Trade, Regulation and the Value of Agility
14 July 2026 Two headlines this week tell an interesting story about two very different approaches to doing business in Europe. On one hand, the European Commission has conditionally approved the Baker Hughes-Chart Industries merger, subject to a series of remedies following a detailed competition review. That is the EU’s institutional model at work, comprehensive, rules-based and regulatory. On the other, the UK has concluded a new trade agreement with Switzerland. It is another reminder that, post-Brexit, Britain is able to pursue its own commercial relationships and trade priorities. For those of us involved in international commodities and supply chains, the contrast is noteworthy. Commodity markets thrive on certainty, speed and the ability to respond quickly to changing market conditions. Traders need governments that facilitate commerce, open markets and remove unnecessary friction. While robust competition rules have an important role to play, there is also a strong case for agile trade policy that enables businesses to seize opportunities as they arise. Switzerland has long demonstrated how a relatively small nation can punch well above its weight by championing free trade, commercial pragmatism and international connectivity. The UK’s growing engagement with Switzerland suggests an ambition to embrace more of that outward-looking mindset. From the perspective of businesses operating across global commodity markets, this is an encouraging direction of travel. Success increasingly belongs to economies that can move quickly, build trusted partnerships and provide the confidence businesses need to invest, trade and grow. At Gapuma Group, we welcome policies that strengthen international trade, reduce barriers and create an environment in which businesses can compete, innovate and deliver value across global supply chains.
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.
Ghana: Where it all began, and where we headed next
There are companies that arrive in a market, and there are companies that were born in one. For Gapuma Group, Ghana is the latter. When our founder, Jack Bardakjian, started the business in 1999, the very first trade was in Ghana – a decision he took, in his own words, “against all the advice and all the predictions.” Twenty-six years on, that instinct has become the foundation of everything we are: an international commodities group sourcing from more than thirty countries and delivering to over fifty, with an active in-country presence in West Africa that traces directly back to where we began. So when Ash Unadkat, our Office and Quality Manager, made his first overseas trip on behalf of the company this month – accompanied by our Procurement Consultant, Raj Thakkar – it was no accident that the destination was Accra. You return to your roots when you want to grow. The timing could hardly be richer. Ghana stands at a genuinely interesting moment. The 24-hour economy initiative, the Accra–Kumasi Expressway, and continued development across the gold, oil, energy, cocoa, and financial sectors are reshaping the commercial landscape – the same sectors that have anchored the bilateral relationship between Ghana and the United Kingdom for generations. That relationship runs deep. Ghana was the first sub-Saharan African nation to win independence from colonial rule, in March 1957 – a milestone that made it a trailblazer for a continent. The bonds forged since, in language, trade, the Commonwealth, and a vast and vibrant diaspora, remain among the closest the UK holds anywhere in Africa. Our London-based Ghanaian colleague, Yannick Annor, captured that spirit beautifully after meeting the President of the Republic of Ghana in London on 31 May. He wrote of a diaspora encouraged to return, invest, and bring their knowledge home – and of his own reasons, as a French-Ghanaian, for choosing the UK precisely because it kept him close to Ghana. “We all have a role to play in shaping the future of our country,” he said. We could not agree more, and we are proud to play our small part. And then there is the football. In exactly twenty days, on 23 June, the Black Stars meet England at Gillette Stadium in their first-ever competitive fixture between the two nations. Whatever the scoreline, there is something fitting about it: two countries bound by history, meeting on the world’s biggest stage, just as one of them welcomes us back to where our story started. From a single trade in 1999 to a quarter-century of partnership – Ghana, it has always been you. 🇬🇭
Is comprehensive globalism over?
What the Iran War means for physical commodity traders 24 March 2026 The Financial Times has been asking hard questions about the structural shift now under way in global business – and the conclusions demand attention from anyone in physical commodities. FT chief economics commentator Martin Wolf is unambiguous: “The worst case is that this will be one of the biggest shocks in the postwar period.” Meanwhile, FT columnist Tej Parikh cuts to a deeper vulnerability: “Investors have committed trillions of dollars to the technology, one of the most power-hungry inventions ever, on the assumption of ample energy supplies and a slick chip production line that can cross more than 70 borders before reaching the final consumer. But the Iran war is exposing the fragilities in the AI supply chain.” If that assumption of frictionless global logistics is now in doubt for the digital economy, it raises an equally sharp question for physical commodity traders: is the model of seamless, borderless trade still viable? The honest answer is: not unconditionally. The effective closure of the Strait of Hormuz has demonstrated that a single chokepoint can simultaneously disrupt energy, fertiliser, industrial gases and shipping insurance markets. Supply chains engineered for efficiency rather than resilience are being exposed for what they are. Three conclusions stand out. Hyper-globalised sourcing is a liability without redundancy built in. Global trade is not over, but it is being repriced around risk. And those with established local distribution networks are navigating this crisis measurably better than those dependent on long, centralised chains. Jack Bardakjian, Group Managing Director of Gapuma Group, is direct on this point: “Every experienced commodity trader understands that price is only half the equation – the other half is access. When the architecture of global trade is under this kind of stress, access becomes everything. Local presence, local relationships, local knowledge – these are not peripheral considerations. They are the hard infrastructure of the business.” The world will trade again. But the terms on which it does so are being rewritten. Primary source: Financial Times, 12 March 2026, and related FT reporting
Did you know you can trade lean hogs on the stock market? 🐷
25 February 2026 No, really. Alongside live cattle, oats, frozen orange juice and cocoa futures, lean hog contracts are genuinely traded on the Chicago Mercantile Exchange – in lots of 40,000 pounds, no less. We’re not making this up. It turns out the world of commodity trading goes way beyond the gold bars and oil barrels most people picture. Here are five “exotic” soft commodities that serious traders are watching right now: ☕ Coffee – A billion daily drinkers means relentless demand. But Brazilian soil moisture levels, Vietnamese harvest delays and tropical storms all move the price. Your morning flat white is a geopolitical event. 🍫 Cocoa – In 2024, Côte d’Ivoire cut its export contracts by 40% due to poor weather. Ghana fared little better. Two countries produce half the world’s supply — so when West Africa sneezes, the chocolate market catches a cold. 🌾 Oats – Grown across the EU, Russia, Canada and Australia, oats are more globally distributed than most soft commodities. But here’s the twist: disruption in one grain market tends to ripple across all grains, because they share the same growing regions, transport networks and storage systems. 🥩 Lean hogs and live cattle – Alternative proteins are getting all the headlines. Meanwhile, global meat consumption keeps rising. Livestock futures are a quiet corner of the market that demographic trends suggest won’t stay quiet for long. 🍊 Frozen concentrated orange juice (FCOJ) – Yes, it has its own futures market. In 2024, it hit all-time highs after disease-carrying sap-sucking insects devastated crops in Brazil (which produces nearly 70% of the world’s OJ) and a series of hurricanes compounded the damage in Florida. Extraordinary volatility in the most ordinary of breakfast staples. The common thread? These markets are driven by weather, disease, geography and human appetite — not by central bank policy or tech earnings cycles. For traders and commodity professionals who understand the supply side, that’s a very different — and potentially very interesting — kind of opportunity. Over to you. At Gapuma Group, we’re always curious about the commodity experiences that don’t make the standard textbooks. Have you ever dealt in something genuinely unusual — whether that’s a niche agricultural product, a regional soft commodity, or something else entirely that raised eyebrows at the trading desk?
Gapuma Group at Argus Global Base Oils 2026
5 February 2026 This week, Gapuma Group attended the Argus Global Base Oils Conference in London –a premier gathering of over 400 key decision-makers from across the international base oils and lubricants value chain. Group Managing Director Jack Bardakjian led our delegation, and was joined on Wednesday by the Senior Leadership Team from GLB Chemical Services Limited, our Nigerian subsidiary: Prakash Ramchandani (Managing Director), Thompson Longe (Technical Sales), and Akash Suhanda (Commercial Sales). The three-day conference brought together industry heavyweights including Chevron, Chevron Oronite, TotalEnergies, Lubrizol, Yunigreen, and Orlen Oil – providing invaluable face-to-face opportunities to strengthen partnerships, explore market trends, and align on our strategic vision for West Africa and beyond. These moments of direct collaboration – sharing insights, challenging assumptions, and building relationships – are what drive our continued growth in the base oils sector and reinforce our commitment to delivering exceptional value across our global markets. Building the future of base oils together.
The Global Ethanol Rush: Energy Security Meets Agricultural Reality
19th November 2025 The global ethanol market is undergoing rapid and far-reaching expansion, driven by government mandates and a growing focus on energy security. Yet behind the headlines about renewable fuels lies a far more intricate story—one shaped by agricultural pressures, shifting trade flows and the practical constraints of supply chains. Brazil is leading innovation in maize-based ethanol, with production expected to reach 30% of total output by 2026–27, equating to 10.6 billion litres. The economics are increasingly favourable: maize ethanol costs around BRL 1.85 per litre compared with BRL 2.45 for sugarcane, while valuable byproducts strengthen margins. Still, concerns over biomass feedstock availability for steam generation are becoming more pronounced. Indonesia is preparing to implement mandatory ethanol blending by 2028, aiming for a 5% mix to displace 5% of its 22.8 million kilolitre fuel imports. At COP30, Pertamina highlighted Brazil’s success as a model for reducing dependence on fossil fuels through bioethanol. However, the challenges are significant. In India, maize farmers are calling for a “Maize Control Order” after prices fell ₹600 per quintal below the minimum support price. Ethanol-driven maize diversion has transformed India from a 3.7 MT exporter into a projected 1 MT importer, pushing prices from ₹15,000 to ₹25,000 per tonne. Livestock sectors are now urging duty-free access to GM maize to safeguard feed supplies. Indonesia faces its own hurdles, including inconsistent raw material availability, volatile pricing, and limited infrastructure for production and distribution. For a global commodities partner like Gapuma Group, the ethanol boom represents both opportunity and complexity in equal measure. The reshaping of agricultural supply chains across multiple continents is creating heightened demand for strategic procurement, logistics capability and real-time market intelligence. Long-term success will depend on a clear understanding of policy drivers, farmer economics and infrastructure readiness—factors that will ultimately determine which national programmes deliver on their ambitions.
Strengthening Our Biofuels Vision
— Introducing Charles Percheron 4th November 2025 Gapuma is delighted to announce that Charles Percheron has joined our Switzerland office in Nyon as Senior Biodiesel Trader. Charles will play a central role in expanding Gapuma’s global biofuels footprint, strengthening our position in biodiesel and sustainable feedstocks. With more than fourteen years’ experience across physical and derivative commodity trading, brokerage, and operations, he brings an outstanding track record of performance, innovation, and market insight. Based in Nyon, Charles combines a deep understanding of biodiesel markets with a sophisticated, multi-layered approach to business development and a passion for data-driven, forward-looking trading strategies. His appointment reinforces our strategic commitment to the energy transition and to scaling sustainable commodities across international supply chains. As we continue to invest in future-focused fuels, we look forward to accelerating global progress in sustainability and low-carbon logistics. Please join us in welcoming Charles to the Gapuma family and wishing him every success in this exciting new chapter.
Gapuma’s Russell Brill Embarks on High-Speed Procurement Tour of China
26th April 2o25 From Chinaplas to Qingdao: Strengthening Global Partnerships Gapuma’s Procurement Director, Russell Brill, has just returned from a whistle-stop 10-day tour of China, visiting key trade fairs and suppliers across the country. His first stop was Chinaplas 2025, held this year in Shenzhen, Guangdong Province. With over 4,000 exhibitors from 40 countries and more than 380,000 visitors, Chinaplas is one of the world’s largest exhibitions for the polymer industry. The event provided an excellent opportunity to meet with manufacturers, suppliers, and customers from across the global plastics sector. Strengthening Ties in Qingdao and Beyond After three busy days at Chinaplas, Russell travelled north to Qingdao in Shandong Province, located on China’s Yellow Sea coast. Qingdao, famous for its Tsingtao beer and as the training ground of Britain’s greatest Olympic sailor, is also home to Gapuma’s China office. Shandong is a strategic hub for Gapuma, hosting many of the company’s established suppliers and a wide range of key industries. During his stay, Russell conducted pre-planned visits to prospective new manufacturing partners, part of Gapuma’s rigorous due diligence process, and met with existing suppliers both in Qingdao and the nearby city of Weifang. While in Qingdao, Russell – himself a very accomplished athlete – met the sibling of one of the recent Beijing Robot Marathon finishers — a memorable moment in a packed schedule!