Oilmar COO Steps Down

by Ship & Bunker News Team
Thursday June 20, 2024

The chief operating officer at marine fuels trading firm Oilmar has stepped down from his role at the company.

Rakesh Sharma is stepping down as COO of Oilmar at the end of this month, he said on Thursday.

"Looking back, it's been an incredible journey co-founding and building the marine fuels business with Oilmar's management," Sharma said.

"Together, we have grown the company to a remarkable scale, with a dedicated workforce of nearly 50 people trading over a million tons in a calendar year within just four years.

"I am deeply grateful to each and every one of you for your unwavering support, hard work, and dedication.

"Your contributions have been instrumental in our success.

"In the coming weeks, I will be starting an exciting new project, and I look forward to sharing more details soon."

The company is targeting 30-50% growth in traded volumes in 2024, and in Q1 already saw 35% growth from the same period a year earlier, an Oilmar representative told Ship & Bunker last month.

Further expansion into South America, the US Gulf Coast, Northwest Europe and elsewhere is expected to help drive this growth.