The Group's trading desk operates twenty-four hours, five days a week, across crude oil, refined products, and natural gas markets. Physical cargoes are sourced from origin, hedged in deep paper markets, and settled through tier-one banking relationships.
The trading book is built upon a small number of physical commodities, traded in size and held for short tenor. The Group does not speculate in long-dated paper, does not warehouse risk on its own balance sheet beyond the period required for transit, and does not transact in products it could not, in extremis, deliver itself.
Crude remains the foundation. The desk transacts in the world's three benchmarks — Brent, West Texas Intermediate, and Urals — and in the regional grades that price against them. Cargoes are sourced from origin under term contracts with national oil companies and the largest independent producers, hedged in the corresponding paper market, and delivered against open positions held with refiners of standing.
Refined products follow the same architecture in distillate, middle-distillate, and gasoline cuts. Natural gas — both liquefied and pipeline — is the most recent addition to the book and is conducted out of the Singapore and London desks, with delivery into the Group's growing terminal network.
— The desk is staffed continuously across four time zones; no position is held overnight without a named officer on watch.
Every cargo the Group transacts is paid for. The chain of credit between origin and destination is the Group's principal exposure, and the discipline with which it is managed is the principal source of its standing.
The Group transacts only with counterparties of named credit. Working capital is provided by a syndicate of eleven tier-one banks, in revolving lines aggregating USD 3.2 B, secured against title to the underlying commodities and renewed annually. No cargo enters the book without a confirmed letter of credit, a documentary cash settlement, or a margin position in the corresponding cleared market.
Derivative positions are cleared through ICE · CME · DME, in the currency of the underlying instrument. Bilateral exposures are netted nightly under ISDA Master Agreements, with daily mark-to-market and a collateral threshold of USD 5 M per counterparty.
The Group's settlement function is independent of its trading function. It reports to the Office of the Treasurer, which reports, in turn, to the Audit Committee of the Board. A reconciliation of every position is signed by a named officer at the close of each trading day, and the signed reconciliation is the record.
Eleven owned and leased terminals across three basins. Multi-decade capacity contracts with sovereign and corporate counterparties.
Open Division IIThirty-eight owned and chartered vessels — VLCC, Aframax, and clean-product — serving long-haul routes across three oceans.
Open Division IIIMarine logistics, freight chartering, and the Group's owned vessel-management operation, run out of Singapore.
Open Division IV