Ishaan Hemnani Steps Down as BunkerEx CEO

by Ship & Bunker News Team
Friday September 22, 2023

Ishaan Hemnani, the founder of digital marine fuels brokerage BunkerEx, has stepped down as the firm's CEO to take up a new role with an oil derivatives firm.

Hemnani left BunkerEx this week and will now serve as chief technology officer of oil derivatives company Onyx Capital Group, he said in a LinkedIn post on Thursday.

Hemnani founded BunkerEx with Willem Muller in 2017. Muller stepped down as the company's chief techology officer in August to co-found a new company, ShipZone.

"Back then we were just two guys hacking away in a basement office with no heating, optimistically trying to disrupt an old-school market," Hemnani said.

"But people don't like change -- we were often bad-mouthed, banned, sued and even copied by industry incumbents.

"However our growth never slowed, and four years later we were acquired by the market leader."

BunkerEx was acquired by Bunker Holding parent company USTC in March 2021.

"Today thousands of shipping companies use BunkerEx, growth in users/DAUs has continued to accelerate and the majority of the market uses our service in one form or another (often without even realising)," Hemnani added.

Ship & Bunker News Team
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