EMEA News
HSBC Reaches out to UK's Propeller Fuels
A trade finance deal with a UK bank will allow UK-based bunker supplier Propeller Fuels to add considerable fnancial muscle to its business model.
Company managing director Robert Thompson told Ship & Bunker that the support of HSBC UK reduces their trading risk and opens up opportunities for expansion.
"It increases what we can do significantly," he said.
The bank's support comes in the form of an invoice finance facility.
This gives the company "the ability to meet customer requirements irrespective of their port location, local supplier or currency as they are supported by HSBC UK's foreign exchange and global cash management team", a statement from the company said.
The bank's initiative derives from a fund designed to help small and medium-sized firms realise their ambitions for growth and navigate Brexit.
Physical bunker deliveries in the UK are handled by Oil NRG.
