Ship & Bunker spoke with Oilmar's newly established Board of Directors ahead of the company's Mid-Year Town Hall. Board members Yusif Mammadov, Nain Shafi, and Tahira Shikhiyeva discussed the bunkering firm's financial performance in the first half of 2026, governance reforms, supplier credit restoration, and strategic priorities for the remainder of the year.

A Milestone Town Hall

Ship & Bunker: Tomorrow Oilmar will hold its Mid-Year Town Hall. Why is this one particularly significant?

Yusif Mammadov: This Town Hall is an important milestone because it allows us to reflect on the progress we have made since beginning a new chapter in Oilmar's history following last year's Management Buy-Out.

Earlier this year, we held our first Town Hall under the new ownership. Tomorrow's event is different. It is not about introducing our vision — it is about reporting on it.

For the first time since establishing our Board of Directors, every department will present its achievements from the first half of the year together with its priorities for the remainder of 2026. That reflects the culture we are building, where every function contributes to our success.

This Town Hall will be held virtually so that colleagues across all trading hubs can participate. However, the ambition is to bring the entire global team together to the Dubai headquarters for the Annual Town Hall later this year.

The past year naturally brought increased scrutiny to the business due to circumstances entirely outside Oilmar's operations and beyond the company's control. Throughout that period, the company remained focused on what mattered most: serving customers, supporting suppliers, and continuing to execute its long-term strategy.

Tomorrow is not about looking back. It is about demonstrating the progress our people have made together during the first year of Oilmar's new era.

First-Half 2026 Financial Performance

Ship & Bunker: How would you describe the first half of 2026 from a financial perspective?

Nain Shafi: The first half of 2026 has been a very positive period for Oilmar and reflects the strength of the strategic focus on governance, financial discipline, banking relationships, and operational efficiency.

Despite a challenging and highly competitive market, Oilmar delivered stronger bottom-line profitability than in the first half of 2025, creating increased value for its shareholder.

The commercial strategy has centered on quality rather than volume, with a clear focus on higher-value, higher-margin transactions and long-term customer relationships. As a result, gross profit increased by approximately 10% compared with the same period last year, while the gross profit margin improved by 1.8 times, demonstrating both the value of the commercial approach and the quality of the services provided.

The company also maintained a disciplined approach to cash management, liquidity, and credit facilities, ensuring efficient working capital management and a strong financial foundation to support sustainable growth.

In parallel, company-wide efficiency initiatives reduced operating costs by 21% compared with the first half of 2025. Together with disciplined treasury management and effective foreign exchange risk management, these measures have further strengthened financial performance and positioned the business well for continued growth.

The quality-over-volume approach comes at a time when the marine fuels sector has faced intense margin pressure, with competition intensifying across major bunkering hubs and traders competing for narrower spreads.

Supplier Credit Restoration

Ship & Bunker: Supplier credit was closely watched by the market over the past year. Where does Oilmar stand today?

Tahira Shikhiyeva: Any company that experiences heightened market attention can expect counterparties to revisit their risk assessments. That is a normal part of prudent risk management.

Following the increased scrutiny surrounding matters relating to the former shareholder, many suppliers undertook enhanced due diligence and, in some cases, temporarily adjusted their credit exposure while completing their internal reviews. Those decisions reflected their own governance processes rather than Oilmar's operational performance or financial commitments.

The approach was simple: remain transparent, continue performing, and let actions speak for themselves.

Throughout this period, Oilmar maintained uninterrupted operations, honoured every contractual commitment, and worked closely with suppliers, banks, and insurers by providing the information they required.

Today, the company has successfully restored the vast majority of those relationships and now works with more than 100 suppliers globally on credit terms.

To us, that represents more than restored credit — it represents restored confidence. Trust is earned through consistency, transparency, and performance, and that has been the focus from day one.

In the bunkering industry, where physical suppliers typically extend credit to fuel traders who in turn serve ship owners and operators, the ability to secure and maintain supplier credit lines is fundamental to sustaining trading volumes and operational continuity.

Governance Reforms

Ship & Bunker: Governance appears to have become central to Oilmar's strategy. What has changed?

Tahira Shikhiyeva: The governance programme is part of the long-term strategy for the future of Oilmar. As the business continues to grow, the governance and compliance framework must evolve alongside it.

One of the most significant enhancements has been the evolution of the KYC framework. Previously, all counterparties were subject to the same standard due diligence process. Today, a risk-based KYC approach has been adopted, whereby the level of due diligence is proportionate to the counterparty's risk profile. This enables a more efficient onboarding experience for lower-risk counterparties while ensuring enhanced scrutiny and resources are directed where they are most needed.

The company has also expanded its compliance tools and is currently implementing a confidential Compliance Hotline within its internal platform to further strengthen a culture of transparency, accountability, and ethical business conduct.

Good governance should enable business — not slow it down.

The emphasis on governance aligns with a broader trend across the maritime fuels sector, where regulatory scrutiny and counterparty risk management have intensified in recent years, making robust KYC and compliance frameworks increasingly important for maintaining access to banking and supplier relationships.

Customer Experience as a Strategic Priority

Ship & Bunker: Customer experience has also become a strategic priority. Why?

Tahira Shikhiyeva: Because service is one of the greatest differentiators. Oilmar has established a dedicated Customer Satisfaction & Operational Excellence function within Operations, and will begin conducting regular customer satisfaction surveys to ensure the company continues meeting the highest standards of professionalism, responsiveness, and ethical business conduct.

As a B2B business, the objective is simple: create value for customers. Long-term relationships are built on trust and service, not transactions alone.

Outlook for the Remainder of 2026

Ship & Bunker: What should the market expect from Oilmar during the remainder of 2026?

Yusif Mammadov: The company will continue executing the strategy introduced and approved for 2026. Priorities remain sustainable growth, strong governance, operational excellence, and empowering people through a decentralised leadership model where each business area is led by experienced professionals accountable to the Board.

Oilmar is investing in its people, strengthening relationships with customers, suppliers, and financial institutions, and continuing to build a business designed for long-term success.

Everything being done today is focused on building a stronger Oilmar for the future.

Reflection and Forward View

Ship & Bunker: Finally, when you look back over the past year, and then look ahead, what do you see?

Nain Shafi: From a financial perspective, the past year has demonstrated the strength and adaptability of Oilmar's business model. Despite operating in one of the most challenging and competitive trading environments in recent years, the company remained profitable throughout 2025 while many market participants experienced significant pressure on margins and financial performance.

Looking ahead, the company is optimistic about the second half of 2026. Supported by increased trading activity, the continued expansion of banking relationships, and the solid financial platform established, Oilmar expects its performance in the second half to exceed that of the first. Management is therefore confident that 2026 will deliver a substantially stronger financial result than 2025 and further reinforce the long-term growth strategy.

Yusif Mammadov: Looking back, I see resilience. Looking ahead, I see opportunity.

The progress being reported at tomorrow's Town Hall belongs to every member of the team, and together the company will continue building an organisation that is stronger, more resilient, and better positioned for the future.

Source: Ship & Bunker