Business

Trafigura appoints Richard Holtum to succeed Jeremy Weir as CEO

Holtum joined Trafigura’s LNG team in 2014 and became Global Head of LNG and Gas in 2019, playing a significant role in growing firm’s integrated LNG and natural gas trading activity into a global business.

Published

2 years ago

September 25, 2024

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Trafigura appoints Richard Holtum to succeed Jeremy Weir as CEO

Commodity trading firm Trafigura Group Pte Ltd (Trafigura) on Wednesday (24 September) announced that Richard Holtum will become Chief Executive Officer (CEO) of Trafigura, effective 1 January 2025 and will join the Trafigura Board of Directors from 1 October 2024.

Jeremy Weir, Executive Chairman and CEO, will step down from his executive responsibilities on 1 January 2025 and will become Chairman of the Trafigura Group.

Sipko Schat, Independent Non-Executive Director of the Board, said: “The Board of Directors unanimously selected Richard Holtum to lead the Trafigura Group. Richard has achieved extensive success in developing high-performing teams and building Trafigura’s gas, power and renewables business into a robust and growing third pillar for the Group. He has the vision, international perspective and expertise to lead Trafigura through the next phase of its evolution.

“Over the past ten years, Jeremy has led Trafigura through a period of exceptional growth and success, creating a more diversified, sustainable business and a strong balance sheet to fund future growth. Trafigura has successfully navigated some of the most volatile and turbulent operating environments in more than a generation to deliver record financial performance in recent years.

Jeremy Weir, said: “Today’s announcement marks the culmination of a succession planning process by the Board over nearly three years to prepare the organisation for the next generation of leadership. Richard is the right candidate to lead the Trafigura partnership and build on the Group’s success.”

“He will have my full support as he steps into the CEO role and I look forward to continuing to lead the Trafigura Board as Chairman.”

Richard Holtum said: “I am deeply honoured by the trust that has been placed in me to lead Trafigura’s highly talented people. Trafigura is a global force in the commodities sector and plays a critical role in responsibly supplying the world with energy and raw materials. I look forward to helping the Group achieve its significant potential for further growth across all the commodities we source and supply.”

As part of the leadership transition, Holtum will hand over his responsibilities as Global Head of Gas, Power and Renewables to Igor Marin, currently Head of Power Trading, with effect from 1 October 2024.

About Richard Holtum

Holtum was appointed Global Head of Gas and Power in 2022, with responsibility for building Trafigura’s presence in the fast-evolving gas, power and carbon markets. His role was expanded to include responsibility for Renewables in 2023.

Holtum joined Trafigura’s LNG team in 2014 and became Global Head of LNG and Gas in 2019, playing a significant role in growing the company’s integrated LNG and natural gas trading activity into a global business.

Prior to joining Trafigura, Holtumwas commissioned from the Royal Military Academy Sandhurst and spent five years with the British Army. He then worked for two years at Glencore.

Holtum holds a Master’s degree in International Relations from the University of St Andrews.

Photo credit: Trafigura
Published: 25 September, 2024

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Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

16 hours ago

July 21, 2026

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Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

16 hours ago

July 21, 2026

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Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

16 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026