The relief is real… The certainty is not
1st July 2026 For four months, the price of oil has told the story of a war few people expected and fewer still know how to end. Now, as June closes, that story appears to be turning: Brent has slipped to around $73 a barrel, its steepest monthly fall since the pandemic and its worst quarter in six years. Petrol stations, freight desks and finance directors across the trading world are, for the first time since February, allowed to exhale. But exhaling is not the same as trusting what comes next. The rally in supply behind this fall in price is genuine enough. Tankers are moving through the Strait of Hormuz again, sanction waivers have loosened Iranian barrels back into a starved market, and the diplomatic language out of Washington and Tehran has, briefly, softened. Yet scratch beneath the relief and the foundations look considerably less solid than the headline number suggests. The current arrangement holding the strait open is not a settlement; it is a temporary courtesy, with Iran having agreed to forgo transit fees for just sixty days and reserving the right to reinstate them the moment that window closes. A ceasefire with an expiry date is not peace. It is an interval. It is worth asking, too, who is actually behind the falling price, because the answer is not simply optimism. Much of this year’s most consistent buying came from trend-following hedge funds, the quiet, algorithm-driven money that piled into long oil positions as the conflict escalated in spring. That money is now heading for the exit, not because the war is over, but because the trade has stopped trending. What looks like the market voting for peace is, in no small part, funds voting to bank their profits before the next headline turns against them. This is a market that has grown fluent in front-running its own volatility. Even regulators have taken notice: several unusually well-timed bets against oil, placed in the minutes before key American statements on Iran this year, are now the subject of scrutiny. Ask a commodities desk how confident it feels and the honesty is telling. Callum Macpherson, head of commodities at Investec, described the situation bluntly as ultimately unsustainable, adding that markets are simply finding ways to muddle through, because the ordinary business of buying cargoes and hedging exposure cannot pause for a war to make up its mind. That, in a sentence, is the position every trading, logistics and distribution business now finds itself in. So can this easing be relied upon as the basis for forward strategy? Not yet, and arguably not for some time. A lower oil price today buys breathing room, not certainty. Freight contracts, insurance premiums and supplier terms still need to be built for a strait that could tighten again with a single statement out of Washington or Tehran. The prudent response is not to chase the rally down, but to hedge as though the ceasefire is what it has repeatedly proven itself to be this year: fragile, reversible and provisional. The deal may hold. History this year suggests we should not assume it will.
Gapuma SRB: From Strength to Strength
30 June 2026 As Serbia’s harvest season gets under way, our Serbian subsidiary, Gapuma SRB, is in the thick of one of its busiest periods of the year. Led by Managing Director Aron Mohacsi, the team in Žabalj, Vojvodina, continues to build on its grain trading and fertiliser distribution operations, serving the agricultural heartland of one of Europe’s most fertile regions. Beyond the fields, Gapuma SRB has also been deepening its ties with the UK’s diplomatic mission in Belgrade. We were honoured to sponsor His Majesty The King’s Birthday celebrations earlier this month, attending at the personal invitation of the British Ambassador, His Excellency Edward Ferguson – a reflection of the strong and growing relationship between Gapuma and the United Kingdom in Serbia. And there is more to come. The Serbia edition of the Gapuma Globe is published tomorrow, with an in-depth look at the country, its economy, and the people driving our work there. From the harvest to the diplomatic stage, Gapuma SRB goes from strength to strength.
Gapuma Group and Tri-Chem Trading Join Forces to Accelerate Growth in African Chemical Distribution
FOR IMMEDIATE RELEASE 26 June 2026 London / Johannesburg – 8am/9am Gapuma Group, the London-based multinational commodities company serving customers through its warehousing and distribution network, today announces a strategic partnership with Tri-Chem Trading (Pty) Ltd, a fast-growing South African importer, exporter, trader and distributor of commodity and specialty chemicals. Gapuma has acquired an equity stake in Tri-Chem, with the company’s founding leadership retaining its stake and continuing to lead the business. The announcement comes as both companies meet at the African Coatings Show in Sandton, Johannesburg, and reflects a shared ambition to bring greater value and opportunity to customers across South Africa and the wider continent. Tri-Chem Trading supplies commodity and specialty chemicals across mining, coatings, industrial, water treatment, manufacturing and agriculture. Its leadership brings 35 years of combined industry experience, with established supplier networks, long-term customer relationships and a reputation for commercial excellence. The business is built on reliable and cost-effective sourcing, strategic distribution and end-to-end supply chain support. Jack Bardakjian, Founder and CEO of Gapuma Group, said: “Tri-Chem has built something with real momentum: the right supplier relationships, the right customer base and a disciplined approach to a competitive market. Our role is not to change what works, but to give the team the sourcing depth, supply chain infrastructure and financial backing to grow faster and serve customers better. This is precisely the kind of partnership we look for in Africa.” Chris Arnison, Founder and Director, Tri-Chem Trading, said: “Joining forces with Gapuma strengthens everything we set out to build. Their international supply agreements, manufacturing networks and market intelligence complement our knowledge of the South African and African markets. Together we can secure more competitive supply, expand sustainably across the continent and bring greater value and opportunity to our clients.” The partnership strengthens Tri-Chem’s financial stability and growth capacity, enhances its access to competitive international supply agreements and local and global manufacturing networks, and supports sustainable expansion across African markets. Gapuma brings to the partnership its global sourcing network, spanning more than 50 countries, and its established expertise in procurement, logistics and supplier development across Africa, Asia and Europe. Current management and staff remain fully in place. Day-to-day operations continue under the same leadership, with planned growth in commercial and technical capabilities to follow. About Gapuma Group Founded in London in 1999, Gapuma Group is an award-winning sourcing, procurement and logistics specialist with global reach. The Group sources products from more than 30 countries and delivers to over 50 countries worldwide, with particular depth of experience across Africa. Operating from its London headquarters, Gapuma serves clients across multiple sectors, including industrial, chemical, agricultural and energy, managing every link in the global supply chain from procurement and finance to logistics and final delivery. www.gapuma.com About Tri-Chem Trading (Pty) Ltd Tri-Chem Trading (Pty) Ltd is a South African-based importer, exporter, trader and distributor of commodity and specialty chemicals, serving South Africa and the broader African market. The company focuses on reliable and cost-effective sourcing, strategic distribution, end-to-end supply chain support and long-lasting, mutually beneficial relationships. It serves the mining, coatings, industrial, water treatment, manufacturing and agriculture sectors, with leadership drawing on 35 years of combined industry experience. www.trichemtrading.co.za For media enquiries: Gapuma Group Limited – shahab@gapuma.com Tri-Chem Trading (Pty) Ltd – stefan@trichem.co.za
Gapuma Invests in Tri-Chem Trading: Backing Momentum in African Chemical Distribution
Some partnerships are about scale. The best ones are about momentum 26 June 2026 Today we’re delighted to announce that Gapuma Group has acquired an equity stake in Tri-Chem Trading (Pty) Ltd, a fast-growing South African importer, exporter, trader and distributor of commodity and specialty chemicals serving South Africa and the wider African market. Tri-Chem’s founding leadership stays at the helm, bringing 35 years of combined industry experience, established supplier networks and a hard-won reputation for commercial excellence across mining, coatings, industrial, water treatment, manufacturing and agriculture. Our role is simple: not to change what already works, but to add the sourcing depth, supply chain infrastructure and financial backing that let the team grow faster and serve customers better. It’s exactly the kind of partnership we look for on the African continent. The timing is fitting. We’re announcing as both teams came together at Coatings for Africa (24–26 June) in Sandton, Johannesburg, with a shared ambition to bring greater value and opportunity to clients across the region. Welcome to the journey, Tri-Chem. There’s real energy in this one. Full announcement and joint statement attached here.
Gapuma Group Acquires Equity Stake in Tri-Chem Trading, an Emerging Force in South African Chemical Distribution
FOR IMMEDIATE RELEASE 26 June 2026 London / Johannesburg, South Africa – 26 June 2026 Gapuma Group, the London-based multinational commodities company serving customers through its warehousing and distribution network, today announces the acquisition of an equity stake in Tri-Chem Trading (Pty) Ltd, a fast-growing South African importer, exporter, trader and distributor of commodity and specialty chemicals. Tri-Chem’s founding leadership retains its stake and continues to run the business. The partnership extends Gapuma’s strategy of building durable, operational businesses across the African continent, and brings the Group’s global sourcing and supply chain infrastructure to one of the region’s most dynamic chemical distribution markets. Tri-Chem Trading serves South Africa and the broader African market, supplying commodity and specialty chemicals across mining, coatings, industrial, water treatment, manufacturing and agriculture. Its leadership brings 35 years of combined industry experience, with established supplier networks, long-term customer relationships and a reputation for commercial excellence. The business is built on reliable and cost-effective sourcing, strategic distribution and end-to-end supply chain support. Jack Bardakjian, Founder and CEO of Gapuma Group, said: “Tri-Chem has built something with real momentum: the right supplier relationships, the right customer base and a clear, disciplined approach to a competitive market. Our role is not to change what works, but to give the team the sourcing depth, supply chain infrastructure and financial backing to grow faster and serve customers better. This is precisely the kind of partnership we look for in Africa.” Chris Arnison, Founder and Director of Tri-Chem Trading, said: “This partnership strengthens everything we set out to build. Gapuma’s international supply agreements, manufacturing networks and market intelligence complement our knowledge of the South African and African markets. Together we can secure more competitive supply, expand sustainably across the continent and bring greater value and opportunity to our clients.” The investment strengthens Tri-Chem’s financial stability and growth capacity, enhances its access to competitive international supply agreements, and supports sustainable expansion across African markets. Gapuma brings to the partnership its global sourcing network, spanning more than 50 countries, and its established expertise in procurement, logistics and supplier development across Africa, Asia and Europe. Current management and staff remain fully in place. Day-to-day operations continue under the same leadership, with planned growth in commercial and technical capabilities to follow. About Gapuma Group Founded in London in 1999, Gapuma Group is an award-winning sourcing, procurement and logistics specialist with global reach. The Group sources products from more than 30 countries and delivers to over 50 countries worldwide, with particular depth of experience across Africa. Operating from its London headquarters, Gapuma serves clients across multiple sectors, including industrial, chemical, agricultural and energy, managing every link in the global supply chain from procurement and finance to logistics and final delivery. www.gapuma.com About Tri-Chem Trading (Pty) Ltd Tri-Chem Trading (Pty) Ltd is a South African-based importer, exporter, trader and distributor of commodity and specialty chemicals, serving South Africa and the broader African market. The company focuses on reliable and cost-effective sourcing, strategic distribution, end-to-end supply chain support and long-lasting, mutually beneficial relationships. It serves the mining, coatings, industrial, water treatment, manufacturing and agriculture sectors, with leadership drawing on 35 years of combined industry experience. www.trichemtrading.co.za For media enquiries: Gapuma Group Limited – shahab@gapuma.com
Coatings For Africa 2026: Gapuma Returns to Johannesburg
24 June 2026 The doors are open. Coatings For Africa 2026 begins today at the Sandton Convention Centre in Johannesburg, and Gapuma Group is here, on the floor, exhibiting for a second time at Southern Africa’s largest gathering of the coatings industry. Held in association with the South African Paint Manufacturing Association (SAPMA), the event runs from today, 24 June, through to 26 June, bringing together more than 150 exhibiting brands from over 15 countries. For three days it becomes the place where the industry does business: manufacturers, raw material suppliers, distributors, buyers and technical specialists such as chemists and formulators, all under one roof, meeting face to face. We are here in force. Our delegation is led by Group Managing Director Jack Bardakjian and Operations Director Stephen Harris, alongside our full South Africa team, including Gary Hayes and Dave Steward. Their presence reflects the importance we place on this market and on the relationships that underpin our work across the region. The timing could not be sharper. Southern Africa’s paint and coatings market, valued at around USD 770 million, is forecast to grow steadily through 2031, driven by construction activity, infrastructure investment and rising demand for more sustainable coating technologies. Running alongside the exhibition, ChemTalks opens today too, with a focused programme spanning regulation, formulation and the latest technical innovation. For everyone working within coatings, this is the moment to gather insight, exchange ideas with industry leaders, explore new opportunities and forge stronger relationships across the region. We are on the floor now. If you are here in Johannesburg, come and find us.
A Toast to UK–Serbia Friendship: Gapuma at the King’s Birthday Party in Belgrade
19 June 2026 Gapuma Group is proud to have sponsored the King’s Birthday Party hosted by the British Embassy in Belgrade – a splendid garden reception bringing together figures from across government, business and the diplomatic community to celebrate the warm and enduring friendship between the United Kingdom and Serbia. It was a privilege to support the evening alongside a distinguished group of fellow sponsors, among them AstraZeneca, Range Rover, Chivas Regal, Frikom, Harrisons, Menzies Aviation and Delta DMD, the leading Serbian distributor of fast-moving consumer goods. Good company, in every sense. The evening offered a welcome reminder that trade and diplomacy move in step. Serbia continues to position itself as a dynamic hub at the crossroads of Central and South-Eastern Europe, and the United Kingdom remains a natural partner in that ambition – in commerce, in investment and in the exchange of ideas that underpins any lasting relationship between two nations. As a commodities trading company with a genuinely international footprint, Gapuma has long understood that strong bilateral ties are not an abstraction. They are built reception by reception, conversation by conversation, and partnership by partnership. Jack Bardakjian, Group Managing Director of Gapuma Group, said: “Gapuma takes great pride in being associated with the promotion and strengthening of bilateral ties between the United Kingdom and Serbia. Relationships of this kind open doors – for business, for communities and for the next generation of partnerships – and we are delighted to lend our support to an occasion that celebrates everything the two countries can achieve together.” Our thanks go to His Majesty’s Ambassador, Edward Ferguson, and the embassy team for their warm hospitality, and to everyone who joined us in raising a glass to a partnership with a long future ahead. See a video of the festivities here
Gapuma at Chevron Oronite’s 2026 Distributors Seminar
Among the few: Gapuma at Chevron Oronite’s 2026 Distributors Seminar 18 June 2026 GLB Chemical Services Limited, Gapuma Group’s Nigerian subsidiary, was represented at the 2026 Sales Representatives and Distributors Seminar at Chevron Oronite in Paris earlier this month. Prakash Ramchandani, Managing Director of GLB, and Thompson Longe attended on Gapuma’s behalf. The seminar brought together Chevron Oronite’s distribution network for three days of technical exchange and strategic dialogue. For GLB, appointed Chevron Oronite’s authorised distributor in Nigeria in 2020, these gatherings remain central to a partnership now in its sixth year, one strengthened further in 2025 with Gapuma’s selection as Chevron’s Group II base oils distributor in the Nigerian market. The programme also included a visit to Chevron Oronite’s plant at Le Havre, where a newly constructed, fully automated warehouse has been brought into operation. The facility holds up to 8,200 pallets, a clear signal of the scale and sophistication underpinning Oronite’s European supply chain. Our thanks to the Chevron Oronite team in Paris and Le Havre, among them Eric De Goustine and Daren Barnes, for their hospitality and for another valuable opportunity to deepen a relationship built on technical excellence and shared commitment to the Nigerian market.
Gapuma breaks into the world’s Top 100 chemical distributors
17 June 2026 Gapuma Group has been named among the world’s leading chemical distributors in the 2026 ICIS Top 100. Published by ICIS (Independent Commodity Intelligence Services), the Top 100 Chemical Distributors is the definitive global ranking of the sector, now in its 17th year. This year’s edition, compiled in association with Fecc, the European Association of Chemical Distributors, ranks the firms that keep the world’s chemical supply chains moving, broken down by region from Europe to the Middle East, Africa and Asia Pacific. Jack Bardakjian, Founder and CEO of Gapuma Group, said: “To enter this ranking for the first time would have been a milestone in itself, a tribute to everyone who has helped build this company. To do so at 36th in the world, 20th in Europe and 1st in the United Kingdom, on sales of $787.5m, is a moment of real pride. This recognition belongs to the people who earn that trust each day, and to the partners who place their confidence in us. It is a proud first, and it will not be our last.” A debut on this list is not a small thing. It places Gapuma alongside names that define the industry: Brenntag, Tricon Energy, Univar Solutions, IMCD, Nagase, Azelis, Omya and Helm, to name only a few. It is rare company, and we are proud to have earned our place in it. That place reflects how Gapuma has grown: across West Africa, Europe, the Middle East and beyond, built on dependable supply, deep market knowledge and a genuinely global reach. ICIS describes this year’s cohort as the resilient backbone of the chemical industry, the partners producers and customers turn to first. Our thanks to ICIS, and to the customers, suppliers and colleagues who brought us here. The best is still ahead.
Gapuma Returns to Coatings For Africa 2026
9th June 2026 Hot on the heels of our success at Coatings For Africa 2024, Gapuma will once again be exhibiting at the Sandton Convention Centre, Johannesburg, from 24-26 June 2026. Leading the delegation will be Group Managing Director Jack Baradjkian, alongside Gary Hayes, Dave Steward and many colleagues from our South Africa office. Want to guarantee time with the team? Contact our colleague Caitlin Hayes in advance to secure your slot: caitlin@gapuma.com 📍 Sandton Convention Centre, Johannesburg 📅 24-26 June 2026 We look forward to connecting, catching up and showing you what we’ve been working on.
Gapuma Ghana Limited at WAMPEX 2026
8 June 2026 Last week we joined West Africa’s mining and power community in Accra for WAMPEX 2026, and we did so in force. WAMPEX – the West African Mining & Power Exhibition – is the region’s largest and longest-running event of its kind, running for over three decades. This year’s 19th edition, held from 3 to 5 June at the La Palm Royal Beach Hotel, brought together more than 6,000 mining professionals and over 250 exhibitors from 20 countries, all under the theme: “How Can Responsible Mining and Power Accelerate West Africa’s Sustainable Development?” It matters because West Africa is now central to the global mineral conversation – gold, bauxite, iron ore, manganese and lithium among them – and WAMPEX compresses months of sourcing, supplier discovery and high-level networking into three focused days. For a supply and trading partner like Gapuma, that is the room to be in. We were proud to send a strong delegation from across the Gapuma Group, including: Kishor Ubrani – Managing Director, Gapuma Ghana Limited Shiko Ghosh – CEO, Gapuma Ghana Limited Viveck Dutt Obert Chukwature Dheeren Panjwani Raj Thakkar – Procurement Consultant, Gapuma Group Ash Unadkat – Quality Manager, Gapuma Group Thank you to the organisers, the Ghana Chamber of Mines and everyone who stopped by our stand. Here’s to the partnerships that move the sector forward.
A New Chapter in Ghana: Welcoming Shiko Ghosh as CEO of Gapuma Ghana Limited
We are delighted to announce the appointment of Shiko Ghosh as Chief Executive Officer of Gapuma Ghana Limited. Shiko steps into the role at an important moment for our operations in Ghana, a country woven into Gapuma’s story from the very beginning. He will work under Kishor Ubrani, who continues as Managing Director, and together they will lead the next chapter of our presence in one of West Africa’s most dynamic markets. To mark the occasion, we are sharing a short film – the first of three over the coming days – introducing Shiko and the vision he brings to the role. Welcome aboard, Shiko. We are glad to have you with us.