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Bunker trading firm, Global Vision Bunkers, has confirmed that it will continue with its policy of offering 30-day credit terms to customers purchasing marine fuel in Brazil, despite the recent decision by physical supplier Petroleo Brasileiro (Petrobras) S.A. to reduce its payment terms to 21 days.

In a statement, Renzo Baeza, bunker trader at Global Vision Bunkers (LATAM) said: "Global is pleased to confirm that the group will continue to offer a 30 days price, but will also offer a 21 days price at a discount. These prices are also available from the moment that Singapore opens to Brazil close.

"GVB Group now is pleased to also announce it enjoys the benefit of local representation to be able to coordinate to quickly reconfirm avails locally - to avoid historical problems of reconfirming local avails of product and barges and to coordinate the supply of vessels better. Whilst Petrobras terms and conditions still govern supplies, we are glad to report we have seen a dramatic improvement in operational performance.

"We also are pleased to say that GVB's available credit has been substantially increased, to accommodate the increased volumes the group is doing in Brazil."

The Petrobras reduction in credit terms, from 30 days to 21 days, is due to come into effect on July 1.