Heavy crude
Dense, higher-sulphur crude for complex refineries with coking and hydrocracking capacity, where its price discount turns into margin.
- Gravity
- < 22.3° API
- Sulphur
- Higher
- Vessel
- VLCC · Suezmax
Basrah HeavyBasrah MediumGulf heavy grades
Crude and refined products, moved on our word.
Covenant International trades physical cargoes of heavy and light crude oil and refined petroleum products between producers, refiners and end-users, from offices in Central, Hong Kong and London.
BASRAH MEDIUMBASRAH HEAVYKIRKUKGASOIL 10 PPMJET A-1GASOLINE 95 RONVLSFO 0.5% SHSFO 380 CSTNAPHTHALPG
2
Trading hubs, in Central, Hong Kong and London
24h
Desk coverage across Asian and European hours
2
Crude categories: heavy-sour and light-sweet
6
Refined product families, sourced worldwide
The company
A covenant is a promise that binds.
We named the company after the one thing a counterparty needs from a trader: certainty that the cargo agreed is the cargo delivered, on the terms agreed, on the date agreed.
Every barrel we sell is a commitment before it is a commodity.Covenant International
01
Physical, not paper
We take title to real cargoes and see them through loading, voyage and discharge. Every position on our book ends with oil in a tank.
02
Counterparty integrity
We work with national oil companies, refiners, terminals and end-users that have been screened and verified. Long relationships matter more than single trades.
03
Disciplined risk
Cargoes are financed through documentary letters of credit and price exposure is hedged, so a volatile market does not become a counterparty's problem.
04
Two hubs, one desk
Hong Kong covers Asian buyers through the day and London takes over for Europe and the Atlantic Basin, so the desk is never closed.
Crude oil
Heavy and light crude, from the Gulf to the world's refineries.
We lift Iraqi and Arabian Gulf grades and place them with refiners in Asia and Europe, matching each crude's assay to the refinery that gets the most from it.
API gravity
Lower °API = denser, heavier crude
Heavy
Medium
Light
10°22.3°31.1°40°50°
Light crude
Lighter, lower-sulphur crude with high yields of gasoline, jet and diesel, suited to simpler refineries and to blending.
- Gravity
- > 31.1° API
- Sulphur
- Lower
- Vessel
- Suezmax · Aframax
KirkukGulf light gradesCondensate
Refined products
Refined products, sourced worldwide.
From refining centres in Asia, the Middle East, Europe and the Americas, delivered to specification wherever the buyer needs them.
01
Gasoil & diesel
Road diesel and industrial gasoil for distributors and power users.
EN 590 · 10 PPM SULPHUR
02
Jet fuel
Aviation turbine fuel for airport suppliers and airline fuel buyers.
JET A-1 · DEF STAN 91-091
03
Gasoline
Finished gasoline and blendstocks for import markets.
92 · 95 RON
04
Fuel oil
Marine bunker fuel and residual fuel for shipping and power generation.
VLSFO 0.5% S · HSFO 380 CST
05
Naphtha
Petrochemical feedstock for crackers and gasoline blending.
FULL-RANGE · PARAFFINIC
06
LPG
Propane and butane for domestic, industrial and petrochemical use.
PROPANE · BUTANE
Network
From the loading port to the discharge port.
Crude flows from the Arabian Gulf east to Asia and west to Europe. Refined products move between the world's main refining and trading centres. Hong Kong and London manage the book around the clock.
Crude oil
Refined products
Covenant office
How we trade
Four stages, one counterparty.
01
Origination
We secure cargoes on term and spot contracts with producers and refiners, and match each one to a buyer.
TermSpotTender
02
Chartering
We fix tonnage sized to the parcel, from VLCCs for long-haul crude to MR tankers for products.
VLCCSuezmaxAframaxLR2 · MR
03
Finance & risk
Cargoes are backed by documentary letters of credit from first-class banks, and price exposure is hedged from pricing to delivery.
L/CSBLCHedging
04
Delivery
Quantity and quality are certified by independent inspectors at load and discharge, on the agreed Incoterms.
FOBCIFDES
Compliance
Every cargo, every counterparty, screened.
Compliance runs before trading, during the voyage and after discharge.
Know your customer
Beneficial ownership and due diligence on every counterparty before the first trade.
Sanctions screening
Parties, vessels and cargo origin checked against applicable sanctions regimes.
Vessel monitoring
Fixed tonnage is vetted and tracked from loading to discharge.
Independent inspection
Third-party certification of quantity and quality at every port.
Offices
Hong Kong and London, one desk.
22.28° N
114.16° E
114.16° E
Hong Kong
Central · Hong Kong SAR
Head office and Asian trading desk, covering buyers in China, North and Southeast Asia and India.
--:--HKT · UTC+8
51.51° N
0.09° W
0.09° W
London
London · United Kingdom
European and Atlantic Basin desk, covering Mediterranean, Northwest European and African markets.
--:--UK time
Contact
Speak to the desk.
Tell us the product, volume and delivery window. A trader will reply within one business day.
Email ·
Hong Kong · Central, Hong Kong SAR
London · London, United Kingdom