fuel.

“With our planned ammonia import terminal in Hamburg-Blumensand, MB Energy intends to provide the reliable land side supply infrastructure needed to support this transition across northern German ports,” it said in a social media post.

Mabanaft Group was renamed to MB Energy last year and merged over 50 existing brands under one identity.

Separately, HPA said the Port of Hamburg will become “bunker ready” for ammonia, laying the groundwork for safe and reliable ammonia bunkering in the future.

“The focus is in particular on container ships, cruise ships as well as RoRo and ConRo (Container/RoRo) ships,” it said.

“We expect ammonia to establish itself as an alternative marine marine fuel in the coming years. With our preparatory work, we are already creating the conditions to welcome the first ammonia-powered ships in Hamburg and to bunker them safely.:

HPA added that the import terminal for ammonia planned by MB Energy from 2029 will make a decisive contribution to ensuring the reliable availability of ammonia as a bunker fuel in northern German ports in the long term.

“The use of an ammonia bunker barge is considered a possible addition to the landside infrastructure to enable ship bunkering in the port and beyond in the future,” it said.

Photo credit: Hamburg Port Authority
Published: 22 July, 2026

Bunker Fuel

Alkagesta highlights key insights of Malta bunkering market in 2026

Darren Lee Axisa discusses the key trends influencing Malta’s bunkering market and the factors that will determine Malta’s long-term competitiveness as a regional bunkering hub.

Published

14 hours ago

July 22, 2026

Admin

Alkagesta highlights key insights of Malta bunkering market in 2026

In an article published on Alkagesta Market Insights, Darren Lee Axisa, Malta Country Manager of Alkagesta, on Monday (20 July) discussed the key trends influencing Malta’s bunkering market and the factors that will determine Malta’s long-term competitiveness as a regional bunkering hub:

Malta’s bunkering and energy market is moving through a period of structural adjustment. The disruptions that defined the first half of 2026 have accelerated shifts in product demand, terminal strategy, and the competitive dynamics of one of the Mediterranean’s most strategically positioned bunkering hubs. For Alkagesta, whose storage footprint on the island approaches 300,000 cubic metres, the period has tested operational flexibility while reinforcing the value of diversified infrastructure access.

A Market Shifting in Two Directions

Malta’s broader economy has remained resilient — GDP growth reached 3.9% in Q1 2026 — but the bunkering market has undergone a significant product mix shift, the roots of which predate the current geopolitical disruption.

The Mediterranean Emission Control Area, which came into force on 1 May 2025, triggered an immediate and measurable realignment in fuel demand across the region. VPS data covering the first six months post-ECA implementation shows that across the top ten Mediterranean bunkering ports, VLSFO volumes fell 23%, MGO more than doubled, ULSFO quadrupled, and biofuels increased fivefold. In Valletta specifically, the shift was even more pronounced: VLSFO dropped 57% from 111,641 mt to 47,732 mt, while MGO volumes more than tripled from 33,299 mt to 103,445 mt, and ULSFO rose from 2,821 mt to 34,535 mt over the same period.

This structural rotation has been further accelerated by the broader regulatory environment. FuelEU Maritime and EU ETS requirements are pushing shipowners toward cleaner, verifiable fuel options at every port call — a direction Alkagesta had already positioned itself ahead of, having been among the first movers in the Mediterranean to support the transition to 0.1% sulphur fuel oil following the ECA’s introduction.

Layered on top of this regulatory shift has been a period of reduced terminal capacity affecting bunkering market availability across the island. Fuel oil volumes dropped roughly 35% year-on-year between January and May 2026, falling from approximately 382,000 mt in 2025 to 247,000 mt. DMA demand moved sharply in the opposite direction, rising from around 150,000 mt in January to April 2025 to 247,000 mt over the same period in 2026 — a trend consistent with both the ECA-driven product mix shift and the disruption to heavier fuel availability during the constrained period.

Note: The full article can be read here.

Photo credit: Alkagesta
Published: 22 July, 2026