Delixy Holdings is a Singapore-based physical oil trader. Through its operating subsidiary, Delixy Energy, the company buys and sells crude oil and oil-based products to customers across Southeast Asia, East Asia, and the Middle East. Crude oil accounts for roughly 59% of trading revenue, with the remainder coming from oil-based products including naphtha, motor gasoline, gas oil, fuel oil, asphalt, and petrochemicals. Delixy's customers are primarily refineries, other traders, and wholesalers — not end consumers. Delixy makes money on the spread between what it pays suppliers and what it charges customers, using a cost-plus markup approach. The company prefers back-to-back trading — locking in a customer order before placing a supplier order — but will take inventory positions when traders identify arbitrage opportunities such as regional price differentials or supply/demand imbalances. A key differentiator is Delixy's willingness to extend credit terms of up to 90 days to customers, funded through short-term bank facilities secured against physical trades; larger competitors typically require immediate payment. Delixy uses derivatives solely to hedge open price exposure, not for speculation. The company is asset-light, owning no storage or ships, and operates from a single leased office in Singapore with 11 employees, 5 of whom are traders. Growth priorities include expanding the trading team, entering LNG and LPG markets, and potentially acquiring oil trading businesses or logistics providers.