Physical petroleum brokerage and trading advisory across West African and international markets — connecting refiners, national oil companies, and international trading houses.
The commodities desk is built around physical product flows — the actual movement of petroleum cargoes from terminal to vessel to buyer. We do not trade derivatives or financial instruments. The desk brokers, structures, and advises on transactions involving real product in the real market.
The desk's edge is in the intersection between market intelligence and deal execution. We track refinery output schedules, vessel availability, regional pricing differentials, and buyer credit posture simultaneously — so when a cargo becomes available or a buyer enters the market, we can move at the speed the market demands while applying the legal and financial rigor the counterparties require.
Our primary market is West Africa, anchored by Nigeria's emerging downstream capacity and the export flows originating from the Dangote Refinery. We operate outward from there into the broader Atlantic Basin, the Gulf, and wherever physical product and qualified buyers intersect.
Four core petroleum product categories. Each requires a distinct understanding of specification, logistics, pricing benchmarks, and counterparty risk.
Jet A-1 supply into West African aviation markets, with sourcing from Dangote Refinery and international suppliers. Transaction structures include term supply agreements, spot lifts, and bonded storage arrangements for airport operators, into-plane service providers, and national carriers.
Automotive gasoil and EN590-spec diesel brokerage for West African road transport, power generation, and industrial buyers. The desk structures transactions between international refiners, trading houses, and end-market distributors, with particular depth in the Nigerian and Ghanaian downstream markets.
Marine bunker fuel supply across the Gulf of Guinea, with a focus on Very Low Sulphur Fuel Oil (VLSFO) and Marine Gas Oil (MGO) for vessel operators transiting or calling at West African ports. The desk works with bunker traders, ship operators, and port operators on both spot and term supply arrangements.
Premium Motor Spirit brokerage for the Nigerian and West African retail and wholesale markets. The desk sources product from domestic refining capacity and international suppliers to serve importers, marketers, and downstream distributors navigating the post-subsidy pricing environment.
The West African petroleum market operates at the intersection of international commodity flows and highly localized execution requirements. Most international traders understand the former but not the latter. Most local operators understand the latter but lack the former. Bannerman's commodities desk is built for the space between.
| Primary market | West Africa — Nigeria, Ghana, Ivory Coast, Senegal, and adjacent markets. Dangote Refinery export flows as the primary domestic anchor. |
| Supply sources | Dangote Refinery (domestic), international trading houses, European refiners, US Gulf Coast exporters. Product originating from the Permian Basin, Rotterdam, and the Mediterranean. |
| Buyers | National oil companies and their downstream subsidiaries, airport fuel operators, independent importers and marketers, bunker traders, regional distributors. |
| Pricing benchmarks | Platts CIF West Africa, Argus West African spot, ULSD ARA, VLSFO Singapore differentials. The desk subscribes to Argus Media West Africa refined products coverage. |
| Payment structures | Confirmed documentary letters of credit, standby LC, deferred payment against warehouse receipt. The desk does not accept open account terms for new counterparties. |
| Incoterms | CIF, CFR, and FOB West Africa depending on counterparty capability and transaction structure. DDP available for select downstream buyers. |
A typical transaction from initial inquiry to cargo delivery. The desk leads all workstreams and coordinates logistics, documentation, and legal directly.
A buyer or seller contacts the desk with a product requirement or offer. The desk assesses specification, volume, timing, and geography. A preliminary term sheet or Letter of Intent is issued within 48 hours for qualified inquiries. Counterparty KYC and sanctions screening is conducted before any commercial engagement proceeds.
The desk identifies the most suitable supply or offtake counterparty from its active network. For complex transactions, the desk may work with multiple potential counterparties simultaneously before confirming the optimal pairing. All counterparties are introduced under a mutual Non-Disclosure and Non-Circumvention Agreement before commercial terms are exchanged.
Price, specification, volume, delivery window, payment terms, and Incoterms are negotiated to a binding term sheet. The desk acts as principal intermediary and manages the negotiation on behalf of the introducing party. Pricing is pegged to the relevant Argus or Platts benchmark with a differential agreed at signing.
The desk drafts or reviews the sale and purchase agreement, coordinates inspection arrangements (SGS or equivalent), and manages the letter of credit opening and presentation documentation. Shipping documentation, bill of lading review, and certificate of quality and quantity review are handled in-house.
The desk monitors cargo progress from loading through discharge, coordinates with vessel owners and terminal operators, and manages payment settlement against documents. Post-delivery, a transaction summary is provided to both counterparties for records. The desk's brokerage commission is settled from proceeds at completion.
The commodities desk operates on a brokerage commission model. Commission is calculated as a fixed amount per metric tonne or barrel of product brokered, agreed in writing at the outset of each transaction. Rates are consistent with international industry convention and are disclosed to both counterparties.
Minimum parcel size. The desk typically works on parcels of 5,000 metric tonnes and above for petroleum products, and full vessel parcels (25,000 MT to 100,000 MT range) for crude oil and large product lifts. Smaller volumes are considered selectively where the counterparty relationship or strategic value warrants it.
Exclusivity. The desk operates on an exclusive basis for transactions it originates and on a best-efforts basis for transactions where the buyer or seller has existing relationships with other brokers. The arrangement is specified in the initial NDNCA.
Advisory retainer. For counterparties seeking ongoing market intelligence and transaction support rather than a specific deal, the desk offers a monthly advisory retainer covering market commentary, pricing analysis, and counterparty introductions. This is separate from and does not reduce transaction commissions.
The firm's flagship intelligence publication tracks West African petroleum flows, Dangote Refinery export activity, marine bunker market developments, and regional pricing differentials. Subscribers receive structured analysis relevant to counterparties operating in the markets the commodities desk serves.
Subscribe to the StandardFor a confidential conversation on a specific product requirement, supply offer, or advisory mandate, submit an inquiry below. The desk responds to qualified inquiries within 48 hours.
Contact the Commodities Desk