WIP bunkering assets. Image Credit: West Indies Petroleum
Jamaican physical supplier West Indies Petroleum (WIP) has struck a long-term exclusive supply agreement with bp, the company has confirmed to Ship & Bunker.
Under the agreement bp will become the product source for all of WIPs operations including bunkering, retail fuel sales, and bulk regional distribution.
WIP says the deal will also give it the opportunity to supply product lines outside of the bunker industry, as well as the ability to distribute fuel products elsewhere in the Caribbean and Central American markets.
The move follows a tough year for marine fuel sellers that have had to contend with the implementation of the IMO 2020 rule and then the demand destruction caused by measures taken to address the COVID-19 pandemic.
Dearbhla Kieran, Commercial Manager, West Indies Petroleum
Operationally, with our fleet of barges, expipe facilities and storage terminals there is no equal to WIP in Jamaica
Jamaica and the wider Caribbean market has been among the areas particularly impacted by coronavirus measures due to the suspension of cruise traffic.
Despite the headwinds, WIP says it is well prepared for the year ahead and is hopeful for a resolution of cruise traffic within the coming months.
"Overall, WIP feels good about where we are now based on the results of the company," said WIP's Commercial Manager, Dearbhla Kieran.
"WIP has navigated the switch to IMO 2020 very successfully and the company is in a position whereby we are able to provide quality products to the Jamaican bunker market."
Moving forwards, WIP says it will continue to focus on growing assets in the region and helping Jamaica realize its ambition of becoming as a key bunkering destination.
"We are incredibly optimistic about WIP's prospects in the medium term. Operationally, with our fleet of barges, expipe facilities and storage terminals there is no equal to WIP in Jamaica," says Kieran.
"Our agreement with bp gives us access to reliable products that we did not have before and that makes us very confident about our ability to satisfy the needs of the cruise and container industry going forward for vessels that call Jamaica or for those wishing to take bunkers only.
"WIP maintains stock of VLSFO, HSFO, ULSD, LSD and HSD and through our exclusive agreement with bp we will be able to reliably supply all customers at the volumes and prices necessary to truly make Jamaica a bunkering destination going forward."