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Interview: Nunchi Marine believes Iran war forces a reset in bunker cargo trading

Tomas Stacy, Managing Director of Bunker Trading at oil cargo and bunker trading company, Nunchi Marine, comments on volatility, supply disruption and survival in a fractured market.
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The war involving Iran has pushed the global bunker market into one of its most turbulent periods in recent memory, with Singapore – the world’s largest bunkering hub – feeling the impact.

Once‑reliable supply chains have been disrupted, price volatility has surged to extreme levels, and bunker cargo traders are being forced to abandon long‑standing strategies in favour of defensive, risk‑driven decision‑making.

The sharp reduction in Middle Eastern supply flows has exposed structural vulnerabilities in the market, while suppliers and traders alike have tightened terms amid unprecedented uncertainty.

Against this backdrop, bunker cargo trading has shifted from margin optimisation to survival mode. In this executive interview, Tomas Stacy, Managing Director of Bunker Trading at Singapore-headquartered independent oil cargo and bunker trading company, Nunchi Marine shares how the conflict is reshaping bunker cargo trading, the challenges importers now face, and what it takes to navigate a market defined by scarcity, volatility and risk.

MT: How has the Iran war changed the bunker cargo trading landscape in Singapore?

TS: The change has been structural rather than cyclical. The market is now characterised by extreme price volatility, tighter availability, and far more defensive behaviour from both traders and physical suppliers. The conflict has disrupted a core supply artery into Asia, and that has exposed just how dependent Singapore has been on stable Middle Eastern flows. Trading today is less about optimising margins and more about managing risk and ensuring continuity of supply.

MT: What has been the most immediate impact on bunker cargo importers since the conflict began?

TS: Margin pressure and uncertainty have intensified almost overnight. The sharp drop in tanker movements through the Strait of Hormuz has effectively choked a primary supply source, and that has translated directly into price shocks. Since the war began, VLSFO prices in Singapore have more than doubled, while MGO prices have surged even more sharply. For importers, this has made forward planning extremely difficult and increased exposure on every cargo decision.

MT: Why has the market struggled to replace lost Middle Eastern barrels?

TS: The scale of the disruption is the key issue. The Middle East typically supplies around 1.2 million metric tons of fuel oil per month to Asia, and there is no simple replacement for that volume. Alternative supplies from the Americas or Russia exist, but they are constrained by high freight costs, sanctions, or limited availability. In practical terms, arbitrage opportunities into Singapore have become largely unworkable, leaving the market structurally tight.

MT: How has extreme price volatility changed trading behaviour and supplier relationships?

TS: Volatility has fundamentally altered risk appetite. At the onset of the conflict, prices were moving by as much as $100 to $150 per metric ton in a single day, which makes holding large cargo positions highly risky. In response, physical suppliers have become increasingly defensive—rationing volumes, prioritising long‑standing customers, and avoiding even short‑term term contracts. For traders, this has meant smaller position sizes, shorter, and a much greater emphasis on counterparty strength and reliability.

MT: Beyond price and supply, what risks are now top of mind for bunker cargo traders?

TS: Quality and logistics have moved sharply up the risk agenda. Recent alerts around off‑spec VLSFO in Singapore which were linked to engine damage, have added a new layer of concern for cargo procurement. At the same time, tight supply conditions are beginning to create logistical bottlenecks, with some vessels struggling to secure bunker slots and early signs of congestion appearing at major ports. In this environment, survival depends on disciplined risk management—avoiding long‑term fixed‑price exposure, strengthening supplier relationships, enforcing stricter quality controls, and building greater operational flexibility into voyage planning.

 

Photo credit: Manifold Times
Published: 31 March 2026

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Evergreen Marine director questioned, offices searched in Taiwan insider trading probe

Investigators searched 10 locations, including Evergreen Marine’s offices, and summoned Chang, his brother Chang Kuo-cheng and eight others for questioning over alleged breaches of Taiwan’s Securities and Exchange Act.
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Chang Kuo-hua, a board director of Taiwanese shipping giant Evergreen Marine, has been questioned by Taiwanese prosecutors as part of an investigation into suspected insider trading involving shares of Evergreen Marine Corp, according to Taipei News on Tuesday (7 July). 

The Taipei District Prosecutors’ Office on Monday instructed investigators to search 10 locations, including Evergreen Marine’s offices, and summoned Chang, his brother Chang Kuo-cheng, former senior Evergreen executive Ko Li-ching and six others for questioning over alleged breaches of Taiwan’s Securities and Exchange Act.

According to the report, the investigation stems from a shareholder complaint filed in 2024 alleging that Chang purchased approximately 98.6 million Evergreen Marine shares before the company disclosed the sale of about TWD 13 billion (USD 405 million) worth of shares in EVA Airways in 2023.

Later, Taiwanese media reported that Chang Kuo-hua was released on a TWB 120 million bail after he was questioned by prosecutors. 

In a filing to the Taiwan Stock Exchange on 6 July, Evergreen Marine confirmed that the Investigation Bureau of the Ministry of Justice conducted relevant searches and investigations at the company. 

It added that the company is cooperating with the investigation procedures.

“The company is operating normally, and this incident has no significant impact on the Company’s financial condition or business operations,” it said. 

 

Photo credit: Evergreen Marine Corporation
Published: 9 July, 2026

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Ammonia

Peninsula and ITOCHU establish ammonia bunkering joint venture for European ports

I&P Marine Ammonia has been created to promote the supply of ammonia as a next-generation zero carbon bunker fuel, with an initial focus on major strategic European and Mediterranean hubs.

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Peninsula and ITOCHU establish ammonia bunkering joint venture for European ports

Global marine energy supplier Peninsula on Wednesday (8 July) announced the establishment of I&P Marine Ammonia Ltd. (IPMA), a joint venture with ITOCHU Corporation, to accelerate the development of ammonia marine fuel bunkering across key European ports.

IPMA has been created to promote the supply of ammonia as a next-generation zero carbon marine fuel, with an initial focus on major strategic European and Mediterranean hubs. These locations represent critical regions in global maritime logistics and will play a central role in enabling the adoption of alternative fuels at scale.

The formation of IPMA builds directly on the Memorandum of Understanding (MoU) signed between Peninsula and ITOCHU in September 2023, which established a framework for the joint development of ammonia bunkering infrastructure and supply chains.

Manifold Times previously reported the European Commission (EC) approving the creation of a joint venture by ITOCHU and Peninsula under the EU Merger Regulation.

“Ammonia is widely seen as the most reasonable option among zero‑carbon marine fuel alternatives, supporting the shipping industry’s transition in line with increasingly stringent regulatory and environmental requirements,” Peninsula said.

“The creation of IPMA marks a significant step towards the commercialisation of ammonia as a marine fuel.”

Peninsula has been advancing the alternative fuels landscape, with established capabilities across LNG, Bio LNG, biofuels and other alternative solutions such as methanol and ammonia. This joint venture represents a natural progression of the company’s strategy to provide customers with practical, scalable decarbonisation pathways.

The partnership combines Peninsula’s global bunkering expertise, an established global supply network and deep customer relationships covering over 500 ports across all major bunkering hubs with ITOCHU’s integrated approach, spanning fuel production and supply chain development.

“Together, Itochu and Peninsula will combine these strengths to develop a robust ammonia bunkering framework, pairing upstream supply and infrastructure with the customer-facing expertise required to deliver ammonia as bunker fuel reliably at scale,” the company added. 

With an initial focus on Europe, IPMA is well positioned to accelerate the emergence of an operational ammonia marine fuel supply chain, complementing and reinforcing the broader industry initiatives already underway across the region.

Related: EC gives green light on Itochu-Peninsula ammonia bunkering joint venture
Related: Spain: Itochu, Peninsula enter MOU for joint development of ammonia bunkering in Gibraltar Strait

 

Photo credit: Peninsula
Published: 9 July, 2026

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Business

Verde Marine Energy and Eleven Energy forge strategic marine fuels alliance

While both businesses will remain fully independent, Eleven Energy CEO Chris Todd and Verde Marine Energy Director/Head of Trading Joe Tierney will assume cross-company roles to support the strategic partnership.
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Verde Marine Energy and Eleven Energy forge strategic marine fuels alliance

Marine energy and lubricants physical supplier and trader Verde Marine Energy and Saudi-based bunkering firm Eleven Energy on Wednesday (8 July) announced a strategic collaboration that brings the two companies into a closer working relationship, creating new opportunities for growth by combining their complementary strengths and expertise across the global marine energy sector. 

The collaboration brings together Verde Marine Energy’s physical supply capabilities with Eleven Energy’s rapidly expanding international trading platform and commercial network. By leveraging each other’s expertise, resources and market reach, both companies aim to enhance the value they deliver to customers, suppliers and strategic partners while accelerating growth in existing and emerging markets. 

Both businesses will remain fully independent, maintaining their own ownership, operations, commercial strategies and business models. 

“This is a strategic alliance, not a merger or acquisition, but a partnership built on leveraging each other’s strengths while preserving the identity and independence of each company,” the companies said.   

Eleven Energy, backed by Prince Abdulaziz bin Turki Al Saud, has expanded its international presence, most recently announcing its strategic collaboration with Sunoco in the United States, further strengthening its global network. 

Part of the Vertom Group, Verde Marine Energy is a physical supplier and manages marine fuel procurement for the Vertom fleet. Backed by one of Europe’s most established maritime groups, Verde continues to expand its physical supply footprint while maintaining its reputation for reliability and customer service. 

Having already worked successfully together through periods of market volatility, the companies have demonstrated how their capabilities complement one another. This collaboration formalises that relationship and provides a stronger platform to unlock efficiencies, create new opportunities and deliver greater value across the marine energy supply chain. 

As part of this renewed collaboration, Eleven Energy CEO Chris Todd will assume a role with Verde Marine, while Verde Marine Energy Director/Head of Trading Joe Tierney will take on a role with Eleven Energy. 

 

In these cross-company positions, they will work closely with both organisations to oversee the strategic partnership, strengthen collaboration, and help drive its long-term success while each remaining fully committed to their respective businesses. 

Both Verde Marine Energy and Eleven Energy see this collaboration as the beginning of a long-term relationship, with further developments to be announced after the summer.

Related: Eleven Energy and Sunoco’s Marine Division form bunkering pact for Americas
Related: Saudi-based global bunkering company Eleven Energy launched

 

Photo credit: Eleven Energy
Published: 9 July, 2026

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