Delixy Holdings Ltd
Delixy Holdings Ltd is a Singapore-based oil trading company that buys and sells crude oil and a broad range of oil-related products. Its business spans Southeast Asia, East Asia, and the Middle East, with trading activity supported by logistics, shipping coordination, and customer financing.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenuePurchase and resale of crude oil, which is described as a core part of the business.
Trading of fuel oils, motor gasoline, gas oil, and base oils.
Trading of additives, asphalt, naphtha, and related oil-based products.
Trading of petrochemical products used in downstream industrial and blending applications.
Shipping, logistics, and financing support tied to physical commodity trades.
Products
Reported · share of revenue- Sale of Crude Oil59.3 %
- Sale of Oil Based Products40.7 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Delixy sells to customers in the oil trading ecosystem, including regional wholesalers, distributors, and industrial buyers that need physical supply of crude and refined products. Its value proposition is not only product access but also trade execution support, logistics coordination, and credit terms that can help counterparties manage working capital.
They buy crude and refined products for resale, blending, or regional distribution.
They purchase fuel oils, gas oil, and related products for operations and energy use.
They buy naphtha, base oils, additives, and petrochemical feedstocks for downstream use.
They rely on Delixy's ability to extend credit terms while suppliers are paid promptly.
Strategy
Delixy's strategy is built around sourcing and distributing a diversified portfolio of oil-related products while keeping crude oil as a core trading line. The company also emphasizes relationship depth, trading expertise, logistics support, and customer financing to win transactions and support repeat business in competitive commodity markets.
Diversification across crude, refined products, and petrochemicals reduces dependence on any single product flow.
In commodity trading, access to reliable customers and suppliers is a key competitive advantage.
Shipping, logistics, and financing support can make Delixy more useful than a pure reseller.
Geography
2025Delixy is based in Singapore and operates across multiple countries in Southeast Asia, East Asia, and the Middle East. Those regions shape the business because physical commodity trading depends on port access, shipping routes, and local counterparty networks, while also exposing the company to regional supply, demand, and geopolitical conditions.
Share of the revenue the company reports by geography.
Risks
Delixy is exposed to commodity price volatility, freight and logistics disruption, and credit risk because it trades physical oil products across borders and sometimes extends customer credit. Its regional footprint also creates geopolitical and regulatory exposure, while trading businesses can be pressured by narrow spreads, counterparty concentration, and inventory/settlement timing mismatches.
- Commodity price volatilityImpact: HighLikelihood: High
The company trades crude and petroleum products whose prices can move sharply between purchase and sale.
Exposure: Crude oil and refined products trading
- Counterparty credit riskImpact: HighLikelihood: High
Delixy extends credit terms to customers while paying suppliers promptly, creating settlement exposure.
Exposure: Trade receivables and working capital
- Geopolitical and regulatory exposureImpact: HighLikelihood: Medium
Operations across Southeast Asia, East Asia, and the Middle East can be affected by sanctions, customs, or supply disruptions.
Exposure: International oil trading routes
- Logistics and shipping disruptionImpact: MediumLikelihood: Medium
Physical cargo trading depends on vessel availability, port access, and timely delivery.
Exposure: Regional cross-border trading routes
Accounting
Judgemental itemsPhysical commodity sales may be recognized at shipment or delivery depending on contract terms.
Impact: Affects reported revenue timing and period comparability
Extended customer terms create the need for receivable impairment estimates.
Impact: Can materially affect operating results when counterparties weaken
Oil inventories must be carried at the lower of cost and net realizable value under applicable rules.
Impact: Price declines can create write-downs
Commodity traders often use derivatives to manage exposure to price and freight movements.
Impact: Can create volatility in earnings and equity
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Last updated: 28/09/2026