Gunvor closes US$1.37bn Asian revolver as commodity finance demand rises

Gunvor Singapore has closed a US$1.366bn sustainability-linked syndicated revolving credit facility, marking the trader’s largest Asian revolving credit facility to date.

The 364-day facility was significantly oversubscribed after being launched at US$800mn and is guaranteed by Gunvor Group. It will be used for general corporate purposes and to refinance the company’s existing 2025 facility.

The lending group includes 32 banks, the largest syndicate Gunvor has assembled for its Asian revolving credit facility. Active bookrunning mandated lead arrangers included China Citic Bank, DBS, MUFG and OCBC.

Abu Dhabi Commercial Bank, Agricultural Bank of China, Emirates NBD, First Abu Dhabi Bank, Natixis and State Bank of India also joined as bookrunning mandated lead arrangers.

The facility keeps Gunvor’s sustainability-linked structure, with performance indicators covering scope 1 and 2 emissions, emissions from time-chartered vessels, renewable energy investments and human rights assessments.

Commodity traders rely heavily on revolving credit facilities to finance physical flows, manage price volatility and support working capital across trading books. The size and oversubscription of the facility point to continued lender appetite for large commodity finance names, even during a period of volatile oil prices and geopolitical uncertainty.

Gunvor’s Asia-Pacific chief financial officer Jean Roh said the renewal came during a period of major market disruption and received the strongest support yet for the trader’s Asian revolver.

The deal follows a difficult year for the trader, which reported lower net profit in 2025, but continues to maintain access to sizeable bank liquidity.

For commodity finance markets, the transaction shows that large trading houses remain able to mobilise substantial syndicated bank support when facilities are structured around established relationships, liquidity needs and sustainability-linked performance metrics.