Credit Risk Analyst – Energy Markets

About the role

Energy Markets, Maersk's fuel sourcing arm, procures and manages more than 12 million tonnes of fuel annually and provides bunkering, trading and risk management solutions to customers in the shipping and energy sectors. As a Credit Risk Analyst you will assess counterparties across a global portfolio of physical commodity transactions and support credit decisions that protect the business from counterparty losses. The role sits at the intersection of finance, risk and trading.

Key responsibilities

• Perform fundamental counterparty credit analysis across shipping, oil and energy sectors, using financial statements and other verifiable indicators, and turn conclusions into internal risk grades, credit limits and approval recommendations.
• Measure and monitor current and potential future exposure across physical and financial transactions, including secured and unsecured receivables, mark-to-market exposure, settlement and concentration risk, and investigate limit breaches.
• Assess transaction structures and contractual terms and recommend risk mitigating actions.
• Develop and calibrate credit risk methodologies, scorecards, early-warning indicators, exposure logic and portfolio reporting.
• Analyse group structures, ownership, structural subordination, cross-default risk and jurisdictional enforceability with Legal, Treasury, Finance, Tax and commercial stakeholders.
• Monitor sector and macro fundamentals, freight and bunker markets, commodity price volatility, geopolitics, sanctions and regulation, and quantify their impact on counterparties and portfolio concentrations.
• Support credit assessment of sustainable fuels and energy-transition transactions, including technology, offtake, feedstock, regulatory and long-dated contractual risks.

Required profile

• Relevant counterparty credit experience in commodity trading, oil and gas, marine fuels, shipping or a financial institution covering energy or commodity clients, able to complete and defend full credit assessments independently.
• Sound understanding of credit risk in physical commodity trading and marine-fuels supply chains, including fuel types, pricing, payment terms, Incoterms, title and risk transfer, storage, blending, fees, claims and contractual default mechanics.
• Ability to interpret complex corporate structures, SPVs and financial flows between entities.
• Clear written and verbal communication, able to present and defend a concise risk view to senior decision-makers.
• A relevant degree and/or professional certification (e.g. FRM) is an advantage.

Required skills

• Advanced financial statement analysis, including cash generation, working capital, debt capacity, liquidity, margins, accruals, off-balance-sheet obligations, contingent liabilities, leases and covenants.
• Ability to assess fleet-finance structures, including owned versus chartered fleets, operating and finance leases, vessel capex, refinancing needs and residual-value risk.
• Quantitative skills in financial modelling, sensitivity analysis and downside scenarios; proficiency in Excel and/or Python, R or similar.
• Practical knowledge of trade finance and credit risk mitigation instruments such as guarantees, letters of credit, SCF, collateral, netting and set-off.
• Hands-on experience with CTRM, ERP, TMS or credit systems, including reconciling exposure data and challenging calculation logic.