Lucre Resources is a Singapore-headquartered energy trading and shipping company with deep roots across Southeast Asia and the Middle East. We originate, transport, and trade crude oil and refined products across global markets.
12+
Years in Operation
50+
Years Combined Expertise
15+
Active Trade Routes
8
Regional Markets
Core Focus
Crude & Products
Brent · WTI · Gasoil · Fuel Oil · Naphtha
Vessel Fleet Access
MR & VLCC
Owned and time-chartered tonnage
Primary Markets
SEA · MEA · East of Suez
With global counterparty access
Our Story
Over a Decade of Disciplined Trading
Lucre Resources was established in 2013 by a team of veteran energy traders and shipping professionals who recognised an opportunity to build a leaner, faster, and more commercially agile commodity trading house — one built on deep regional relationships rather than institutional scale.
From our founding offices in Singapore, we expanded our footprint across the key oil production and refining corridors of Southeast Asia and the Middle East and Africa — developing proprietary cargo origination capabilities and building lasting counterparty relationships with national oil companies, independent refiners, and major trading houses.
Our principals bring together expertise spanning upstream production, physical cargo trading, vessel chartering, risk management, and structured finance — a rare combination that allows Lucre to provide end-to-end solutions across the energy value chain.
Physical cargo trading — Singapore to East of Suez
Company Timeline
2013
Lucre Resources incorporated in Singapore. A founding team of senior traders with deep backgrounds across international oil majors and independent trading houses commences operations, with an initial focus on Southeast Asian crude and condensate trades.
2014 – 2015
Established first term supply relationships with upstream producers in Malaysia and Indonesia. Executed inaugural VLCC charter for Sumatra-to-Korea crude delivery. Commenced naphtha and gasoil product trades into Vietnam and the Philippines.
2016 – 2017
Expanded into Middle East and North Africa, securing back-to-back cargo deals from Oman, UAE, and Kuwait. Opened a representative office in Dubai. Grew shipping book to include a mix of owned MR tankers and time-chartered VLCC capacity.
2018 – 2019
Diversified into refined products — fuel oil (HSFO and VLSFO), vacuum gasoil, and bitumen blends. Navigated IMO 2020 sulphur transition as a significant opportunity. Counterparty base expanded to include major integrated oil companies and state refiners.
2020 – 2021
Maintained trading continuity through COVID-19 market disruptions. Capitalised on significant contango structures in crude markets via floating storage operations. Strengthened balance sheet and credit lines with relationship banking partners.
2022 – 2023
Navigated Russia-Ukraine-driven dislocation in European and Asian supply flows. Grew East-of-Suez market share substantially. Added financial derivatives capability to better manage price risk across the physical book.
2024 – Present
Expanded into systematic commodity trading strategies alongside the physical book. Strengthened relationships with institutional counterparties and prime brokers. Pursuing selective growth in LNG spot trading and carbon-neutral cargo certificates.
What We Do
Core Capabilities
Shipping & Chartering — VLCC & MR Tanker Fleet
Refinery Delivery
01
Crude Oil Trading
Physical crude origination and delivery across SEA and MEA corridors. We trade benchmark grades — Brent, Dubai, Oman, WTI, Tapis, and various regional crudes — on a spot and term basis, with strong relationships with NOCs and upstream producers. Our trading book covers CIF, FOB, and CFR delivery structures.
Active trading of the full product slate including gasoil (0.1% and 0.5%), fuel oil (HSFO, VLSFO, LSMGO), jet fuel, naphtha, and vacuum gasoil. Lucre has deep expertise in intra-Asian product arbitrage and has executed cargo deliveries across refinery gates and industrial end-users throughout the region.
Gasoil / DieselFuel OilNaphthaJet Fuel
03
Shipping & Chartering
Lucre operates a shipping desk with direct access to owned tonnage and established relationships with shipowners and chartering brokers globally. Our fleet experience spans Medium Range (MR) tankers for refined product trades and VLCCs for large-volume crude liftings. We manage voyage charters, time charters, and COAs for counterparties.
VLCCMR TankersVoyage CharterTime Charter
04
Upstream Origination
Long-standing relationships with production operations across Southeast Asia and the Middle East & Africa allow Lucre to originate crude at the wellhead. We have participated in upstream financing, pre-payment structures, and offtake agreements with production entities in Malaysia, Indonesia, Vietnam, Oman, and UAE.
Lucre employs a disciplined risk management framework integrating physical and paper positions. Our derivatives capability covers ICE Brent, NYMEX WTI, ICE gasoil futures and options, and Singapore-based product swaps. We manage hedge ratios, basis risk, and market exposure across the full trading book with independent P&L oversight.
ICE Brent FuturesNYMEX WTIOptionsProduct Swaps
06
Structured Trade Finance
Working closely with relationship banks and trade finance institutions, Lucre structures LC-backed and open credit facilities to support large-volume cargo transactions. Our finance desk has experience with pre-export finance, receivables discounting, and commodity-backed lending across multiple banking jurisdictions.
Letters of CreditPre-Export FinanceBank GuaranteesOpen Credit
Geographic Reach
Active Across Key Energy Corridors
Our trading operations span the most active hydrocarbon production and consumption regions globally, with dedicated coverage across Southeast Asia, the Middle East, East Africa, and receiving markets in Northeast Asia and Europe.
Southeast Asia
Core market. Crude origination from Malaysia (Miri, Kikeh, Labuan), Indonesia (Arjuna, Senipah, Widuri), and Vietnam (Bach Ho, Su Tu Den). Products distribution to Singapore, Thailand, Philippines, and Myanmar.
Middle East & Gulf
Established trading relationships with ADNOC, PDO (Oman), Kuwait Petroleum, and multiple trading affiliates of the major Gulf NOCs. Active on Murban, Arab Light, Oman Export Blend.
East & West Africa
Growing presence in Nigerian crude (Bonny Light, Forcados, Qua Iboe) and Angolan grades (Cabinda, Girassol). Partnerships with regional trading intermediaries and national oil companies.
Northeast Asia
Primary receiving market for crude and clean product cargoes. Active relationships with South Korean, Japanese, and Chinese independent refiners and end-users.
Leadership
Over 50 Years of Combined Industry Experience
Our management team comprises former senior traders, shipping executives, and risk professionals drawn from the world's leading energy companies and trading houses. Each brings a distinct perspective that — combined — positions Lucre to execute complex, cross-border energy trades with precision and confidence.
Trading Leadership
Our trading principals bring over two decades of combined experience managing physical crude and refined product books across Southeast Asia, the Middle East, and global markets. With deep market intelligence and long-standing counterparty relationships, our traders operate with conviction across spot, term, and structured transactions.
Crude & Products20+ Years ExperienceAsia & MEA Focus
Shipping & Operations
Our shipping and operations team has managed vessel chartering and cargo logistics across hundreds of voyages, spanning MR tankers for clean product trades and VLCCs for large-volume crude liftings. Deep relationships with shipowners, brokers, and port agents ensure reliable, cost-efficient execution from lifting to delivery.
VLCC & MR ExpertiseChartering & OperationsGlobal Port Network
Risk & Finance
Our risk and finance professionals bring institutional-grade discipline to every transaction — from derivatives hedging and position management to structured trade finance and banking relationships. The team has built and operated risk frameworks across some of the world's largest commodity trading desks before joining Lucre.
Derivatives & HedgingTrade FinanceCredit & Risk
Regional Coverage
With principals fluent in the business cultures of Southeast Asia, the Gulf, and East Africa, Lucre's team navigates complex multi-jurisdictional transactions with ease. Our regional specialists maintain active presence across key markets, supporting origination, counterparty development, and regulatory compliance in each geography.
SEA & MEA SpecialistsMulti-lingualNOC Relationships
Counterparties
Trading Across the Majors
Lucre has established active trading relationships and bilateral credit lines with a broad spectrum of energy market participants — from the world's largest integrated oil majors and state-owned national oil companies to leading independent trading houses and regional refiners.
Our counterparty network spans the full value chain: upstream producers and NOCs across Southeast Asia and the Gulf, international majors with whom we execute back-to-back cargo transactions, and end-users including independent refiners and industrial consumers across Northeast Asia and the wider Asia-Pacific region.
All counterparty relationships are managed under a robust credit and compliance framework, with full KYC, AML, and trade documentation protocols in place in accordance with Singapore regulatory standards.
International Oil Majors
Established credit and trading lines with leading supermajors operating across crude, products, and LNG globally.
National Oil Companies
Long-standing relationships with state oil entities in Malaysia, Indonesia, Vietnam, UAE, Oman, Kuwait, and select African NOCs.
Independent Trading Houses
Active back-to-back and competitive trades with the world's leading commodity trading firms across crude and refined products.
Refiners & End-Users
Direct supply arrangements with independent refiners and industrial consumers across South Korea, Japan, China, and Southeast Asia.
Feedstock for FCC and hydrocracking; MEA & SEA supply
Condensate
Qatar, Australian North West Shelf, Indonesian condensates
Crude Oil · Condensate
Gasoil · Fuel Oil · Naphtha
Jet Fuel · VGO · LNG
Get In Touch
Start a Conversation
Whether you are looking for a reliable trading counterparty, a shipping and chartering solution, or a structured offtake arrangement, we welcome the opportunity to explore how Lucre can add value to your operations.
