World News
Peninsula Petroleum Signs New $200 Million Receivables Finance Facility to Support Business Growth
Peninsula Petroleum Limited (PPG) today announced that it has signed a new $200 million receivables finance facility that, in addition to an existing $100 million bi-lateral facility with HSBC Singapore, provides PPG increased liquidity totalling $300 million.
Specifically, the new finance facility is said to be intended to support PPG's growth, enabling the company to continue the development of its physical supply and reselling operations globally by investing across the marine fuels value chain.
"The overwhelming interest in the facility and support received from the international banking community is an endorsement of Peninsula's controlled and conservative business model and growth strategy," said John Bassadone, CEO at PPG.
"All participants in the facility are long-term partners, who understand and support our strategy of focusing our efforts on adding value to our clients across the entire marine fuels value chain. We look forward to the future with continued confidence."
The facility, which was signed with a syndicate of international trade finance banks, including RBS, HSBC, Santander, and Societe Generale, replaces PPG's previous ING-led facility and contains an option to increase overall funding by a further $50 million.
"We are delighted to be supporting John and the rest of the management team at Peninsula," Andy Pickford, Business Development Director at RBSIF.
"We were immediately impressed with their sector insight, together with their prudent and sustainable growth plans for the business. Our new Facility is a perfect fit for these ambitions, and is also future proofed against fluctuating oil price movements."
As Ship & Bunker reported in November, PPG announced it was eyeing continued growth in the Singapore market, having moved into new offices at Suntec City, Tower 2 to help support its growth ambitions.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 624.50 | 1.00 | 732.00 | 8.50 |
| Rotterdam | 571.00 | 3.00 | 758.00 | 16.50 |
| Houston | 591.50 | 4.00 | 760.00 | 5.50 |
| Fujairah | 629.00 | 0.50 | 877.50 | 3.00 |
| Global 20 Ports Average | 637.00 | 0.00 | 819.00 | 3.00 |
| Global 4 Ports Average | 604.00 | 0.00 | 782.00 | 5.50 |
| Global Average Bunker Price | 688.00 | 2.50 | 879.00 | 1.00 |
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