Michael Krabbe, Chief Financial Officer, Bunker Holding. Image Credit: Bunker Holding
With a significant uplift in bunker costs expected as a result of IMO2020, Bunker Holding today announced it has has entered a new USD 1bn unsecured revolving credit facility with a syndicate of 12 global and regional banks.
"This is one of the largest corporate credit facilities to date in the industry and it supports Bunker Holding Groups continued growth and the need for further financial flexibility in the light of IMO 2020," Bunker Holding said.
The three-year credit facility includes a funding capacity framework of up to USD 2.5bn, which is more than a USD 1bn increase compared to its current setup, and an option to extend up to 5 years.
"2020 heralds a paradigm shift to our industry in many ways and bunker companies need to be more financially robust, with a stronger credit-worthiness than ever before," said Michael Krabbe, CFO at Bunker Holding.
"With this credit facility, we are very well prepared and positioned for the future – and I am very pleased with the agreement and the great results achieved by Christian Mens and his team."