What we do, and how we are paid for it.

Cargo moves after the controls clear, not before.

Penley originates, contracts and executes physical trade as principal or as agent. Source, specification and payment security are fixed in the documents before a vessel is nominated.

Exposure is managed by structure rather than by view. Back-to-back is the default position and the desk holds no discretionary authority to take price risk.

Structures

Principal · back-to-back · agency and brokerage · offtake · procurement services

Revenue basis

Trading margin, commission, agency fee, service fee

Payment security

LC, documentary collection, escrow, advance security, controlled document release

Verification

Independent sampling, assay, draft survey, umpire referee clause

Exposure policy

Back-to-back preferred; unhedged positions require board approval