Marine fuel supplier Peninsula has renewed its $400m Singapore-based syndicated credit facility, maintaining the same facility size while adding a $75m accordion option that could expand the arrangement to $475m.

The renewal involves eight financial institutions and follows Peninsula's European banking facility renewal earlier this year. According to the company, these arrangements bring its total funding capacity to more than $1.5bn across various credit lines.

The Singapore facility includes a two-year committed tranche and maintains its existing syndicate structure. HSBC continues as arranger and facility agent, with the syndicate comprising UOB, Citibank, Lloyds, Mashreq Bank, Arab Banking Corporation (B.S.C.), OCBC, and QNB Singapore.

Peninsula said several banks sought to increase their commitments during the renewal process, while additional lenders expressed interest in joining the syndicate.

"Future success in the marine fuels industry will increasingly require both significant capital and liquidity," said John A. Bassadone, Peninsula's chief executive. "I'm proud that we deliver both through a robust balance sheet, risk-aware business model, and enduring relationships with world-class banks."

Tom Francisco, Peninsula's chief financial officer, commented: "Peninsula's reputation for disciplined execution and strong governance resonates across the banking community. The re-engagement of our Asian syndicate — alongside new interest — reflects the trust in our strategy and platform."

Peninsula is one of the world's leading physical bunker suppliers. The business also operates as a trader of marine fuel and provides marine services including barging facilities, ship agency, and ship repair and maintenance.