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Dynamic Oil Trading, a company involved in the trade of marine fuels and lubricants, has today reported a 'successful' first year of operations since its launch in October 2012.

"The company’s high sales performance, supported by its significant financial backing, has served to create the foundation for increased customer acquisition and growth," the company said in an emailed statement.

In the 12 months since its establishment, Dynamic Oil Trading has expanded rapidly and now has a ten-strong bunker trading team based out of its global headquarters in Singapore. The company is also launching a new office in Dubai to serve its customers in the Middle East with plans for further expansion in Asia and Europe.

Commenting on Dynamic Oil Trading's first year of operation, CEO Lars Møller attributes the success of the past 12 months to a combination of factors: "We have had a very positive first year with high monthly sales volumes and a consistently strong financial performance. We've built a world-class team of bunkering professionals who all share our ethos of delivering what the customer needs, whatever the challenge. They all have a deep experience of working in the bunker industry and the 'can-do' attitude that we look for, which has helped us to develop outstanding relationships with our global network of customers, suppliers and other partners.

"In conjunction with this, we also have strong financial backing, which is a real differentiator in today’s market. At a time when many shipping companies are struggling to secure lines of credit, this means that we can offer extremely competitive terms, where appropriate, to our customers. We have also worked hard to build a reputation for Dynamic Oil Trading as a trader that the world’s leading shipping companies can rely upon to meet their fuel needs and to help them to navigate the challenges posed by fluctuating fuel prices."

The company says it is confident of continued expansion in 2014. It believes that market conditions will remain challenging over the course of the next 12 months, with limited access to credit.

"Fuel prices will continue on an upward trajectory, albeit with continued volatility, and charter rates may remain depressed amid ongoing concerns over over-capacity. This will continue to place pressure on shipping companies to ensure that their fuel procurement arrangements are as efficient as possible. In conjunction with this, it is important for shipping companies to remain vigilant about the quality of product that they are purchasing, which makes it vital that ship owners and operators work with fuel suppliers that they trust and can help them to minimise the financial, environmental and compliance risks that they face," the company said.

Møller added: "As the shipping industry continues to strive against the tough economic conditions and a changing regulatory environment, our focus will remain on helping our customers to meet the challenges that they face and fulfilling our core goal of ensuring that they get the quality and quantity of fuel they need, whenever and wherever they need it, at the right price and on the right payment terms. We expect to grow further in the year ahead, including the potential for the expansion of our network of offices within Europe and Asia to complement our offices in Singapore and Dubai. This means expanding our teams and we are proactively looking for the right people with the right profile to join Dynamic Oil Trading."