Singapore-based commodities trader Trafigura had, in the words of CEO Jeremy Weir, a “mixed” year in 2019. It fell five spots on our Global 500 list as its revenue dropped 5%, to $171.4 billion. A successful restructuring and a record trading year were the bright spots, but profits came in nearly flat after impairment charges—mostly linked to Nyrstar, the metals business that Trafigura took control of in April 2019. Following heightened regulatory scrutiny, Trafigura vowed to stop using middlemen for business development. So far in 2020, Trafigura has made gains where competitors have struggled: Volatility in commodities markets helped bring its oil-trading division to a record profit for the first half of the year.