In an exclusive exchange, Mithat Ciftcioglu, Marine Distribution Director at Alkagesta Singapore, discusses the Group’s $1.2 billion liquidity platform and the strategic discipline driving their 200,000 metric tonne monthly volumes in the world’s premier bunkering hub.
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The Steward of Regional Consistency
Established in late 2024, Alkagesta Asia Pte Ltd stands as the structured extension of the Group’s global energy platform. Under the strategic direction of a management-led ownership team, the Singapore entity has successfully transposed the Group’s rigorous governance into the world’s most significant marine energy hub.
In this high-level exchange, Mithat Ciftcioglu, Marine Distribution Director, elaborates on the Group’s methodology for sustaining a 200,000 metric tonne monthly baseline, the criticality of the Horizon Terminal infrastructure, and the $1.2 billion liquidity platform underpinning their regional resilience.
Foundation and Market Entry – Establishing Alkagesta Asia
Bunker Market: Alkagesta Asia was established in late 2024 as part of the Group’s Asia-Pacific expansion. What strategic objective did the Singapore office serve within Alkagesta’s global model?
Mithat Ciftcioglu: The establishment of Alkagesta Asia was never about rapid expansion for its own sake. It was a structured extension of Alkagesta’s global trading and logistics platform into a critical marine energy hub. Singapore plays a central role in global bunkering and regional energy flows; it forms part of the Group’s long‑term strategy to strengthen execution capabilities in key energy and marine fuel hubs while maintaining consistent governance and operational standards across regions.
This expansion reflects the vision of the Alkagesta leadership team, as partial owners of the Group, whose strategic direction continues to prioritize disciplined growth and operational excellence across all Alkagesta hubs, including Malta, London, Dubai, Geneva, and Singapore.
Bunker Market: How was the Singapore operation integrated into Alkagesta’s existing trading and logistics structure?
Mithat Ciftcioglu: Integration was immediate and deliberate. From the outset, Alkagesta Asia operated within the Group’s centralized risk management, compliance, and operational control systems. Our focus has been on execution depth rather than headline scale. Growth has been aligned with infrastructure readiness, logistics capability, and financial support, which ensures that volumes are sustainable and that operational standards are never compromised, regardless of market conditions. These principles are frequently highlighted in Alkagesta News, which showcases the Group’s disciplined approach to expansion.
Physical Execution and Scale – Building Presence in Singapore
Bunker Market: Securing storage at Horizon Terminal marked an important milestone. Why was physical infrastructure so critical to your Singapore strategy?
Mithat Ciftcioglu: In Singapore, physical control is essential. By mid-2025, securing storage capacity at Horizon Terminal enabled Alkagesta Asia to physically handle and distribute marine fuels rather than relying purely on third-party arrangements.
This gave us direct control over quality, inventory, and delivery timing, all critical factors in a highly competitive and operationally demanding market. Since then, we have developed consistent trading volumes, currently operating at approximately 200,000 metric tonnes per month, supported by a growing and diversified customer base.
Bunker Market: Alkagesta Asia introduced Low Sulphur Marine Gas Oil (LSMGO) in late 2025. How did the market respond?
Mithat Ciftcioglu: The response was very encouraging. We introduced LSMGO in November 2025, with initial volumes of around 20,000–30,000 metric tonnes per month. Overall bunker sales volumes built steadily over the following months, reaching approximately 200,000 metric tonnes per month by January 2026. This total monthly volume comprises roughly 160,000–170,000 metric tonnes of VLSFO, 20,000–30,000 metric tonnes of LSMGO, with the remaining balance attributed to HSFO. This progression reflects both strong market demand and confidence in Alkagesta’s operational reliability and pricing discipline.
Risk, Finance and Governance – Operating with Discipline
Bunker Market: How important is financial infrastructure in supporting Alkagesta Asia’s growth?
Mithat Ciftcioglu: Financial discipline is fundamental. To support our trading flows, Alkagesta Asia established a trade finance facility with ING Singapore, providing the liquidity required to scale volumes while maintaining strict risk controls. At the Group level, Alkagesta maintains relationships with 28 international banks and has secured aggregate commodity trade finance facilities exceeding USD 1.2 billion. This global financial platform underpins regional operations and ensures stability, flexibility, and continuity of supply, even during periods of market stress.
Bunker Market: Governance and compliance are recurring themes in Alkagesta’s strategy. How are these enforced in Singapore?
Mithat Ciftcioglu: Singapore follows exactly the same governance and compliance standards applied across Alkagesta’s global platform. This includes structured investigation processes, sanctions compliance procedures, and consistent risk management frameworks. Every transaction adheres to international regulatory requirements with full transparency and documentation. These controls are not regional adaptations, they are Group standards, applied uniformly.
Market Environment – Navigating Volatility in Asia
Bunker Market: The regional bunker market remains highly dynamic. What are the key external factors influencing operations today?
Mithat Ciftcioglu: Geopolitical developments continue to shape bunker and oil markets. Disruptions to key shipping routes, sanctions-related trade realignments, and shifting crude and product flows across global basins all contribute to increased price volatility and evolving supply patterns. Alkagesta Asia closely monitors these developments, enabling us to adapt quickly and maintain reliable execution for our counterparties, even as market conditions change.
Bunker Market: How do you view demand fundamentals in Singapore and the wider region?
Mithat Ciftcioglu: Market fundamentals remain supportive. Global bunker fuel demand is expected to remain resilient through 2026, driven by sustained seaborne trade. Singapore continues to play a central role in the global bunkering system, with annual marine fuel sales reaching approximately 56.8 million metric tonnes in 2025. This is supported by strong infrastructure, regulatory clarity, and consistent vessel traffic, all of which reinforce Singapore’s position as a cornerstone of the marine fuels market.
Decarbonisation and Future Fuels – Preparing the Transition
Bunker Market: How is Alkagesta Asia preparing for the industry’s transition toward lower-carbon marine fuels?
Mithat Ciftcioglu: Alongside conventional marine fuels, the industry is gradually transitioning toward lower-carbon solutions. Interest in biofuel blends and alternative fuels is increasing, driven by regulatory developments and decarbonisation targets across the shipping sector.
Alkagesta Asia is preparing for the introduction of biofuel flows as part of its longer-term strategy, aligning closely with the Group’s broader sustainable fuels roadmap. As with conventional fuels, our approach will prioritize compliance, traceability, and operational readiness.
Forward View – Strategic Outlook
Bunker Market: How would you define Alkagesta Asia’s strategic objective in the Asia-Pacific region over the coming years?
Mithat Ciftcioglu: Our objective is to build long-term partnerships through consistency and reliability. By combining Alkagesta’s global experience with a locally embedded presence in Singapore, we aim to contribute to a more structured, resilient, and disciplined marine energy market in Asia-Pacific. Our early performance demonstrates that Alkagesta’s model, grounded in governance, risk management, and operational excellence, is both scalable and resilient across regions.
About Alkagesta
Alkagesta is a global commodity trading house specializing in petroleum and steel products, fertilizers, and biofuels. Established in Malta in 2018, the company operates as a multinational enterprise with 17 offices and representations worldwide. Alkagesta maintains partnerships with 28 international banks and conducts trading activities across 42 countries, facilitating over 8 million metric tonnes of commodity flows annually. Its extensive logistics network includes access to more than 700,000 cubic meters of storage capacity across Europe and Asia, supporting efficient and resilient global supply chains.
In addition to its core activities, Alkagesta selectively engages in spot trading of petrochemicals, agricultural commodities, and metals. The company offers fully integrated trading capabilities, from sourcing and storage to delivery, underpinned by robust risk management, compliance, and governance frameworks.
Alkagesta was founded in 2018 by its management team and remains privately held and governed by senior leadership. Senior leadership, including the founding team, holds a significant equity stake in the company, which continues to grow in alignment with performance and strategic contribution. Today, the Group employs over 165 professionals and is built on tested systems, experienced governance, and a culture of continuous development.
Source: Alkagesta