Singapore-listed marine fuel supplier Chemoil Energy has axed its entire fuel oil team based in Singapore, market sources said Monday.
The move took effect on the same day, with around eight employees leaving the company.
The team included cargo, ex-wharf/delivered bunker traders, and operations personnel, sources said.
Chemoil could not immediately be reached for comment.
This latest development comes in the wake of several major changes at Chemoil. In October, 2012, the company announced it would be selling its Helios Terminal in Singapore to Germany's Oiltanking for $285 million. The deal was finalized early this year.
Helios' 503,000 cubic meter capacity terminal is purpose-built for fuel oil storage and blending. The facility has a finger jetty and six berths and can handle up to two Suezmax vessels at the same time.
Also in 2012, Chemoil's chief financial officer and chief operating officer Mats Berglund left in March and a new CFO, Frederick Ivor Bendle, was appointed in August.
In February last year, the company's majority shareholder Singfuel Investment, a Glencore International unit, increased its stake in Chemoil to 89.04% from 51.54%.
Also in February last year, the company announced plans to diversify into the jet fuel and diesel businesses, expanding from its core business of bunker fuel.
Other management changes in 2012 included the appointment of Usmanto Njo as a non-executive director Njo is the current head of distillates in Asia with Glencore Singapore Pte Ltd.
The appointment of Njo followed the resignation of former Glencore senior fuel oil trader Hon Kim Weng who left Glencore in November 2011. Hon was previously a non-executive director representing Glencore on Chemoil's board. Chemoil also bought OceanConnect Holding in 2011, appointing former OceanConnect CEO Tom Reilly as CEO of Chemoil.
Several sources said Glencore has been actively hiring new fuel oil traders. This, market sources said, is likely to fill any cargo trading gaps at Chemoil because Glencore owns a majority stake in it.
A Glencore spokesman said the company did not comment on rumor or speculation.