Meridor continues to scale up maritime unit

Meridor continues to scale up maritime unit

Article from The Maritime Standard’s UAE yearbook 2024/25

The commodity trader Meridor Trading is steadily building up an asset portfolio in shipping to support a wide range of different commodity trades.

Having made a significant impact in the energy and commodity trading sector since its formation in 2020, Meridor also continues to scale up its shipping operation, Meridor Maritime, to support and strengthen its core trading activities.

The company, headed by Martin Hansen, the former Head of Shell International Trading Middle East, has a growing fleet of vessels on time charter and is planning to offer third-part ship management services in the near future too. Meridor Maritime operates a diversified time charter fleet, encompassing tankers, bulkers and LPG gas carriers, reflecting Meridor Trading’s broad reach in the commodity trading world.

Co-investments

Meridor has already co-invested with partners into MR and Handy-type tankers and, as a development of its collaboration with other companies, the company has applied for a license from the Dubai Financial Services Authority (DFSA) for a dedicated Regulated Fund Manager.

The Regulated Fund Manager will look at establishing and managing collective investment funds, including the Meridor Shipping Fund, that will invest in tankers and bulk carriers, as well as LPG vessels, all leveraging the Meridor Group’s global commodity trading footprint. Initially, the fund will invest in modern second-hand tonnage. However, Meridor is also forward looking and will eventually invest in newbuilds, ensuring compliance with IMO regulations.

Chris Peters, Head of Sales and Purchases at Meridor, says: “The strategic aim of the Regulated fund Manager is to actively, rather than passively, manage the portfolio of assets. This will be achieved through commercial management with Meridor Maritime, using the proven capabilities of Meridor’s trading teams.” DFSA approval for the Fund Manager is in process and, once received, will allow marketing to qualified investors to commence.

Peters continues: “Meridor has its own as well as third-party cargo base and the fund will be operated by shipping specialists and not just financial intermediaries.

Global Team

Meridor Group has built up a strong global team across the main hubs of Geneva, Dubai and Singapore, as well as other key global offices, staffed by people with diverse backgrounds in finance, shipowning and operating and energy and dry commodity freight trading. While it is a relatively young company, it is growing fast, with global gross revenues increasing from US$2 billion in 2021 to US$6 billion in 2023.

In May 2023, Meridor took a significant step forward when , in a joint venture with the Private Office of Sheikh Ahmed Dalmook Al Maktoum, it acquired the former Uniper refinery in Fujairah in a major development for the company. This new asset, with a production capacity of 85,000 bpd, is enabling Meridor to supply low, very low, and ultra-low sulphur fuel to the maritime sector, unlocking new opportunities and enhancing its trading capabilities.

Meridor already had a substantial presence in Fujairah, controlling around 1 million cu m of oil and product storage tanks, which the refinery business complements and strengthens.