Oilmar Shipping and Chartering DMCC is an established tanker operator running a fleet serving the Caspian Sea, the Black Sea, Turkish ports, the Mediterranean and European ports. They trade with many of the world’s largest oil companies and refiners.
Having long been a purchaser of fuel for their fleet, they decided in 2020 to diversify into trading fuel too, alongside trading chemicals and petrochemicals. Their trading operations grew quickly: in August 2021, they had four traders in Dubai, one in South Korea and one in Greece.
Oilmar’s trading business is growing by around +10% a month. “Without trade credit insurance, the growth would still have been there. But Allianz Trade has added some percentage on top,” Rakesh says.
Although some of their business is with multinationals, more than half is with medium-sized companies, with fleets of around 15 to 20 vessels. Most of its customers are asset-backed and would be considered lowcredit risk.