John A Bassadone, CEO and founder of Peninsula Petroleum. Image Credit: Peninsula Petroleum
Peninsula Petroleum says it has lifted the group's global financing facilities by $150M to over $700 million.
"These increased lines are intended to support PPG's growth plans in the higher price environment expected due to IMO 2020," the bunker supplier explained.
The lines include a renewal of its European receivables finance facility with an uplift of $100M, as well as the Group's Singapore facilities.
"It is another positive endorsement for PPG's business model to see the same lending group remain intact and all increase their respective participation amounts," said Peninsula's CEO, John A. Bassadone.
"Peninsula's transition into a global, integrated bunker supplier is more relevant than ever in the context of 2020 and the opportunities it brings for our worldwide platform. We look to the future with enhanced optimism and confidence alongside our banking partners."