World News
$270M Funding for Peninsula Supply Expansion
Peninsula Petroleum Ltd. (Peninsula) says a $270 million syndicated banking facility, closed in December, will allow it to expand its physical supply activity and increase global resale volumes this year, according to an emailed statement.
"It is particularly pleasing to receive the overwhelming support of the world's leading commodity finance banks for this liquidity line," said CEO John Bassadone.
Bassadone said the funding deal reflects the firm's conservative business model and commitment to long-term relationships with business partners.
The funding line will help finance the company's European operations, and, combined with a $50 million facility from HSBC for its Singapore business, gives it a total global liquidity of $320 million.
BNP Paribas and ING served as joint active mandated lead arrangers and bookrunners on the deal
"This transaction is important as it is the first syndicated club deal to be originated to support the financing requirements of the group," the financial institutions said.
Peninsula provides physical bunker and lubricant supplies at the ports of Gibraltar, Ceuta, Canary Islands, and Panama, according to its website.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 628.00 | 1.00 | 736.50 | 0.50 |
| Rotterdam | 569.00 | 10.00 | 730.50 | 23.00 |
| Houston | 591.00 | 3.50 | 770.50 | 6.00 |
| Fujairah | 626.50 | 4.50 | 886.50 | 5.00 |
| Global 20 Ports Average | 644.00 | 2.00 | 825.50 | 0.00 |
| Global 4 Ports Average | 603.50 | 0.50 | 781.00 | 3.00 |
| Global Average Bunker Price | 700.00 | 0.00 | 883.50 | 0.50 |
Popular Now More
-
May 08Within five years after installation, more than 95% of the ships with the most common scrubber systems reach break even. -
May 07Claim filed at in the Southern District of New York following a 1750 mt stem in January. -
May 07The Liberian-flagged dry bulk carrier Alexis had an engine failure at about 5 AM local time on Tuesday while at the southern end of the strait.