World News
BFS Provides Praxis Energy Agents with $5 Million Revolving Line of Credit
Bibby Financial Services (BFS) Thursday announced that it is providing a Revolving Line of Credit of $5 million to international bunker trader Praxis Energy Agents LLC (Praxis).
Praxis is said to be utilising the new facility to support working capital and explore opportunities for future growth.
"Praxis is a unique company; we don't fit the mold of traditional small and medium sized enterprises," said John Vassilakos, General Manager at Praxis.
"BFS was open to looking at the bigger picture. They understood the core of our business and devised a funding strategy that meets our specific needs."
As the company works with a variety clients, each trading $50,000 to $1.5 million in bunkers, BFS notes that Praxis required a lender that "recognised the value of its business."
Barry Kastner, Executive Vice President at BFS, commenting on the announcement, said: "a company like Praxis, whose bank decided to exit borrowers in energy related fields, requires a funding partner who is willing to learn about and accommodate fluctuations in the oil markets, and to understand the ever-changing demands of the international maritime industry."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 6.00 | 762.00 | 5.50 |
| Rotterdam | 599.00 | 1.00 | 751.00 | 0.50 |
| Houston | 618.00 | 11.50 | 802.50 | 6.50 |
| Fujairah | 642.00 | 5.50 | 883.50 | 5.50 |
| Global 20 Ports Average | 661.50 | 3.50 | 859.00 | 5.00 |
| Global 4 Ports Average | 629.50 | 1.00 | 799.50 | 1.50 |
| Global Average Bunker Price | 719.00 | 3.50 | 915.00 | 7.50 |
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