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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

Updated on 02 Oct 2019 12:19 GMT

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."

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