Bassadone: important milestone. Image Credit / Peninsula
Bunker company Peninsula has renewed its $350 million European credit facility.
Under the renewal terms, the two-year committed tranche has risen from $140m to $210m.
"The renewal of the facility follows Peninsula's recent announcement of a strategic partnership with Enagas to build, own and operate a 12,500-cbm LNG bunker supply vessel in the Strait of Gibraltar," the company said.
Peninsula's chief executive, John Bassadone, heralded the move as "another important milestone in the execution of our strategy bringing another two years of additional access to liquidity and increased committed lines".
"The support we continue to receive from the banking sector shows trust and comfort in our model [and] differentiates us in the market," he added.
Last month, Peninsula dropped the term petroleum from its company logo to mark a shift in focus towards alternative fuels.