Industry Reports

Industry Research Built With Market Specialists

Collaborative surveys and bespoke studies across commodity trading, brokerage, shipping and financial markets

Useful industry research starts with a clear question and access to the people best placed to answer it. Imperium Commodity Search develops surveys and bespoke studies exploring employment, remuneration and workforce decisions across commodities and financial markets.

Our collaboration with Ship & Bunker has produced successive international marine fuels salary surveys, combining industry responses with knowledge gained through our search activity. Alongside our own published studies, these reports show how focused research can bring the market’s experience into clearer view.

We welcome conversations with publishers, industry associations and specialist organisations interested in developing research for their audiences.

Research Built Around the Questions Your Industry Is Asking

Bespoke studies for industry publishers, specialist organisations and commercial audiences

The most useful research starts with a question your audience needs answered. That might concern compensation, hiring appetite, workforce mobility or how businesses are responding to a changing market. We can help shape that question into a focused study, bringing specialist commodity and financial markets knowledge to the research and its interpretation.

What Imperium Brings

We can help define the research brief, develop survey questions and engage relevant businesses and professionals. Our experience across search, market mapping and compensation research helps us examine the findings in context, including differences between roles, locations and business models.

We then bring the results together into clear comparisons and written analysis suited to the intended audience.

Built With the Right Partner

We welcome conversations with news outlets, trade publications, industry associations and specialist organisations interested in joint reports or research studies.

A collaboration can combine your editorial expertise, industry focus and audience with Imperium’s research capability and market knowledge. We agree the scope, responsibilities, publication plans and commercial arrangements before work begins.

Turn Industry Experience Into Shared Understanding.

Published Research With Ship & Bunker

Bunker trading compensation, incentive structures and employment sentiment across global markets

Our work with Ship & Bunker brings together industry survey responses and Imperium’s placement and market knowledge to examine the marine fuels employment landscape. These studies explore how compensation, bonus arrangements and career expectations differ across the market and develop over time.

2025/2026

2025 results · Q1 2026

Marine Fuels Salary Survey

Global compensation, incentive structures and employment sentiment in the bunker and marine fuels market.

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01 / The research

A global view of marine fuels employment

350+individuals in the combined dataset
Globalbunker and marine fuels coverage
USDfinancial comparisons
A more balanced, selective market

We partnered with Ship & Bunker to combine survey responses with placement and market data from our ongoing search activity. The research examines pay, experience, bonus structures and how professionals view their employers.

Conditions stabilised through 2024 and into 2025, following sharp swings between candidate-led and client-led hiring. Demand remained strong for experienced, high-performing professionals, particularly in growth markets and specialist functions.

Compensation varied by region, role and experience. Those differences matter when employers assess their position and plan their next appointment.

02 / Compensation

Higher base salaries, softer average bonuses

20242025
$105,022
$119,042
Base salary
$49,865
$41,280
Bonus
$154,887
$160,322
Combined
Fixed pay drove the increase

Average base salary increased from $105,022 to $119,042. Average bonus payments moved in the opposite direction, from $49,865 to $41,280.

Total compensation rose from $154,887 to $160,322. The increase was driven primarily by fixed remuneration, with variable pay remaining a meaningful part of the overall package.

This balance points towards greater emphasis on retention and cost control, alongside more selective performance-related awards.

03 / Experience

A wider spread at the senior end

ExperienceLow average → High average · USD
0 to 5 years
$48,605$85,429
6 to 10 years
$87,849$154,132
11 to 15 years
$80,827$206,145
16 to 20 years
$107,366$242,000
21+ years
$122,595$252,739
Experience creates a different pay picture

The gap between low and high averages widens among more experienced professionals. The highest experience band spans $122,595 to $252,739.

Experienced traders command materially higher packages, while early and mid-career progression remains steadier. A single global average therefore tells only part of the story.

For employers, the relevant comparison depends on the experience, responsibilities and commercial contribution required.

04 / Mobility

How likely were professionals to leave?

Already looking
11%
Very likely
12%
Likely
21%
Unsure
15%
Not likely
41%
Stability with a meaningful mobile cohort

While 41% were not likely to leave their organisation in the following 12 months, 11% were already looking. A further 33% described a move as likely or very likely.

The results capture intentions at the time of the survey. They offer employers a view of potential hiring and retention pressure, rather than a measure of subsequent departures.

The overall picture is stable, but there remains a substantial group open to another opportunity.

05 / Employer sentiment

Would professionals recommend their employer?

Employer recommendation
28%
38%
30%
3%
1%
Strongly recommend · 28%Recommend · 38%Agnostic · 30%Not recommend · 3%Strongly not recommend · 1%
66%recommend or strongly recommend
30%agnostic
Positive sentiment, with room to strengthen engagement

Two-thirds would recommend or strongly recommend their employer. Only 4% selected one of the two negative responses.

The 30% who were agnostic are also significant. Their response sits between clear advocacy and dissatisfaction, leaving a sizeable group without a strong positive attachment.

Employer sentiment adds context to compensation and mobility when assessing the wider employment market.

06 / Pay perception

More professionals felt in line with the market

20242025
Above market9.5% → 8.5%
At market46.5% → 54%
Below market33.6% → 29.5%
Far below market10.4% → 8%
Pay perceptions improved

The share who considered their compensation in line with market rates rose from 46.5% to 54%. Those feeling below or far below market declined from 44% to 37.5%.

The results suggest recent increases in fixed pay were translating into improved sentiment, even as overall compensation growth moderated.

These are professionals’ own assessments of their pay position. They provide a useful complement to the financial comparisons.

07 / Incentive structures

A stronger link to individual P&L

2024
28.8%
29.9%
24%
17.3%
2025
40.2%
29.3%
16.3%
14.2%
Percentage of P&LDiscretionaryTeam performancePercentage of salary
Individual commercial contribution carried more weight

The share of bonus structures linked directly to P&L increased from 28.8% to 40.2%. Team-based performance and fixed salary percentages both reduced.

Discretionary arrangements remained a substantial part of the market at 29.3%, close to the previous year’s 29.9%.

The shift points to greater emphasis on individual performance and commercial accountability in how variable compensation is structured.

08 / Bonus outcomes

Most bonuses were unchanged

22%
Higher
51%
Unchanged
27%
Lower
A more differentiated bonus environment

Just over half of respondents reported bonuses broadly unchanged from the previous year. A further 27% received lower payouts, compared with 22% who received more.

Upside remained available, but it was increasingly concentrated among strong individual performers rather than applied uniformly across teams.

Taken alongside the change in bonus structures, the results point towards a more selective approach to variable compensation.

Imperium Commodity Search & Ship & Bunker · 2025 results · Q1 2026

2024

2023/24 results · Q4 2024

Bunker Trader Salary Survey

Global pay, regional differences and employee sentiment across the bunker trading market.

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01 / The research

A changing market after the post-Covid cycle

370survey respondents
Globalbunker trading coverage
1 Oct 2024USD conversion date
A broader view of the employment market

Working with Ship & Bunker, we combined survey responses with industry placement data to examine compensation, market sentiment and changes since 2022.

Pockets of rapid growth in some regions sat alongside longer-term stability in others. That uneven development influenced pay levels, experience profiles and hiring priorities.

Financial data is presented in US dollars, converted at the prevailing rate on 1 October 2024.

02 / Compensation

Growth in both fixed and variable pay

20222024
$97,319
$105,022
Base salary
$36,260
$49,865
Bonus
$133,579
$154,887
Combined
Bonuses grew faster than base salaries

Average base salary increased from $97,319 in the comparison dataset to $105,022. Average bonus payments rose from $36,260 to $49,865.

Together, those movements took average combined compensation from $133,579 to $154,887.

Stronger bonus outcomes and growth appetite, particularly in the Middle East, supported a positive outlook for desk expansion at the time of the research.

03 / Regional compensation

The regional picture needs context

APAC$91,6052022: $85,311
North America$150,4112022: $123,483
Europe$98,8042022: $86,356
Middle East$102,0522022: $116,569
Seniority changes the headline average

Average base compensation increased in APAC, Europe and North America. The Middle East recorded a lower headline average than in 2022.

Trading desk expansion brought a larger number of junior traders into the Middle Eastern sample. The change in overall seniority lowered the average, while salary growth within the region continued broadly in line with other markets.

The composition of a workforce matters when reading regional averages. A lower overall figure does not necessarily mean existing professionals received less.

04 / Pay perception

Fewer traders felt below the market

20222024
Above market13% → 9.5%
At market31.2% → 46.5%
Below market41.6% → 33.6%
Far below market14.2% → 10.4%
A notable improvement in pay sentiment

The share who felt below or far below market fell from 55.8% to 44%. At the same time, those who felt in line with market rates increased from 31.2% to 46.5%.

This shift gives HR teams and business leaders a different perspective from headline salary growth alone: more traders felt their packages were aligned with their peers.

The results reflect respondents’ own assessments of their compensation.

05 / Employer sentiment

Would traders recommend their employer?

Strongly recommend
24%
Recommend
34%
Agnostic
36%
Not recommend
5%
Strongly not recommend
2%
More than half expressed positive advocacy

A combined 58% would recommend or strongly recommend their employer. The largest individual response was agnostic, at 36%.

The two negative responses accounted for a smaller share, at 5% and 2%.

These results offer a view of employer reputation from within the industry, alongside pay perceptions and willingness to move.

06 / Mobility

Intentions for the following 12 months

Already looking
12.9%
Very likely
7.8%
Likely
23.3%
Unsure
10.3%
Not likely
45.7%
An active minority alongside a stable core

Almost half were not likely to leave their organisation. However, 12.9% were already looking, with a further 31.1% describing a move as likely or very likely.

The findings show a market with both continuity and a meaningful pool of professionals considering change.

These are stated intentions at the point of the survey, rather than subsequent turnover.

07 / Bonus structures

Discretionary pay remained prominent

Discretionary
29.9%
Percentage of P&L
28.8%
Team performance
24%
Percentage of salary
17.3%
Transparency was an attraction advantage

Discretionary schemes remained marginally the most common arrangement, closely followed by a direct percentage of P&L.

In our search work, businesses offering transparent, linear commission and bonus structures were often better placed to attract traders with an established book of business.

That observation sits alongside the survey’s modest increase in P&L-linked arrangements and the expectation of further development in that direction.

08 / Experience mix

Why the sample’s seniority matters

Experience distribution in 2022 and 2024 and by region
Different markets, different experience profiles

The experience distribution changed between 2022 and 2024, and varied across APAC, Europe, the Middle East and North America.

The Middle East included a larger junior cohort as trading desks expanded, while North America had a greater concentration of long-serving professionals.

These differences help explain why region-level salary averages need to be considered alongside experience and the type of appointment being made.

Imperium Commodity Search & Ship & Bunker · 2023/24 results · Q4 2024

2022

2022 results

Bunker Trader Salary Survey

Base salaries, bonus payments and employment priorities across the global bunker trading market.

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01 / The research

A recovering, competitive bunker employment market

250+individuals in the combined dataset
Globalbunker trader coverage
USDsalary comparisons
Demand returned for experienced, profitable traders

We partnered with Ship & Bunker to combine survey responses with data from actual bunker trader placements.

The research captures a market recovering from Covid disruption, with businesses seeking to expand desks and compete for experienced, profitable professionals.

Alongside salaries and bonuses, the study considers how traders felt about their pay, their willingness to move and what mattered most in their employment.

02 / Base salary

A global average just below $100,000

$85,311
APAC
$86,356
Europe
$123,483
US & Latin America
$116,569
Middle East
Location made a substantial difference

The global average annual base salary was $96,912. APAC recorded the lowest regional average at $85,311, followed by Europe at $86,356.

The Middle East averaged $116,569, while the US and Latin America grouping recorded the highest figure at $123,483.

Experience and location both contributed to the substantial variation behind the global average.

03 / Experience and total pay

Experience shaped both salary and bonus

Annual base salary and bonus by years of experience
Bonuses added a meaningful variable component

Average base salaries started a little above $55,000 for the least experienced group and rose to more than $130,000 for professionals with over 15 years in the industry.

Bonus payments played a large part in the overall package. The combined salary and bonus picture further separated early-career professionals from more experienced traders.

For employers, experience and commercial contribution were central to understanding the relevant compensation level.

04 / Pay perception

More than half felt below the market

Far above market
4%
Above market
9%
In line with market
31%
Below market
42%
Far below market
14%
A gap between market offers and existing pay

Only 13% felt their salary was above or far above market. A further 31% felt in line with the market, while 56% selected one of the two below-market responses.

Professionals who feel underpaid may be more likely to complete a voluntary salary survey or to be considering a move. That context matters when interpreting the results.

Even so, the responses showed a substantial group questioning how their pay compared with their peers.

05 / Mobility

42% were likely or very likely to move

42%likely or very likely to move
A significant share were considering change

Among survey respondents, 42% said they were likely or very likely to move within the following 12 months.

This question covered the survey sample only, excluding individuals whose data came from recent Imperium placements.

The finding captures intentions at that point in time. It illustrates the competitive hiring environment, rather than the number who subsequently changed employer.

06 / Employment priorities

Pay mattered, but it was not the whole picture

Salary / bonus
52%
Work-life balance
39%
Job security
5%
Other factors
4%
Work-life balance carried substantial weight

Salary and bonus were the most important factor for 52% of respondents. Work-life balance followed at 39%, well ahead of job security and other factors.

The results underline the importance of looking beyond the headline package when seeking to attract or retain professionals.

A compelling opportunity needs to account for the working experience as well as financial reward.

07 / Market outlook

A two-tier pay market was emerging

New hiresHigher offersCompetition for profitable traders
Existing staffPay pressureSome salaries lagged the market
Employer responseRenewals & reviewsAdjustments for established teams
Hiring demandJunior & seniorProgrammes and established books
Retention needed attention alongside recruitment

Some professionals who stayed in post after Covid were earning less than those who had moved. Competition for new hires pushed offers upwards, while some businesses responded with accelerated contract renewals and salary increases for existing staff.

London and Europe were active, with movement also emerging in Singapore. Entry-level opportunities and demand for experienced traders bringing business remained important.

Mid-market professionals with a more modest book faced a more difficult environment, illustrating the uneven nature of demand.

Imperium Commodity Search & Ship & Bunker · 2022 results

The Imperium Research Archive

Original studies exploring how major events shaped commodity hiring and career decisions

Our research has examined how commodity businesses and professionals respond to periods of uncertainty and change. These historical studies capture hiring appetite, working practices and market sentiment during the pandemic and the UK’s departure from the European Union.

Each reflects the circumstances and opinions recorded at publication, preserving a perspective on the decisions facing the industry at that time.

Imperium research archive · Commodity trading · Brokerage · Shipping

COVID-19: The Impact on Hiring in Commodities

An Imperium study of hiring during lockdowns, the return to offices and the changes employers made as competition for talent recovered.

Q4 2021

01 / The study

The market behind the research

Respondent locations
Europe
36%
North America
24%
Asia Pacific
22%
Middle East
10%
South & Central America
6%
Other
2%
From disruption to a candidate-led recovery

The pandemic and subsequent lockdowns created challenges across commodity trading, brokerage and shipping. Furlough schemes and operational disruption affected headcount and hiring decisions throughout 2020.

By Q4 2021, the market had become highly competitive and candidate led. We examined how firms had hired during lockdowns and how their approach changed as restrictions began to ease.

The study covers physical trading, paper trading, physical brokerage, paper brokerage and shipping or logistics businesses across global markets.

The findingThe research connects hiring appetite, working location and employment benefits during a period of rapid change.

02 / Lockdown hiring

Different business models felt different pressures

Almost 50%reported no notable change in hiring
Over 50%of shipping and physical trading businesses reported a contraction
6%reported growth in those sectors
Paper markets were more resilient

Commodities remained relatively robust within paper trading and brokerage. Shipping, logistics and physical trading experienced a more pronounced contraction as container availability tightened and ports reduced staffing and loading capacity.

The comparison covers March 2020 to March 2021 against preceding activity. Within business types, the data did not show significant differences in the broad regional trend.

In physical trading, soft commodities and agriculture accounted for much of the small number of growing businesses, while energy and metals were affected by the economic disruption.

The findingThe type of business was a central distinction in hiring resilience during lockdowns.

03 / Brokerage growth

Energy led the increase in brokerage hiring

36%of brokerage respondents reported increased hiring
Over 80%of that growth was in energy brokerage
Volatility supported specialist demand

Derivatives brokers expanded in parts of the market as volatility created opportunities. Energy accounted for the largest share of growth in brokerage, with metals and agriculture contributing smaller proportions.

Areas of particular activity included European natural gas and power, American power and NGLs or LPG.

The results illustrate how disruption could constrain physical operations while creating demand for expertise in paper markets.

The findingThe same period created hiring pressure in some markets and new commercial opportunities in others.

04 / Working location

The working location of new hires changed

Over 50%started from home during lockdowns
24%started from home after March 2021
Over 75%started in an office or hybrid model after March 2021
Office and hybrid starts returned as restrictions eased

During lockdowns, just under 40% of new hires worked from an office, while more than half worked from home from their first day. Many firms introduced remote working for the first time.

After March 2021, the share starting entirely from home fell to 24%. More than three-quarters joined in an office or a combination of office and home working.

APAC diverged from the global picture, with a higher proportion continuing to work from home as restrictions eased more slowly.

The findingThe global shift back towards offices did not happen at the same pace in every region.

05 / Employer response

Flexibility was the most common change

Flexible working79%
Working from home64%
Increased benefits21%
Increased salaries16%
Shorter working week16%
Bigger HR / recruitment budget11%
Unlimited holiday11%
Employers adjusted the wider proposition

Flexible working was introduced by 79% of respondents, making it the most frequent change. A further 64% offered working from home to new employees, at least in the short term.

Other responses included improved benefits, higher salaries, shorter working weeks and increased HR or recruitment budgets. The changes were not mutually exclusive.

In a more candidate-led market, employers were competing on the working experience as well as pay. The durability of those changes remained an open question at the time of the study.

The findingFlexibility became a prominent part of the hiring proposition during the recovery.

1 / 5

Original research by Imperium Commodity SearchQ4 2021 · Historical findings and opinions recorded at publication

Read the original PDF ↗

Imperium research archive · Commodity professionals · UK · EU · Global markets

Brexit: The Effect on Hiring Attitude

An Imperium study of how commodity professionals viewed the UK as a workplace, a location for talent and a global financial centre before departure from the EU.

Q1 2020

01 / The study

A global sample of commodity professionals

Respondent locations
European Union
40%
UK
25%
APAC & Oceania
12%
US & Canada
10%
Other
13%
Business areas
Physical trading
40%
Financial brokerage
35%
Financial trading
15%
Physical brokerage
10%
1,500 respondents at a pivotal moment

Following three and a half years of negotiations and delays, we examined how the Brexit vote and subsequent negotiations had influenced perceptions of the UK.

The study considered the UK as a workplace, potential office location and financial hub. It also explored how commodity professionals were thinking about opportunities, international moves and the wider economic outlook.

The findings capture sentiment in Q1 2020, ahead of the UK’s departure from the European Union.

The findingThe study records attitudes at the time, rather than measuring what happened after Brexit.

02 / UK attractiveness

How attractive was the UK as a workplace?

45%Less or much less attractive
32%No significant change
23%More attractive
Views differed inside and outside the UK

Almost a third did not believe Brexit would significantly change the UK’s attractiveness as a job market. However, 45% felt it had become less or much less attractive compared with 2016.

Only 23% viewed the UK as more attractive. UK-based professionals were more positive: almost 30% saw improved attractiveness, compared with 15% among those based abroad.

That difference mattered for firms seeking to attract professionals from outside the UK.

The findingDomestic confidence and the views of potential international hires were not aligned.

03 / UK opportunities

Perceptions of UK job availability

Comparison of perceived UK job opportunities against 2016 among UK, non-UK and EU respondents
Opportunity levels and location decisions were connected

Respondents assessed whether UK job opportunities in their industry had increased, decreased or remained unchanged compared with 2016. Views varied by where they were based.

EU-based professionals were the most likely to perceive higher job availability. Alongside the survey, we were seeing interest from EU-based firms considering a UK office, including both Brexit-related and wider commercial reasons.

The results show why hiring plans and office-location decisions needed to be understood together.

The findingPerceptions of the UK opportunity set varied across the audiences employers wanted to reach.

04 / International moves

Looking for opportunities outside the UK

42%of UK-based professionals had explored opportunities abroad since 2016
71%of those exploring opportunities cited Brexit as a key factor
Mobility was particularly relevant at senior levels

Among UK-based professionals, 42% had explored opportunities outside the UK since 2016. Of that group, 71% said Brexit was a key factor in their decision.

The research also found that 85% of senior management respondents had sought opportunities outside Britain, compared with 40% of mid-senior professionals.

Physical trading professionals featured strongly among those who linked their search to Brexit. Exploring an opportunity did not necessarily mean a relocation took place.

The findingThe potential movement of senior commodity talent was an important consideration for UK-based firms.

05 / UK reputation

The UK’s image as a global financial centre

Respondent locationImprovedNo changeDeteriorated
UK28%32%40%
EU27%23%50%
Rest of world23%14%63%
Views were more negative from further afield

Across the study, 50% believed the UK’s image as a global financial centre had deteriorated to some degree, 22% believed it had improved and 28% saw no impact.

UK-based respondents were less negative than those overseas. The most negative responses came from the rest-of-world group, where 63% felt the UK’s image had deteriorated.

The findings highlight the difference between a market’s view of itself and its reputation among the international professionals and businesses it seeks to attract.

The findingInternational reputation was a separate consideration from domestic confidence.

06 / Negotiations

How had the UK government handled negotiations?

AssessmentUK residentsNon-UK residents
Very well8%3%
Well15%9%
Neither23%19%
Poorly31%35%
Very poorly23%34%
Critical assessments extended beyond the UK

More than half of UK respondents rated the handling of negotiations poorly or very poorly. Among non-UK respondents, the combined share was 69%.

Positive assessments accounted for 23% of UK respondents and 12% of those outside the UK.

The responses show the level of frustration surrounding the negotiation period, across domestic and overseas groups.

The findingUncertainty and perceptions of the negotiation process formed part of the backdrop to hiring decisions.

07 / UK economic outlook

Seniority influenced the expected economic effect

Expected UK impactDirectorsJunior respondents
Positive50%28%
Negative27%58%
41%of UK-based respondents expected a positive UK economic effect
59%outside Europe expected a negative UK economic effect
Senior respondents were more optimistic

Half of director-level professionals expected Brexit to have a positive impact on the British economy, compared with 28% of junior respondents.

The pattern reversed for negative expectations: 58% of junior respondents expected a negative effect, compared with 27% of directors.

Location also influenced opinion. UK-based professionals were comparatively positive, while those outside Europe had the most negative outlook for Britain.

The findingThe same event was viewed differently according to both professional seniority and location.

08 / EU economic outlook

How would Brexit affect the EU economy?

Expected EU impactUKEURest of world
Very negatively7%4%6%
Negatively57%39%56%
Neither15%26%19%
Positively9%26%13%
Very positively12%5%6%
Respondents were more positive about their own economy

UK respondents were the most negative about the effect on the EU economy, with 64% expecting a negative or very negative outcome.

EU-based respondents were the most positive about their own economy: 31% expected a positive effect, compared with 21% in the UK and 19% in the rest-of-world group.

The contrast with views of the British economy shows how strongly location shaped the economic expectations recorded at the time.

The findingA global research brief needs to distinguish the perspectives of the audiences represented.

1 / 8

Original research by Imperium Commodity SearchQ1 2020 · Historical findings and opinions recorded at publication

Read the original PDF ↗

What Does Your Industry Need to Understand?

Discuss a bespoke study or research collaboration with Imperium Commodity Search

You may have a question your readers keep asking, a market development that deserves closer examination or a research idea that needs specialist input.

We welcome conversations with publishers, industry organisations and businesses across commodities and financial markets. Bring us the question, the audience and what you want to achieve. Together, we can shape the research brief, agree the approach and explore how the findings could be presented and shared.

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