In anticipation of the easing of pandemic restrictions and measures imposed by the Chinese Government, the company established its China Representative Office in Zhoushan, preparing for the eventual opening of China’s trades. The company’s turnover increased to US$372m.
Despite the COVID pandemic and the lack of support from the banking facilities due to several large fallouts in the trade financing space, activities for the company continue unabated with the company turnover recording US$228m with a profit of US$3.35m.
With the company moving into physical commodity/energy trading, several key experienced staff were hired to support the business. Paid up capital of the company rose to US$3M from US$1.34M.
This year saw the company turnover rise to US$228M against a total income of US$1.9M.
Even though the company started as a commodity trading firm, more than 95% of trades were in the oil and gas sector and covered products across the barrels from crude to fuel and base oil.
In 2016, NW Corporation was established with a fierce intent to hit our company and financial goals and turn a profit quickly.
Playing Our Part to Contributing To Singapore’s Economy
The Key Role of Oil Trade in Singapore’s Growth
Singapore is a global oil trading hub – in fact, it is the pricing centre and largest physical oil trading hub in Asia.It is also a major global refining and petrochemicals centre, accounting for 1.5 million barrels a day or 1.5% of the global refining volume, and 25 million tonnes per annum or 1.2% of the global petrochemicals capacity.
It also thrives on a large shipping industry and is the world’s top bunkering port in the world in 2020, given its strategic location.
NW Plays A Crucial Role
NW Corporation plays an important role in this sector to strengthen Singapore’s position as a major trading and financial hub. Last year, Singapore’s economy was badly affected by the COVID-19 pandemic.
In particular, the oil trading sector was especially affected after weathering the perfect storm caused by an already weakened global economy and falling oil prices, and aggravated by the serious fallout of Hin Leong.
Despite all the unfavourable conditions, NW Corporation managed to survive and turned these challenges into opportunities. The sector has since recovered from the effects of Hin Leong’s scandal and NW continues to set new benchmarks in corporate governance in trade practices.
NW’s Success during Covid19
2019 saw the company turnover rise to US$228M against a total income of US$1.9M. Even though the company started as a commodity trading firm, the majority of trades were in the oil and gas sector, covering products across the barrels from crude oil to fuel oil and base oil.
In 2020, despite the pandemic and the lack of banking facilities due to several large fallouts in the trade finance space, activities for the company continued with the company turnover recording US$223M with a profit of US$4.3M.
Growing From Strength To Strength
A strategic shift from commodity trading to more specialised trading in oil and gas, covering products across the barrels from various oil types.
Global Expertise Strategic Management
Helmed by experienced personnel who held leadership roles in international organisations such as ANZ, OCBC Securities, J.Aron & Co., we completed strategic manoeuvres. They include cost rationalisation in 2020, as well as focusing on back-to-back trades with less risk exposure and bunker fuel oil trading as both were on an uptrend.
We made our expansion to Malaysia through the establishment of a new subsidiary, NW Energy Sdn Bhd in 2020, with our on-ground team to strengthen our foothold in the Malaysian oil market.