Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
Wed 2 Oct 2019, 12:19 GMT

Peninsula ups financing ahead of expected 'higher price environment'


Bunker firm's Asia facility rises by $60m ahead of IMO 2020.

John Bassadone, CEO and founder of Peninsula Petroleum.
Image credit: Peninsula Petroleum
Peninsula Petroleum has announced the renewal and increase of its Asian receivables finance facility, taking the group's overall bank liquidity to more than $800m.

The bunker specialist's Asia facility - which is led by HSBC, and is in participation with United Overseas Bank - sees the total facility amount rise from $225m to $285m, with both lenders increasing their respective ticket sizes and renewing the committed tranche of the facility by a further two years.

The latest development follows the renewal, increase and addition of new participants to the group's European receivables facility together with the addition of inventory finance solutions, which was announced earlier this year.

Commenting on the news, Peninsula said the increased lines would enable it to "provide unique global solutions to clients in the higher price environment expected due to IMO 2020".

CEO John A. Bassadone remarked: "We are confident that we have the right infrastructure and logistics in place and our worldwide platform is well positioned to face the challenges and opportunities which 2020 brings.

"We are also grateful for the endorsement of our business model received once again from our two long standing Asian banking partners and from our entire banking group. We have aligned ourselves with the right stakeholders whom understand our industry and share the importance we place on compliance and the risk control functions within our business."

Peninsula  
Verde Marine Energy and Sunoco LP logos. Sunoco and Verde Marine Energy announce commercial collaboration in ARA and UK bunker markets  

Partnership aims to combine Sunoco's Americas reach with Verde's Northern European supply platform.
CMA CGM Berenice vessel. CMA CGM methanol dual-fuel vessel makes first call at Malta Freeport  

Berenice is fifth in a six-ship series of methanol dual-fuel vessels being introduced by the French shipping group.
Everllence 16V175D engine render. Everllence's 175D engine wins offshore tug order from Türkiye  

Sixteen gensets are bound for four Rampage 6000-DE terminal tugs destined for Guyana.
NSD 75CC vessel design render. NSD wins BioMar fish feed vessel contract with hybrid propulsion design  

The NSD 75CC will feature a hybrid system combining electric and direct diesel-mechanical propulsion.
CCS type approval for All-scenario methanol single-fuel engine CCS awards type approval to China’s first all-scenario high-pressure direct-injection methanol medium-speed marine engine  

China Classification Society certifies SMDERI’s methanol single-fuel engine.
Carnot multi-fuel engine. Carnot tests engine on biodiesel as multi-fuel development programme advances  

UK engine developer Carnot has run its engine on biodiesel, adding to prior diesel and hydrogen tests.
IBIA logo. IBIA to hold mass flow meter training course in Rotterdam as industry reflects on first months of implementation  

One-day course covers MFM technology, regulatory frameworks and practical bunkering experience.
AQUBE battery system. Sunlight Group subsidiary lands first order for AQUBE liquid-cooled battery system for DLR research vessel  

A 48-metre floating technology platform will test hydrogen, hybrid and electric propulsion systems at sea.
Fure Vasa vessel. Furetank to name LBM-fuelled Fure Vasa as Swedish-flagged fleet reaches 105 ships  

Vessel to run primarily on liquefied biomethane (LBM) within the EU and is equipped for shore power connection.
Mitsui-Everllence 7S60ME engine. Mitsui E&S completes commercialisation of ammonia dual-fuel engines and fuel supply systems  

Japanese manufacturer says it is now ready to supply ammonia propulsion systems for actual vessels.

↑  Back to Top


 Recommended