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.

Related: Dubai-based FLEX Commodities increases Singapore headcount with new hires

Photo credit: Flex Commodities
Published: 20 November 2025