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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.

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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

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Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

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Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

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Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

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