World News
Sonan Bunkers Raises £50 Million to Open First Americas Office
London-based Sonan Bunkers has secured a £50 million ($67.2 million) refinancing package from HSBC UK, enabling the company to set up its first office in Central America.
The move marks Sonan's entry into the Americas bunker market and provides additional working capital to support its wider international growth strategy, the company told Ship & Bunker on Monday.
The company also plans to add two new positions in both Dubai and Central America, as well as expand its presence in Greece by moving its office to Athens.
Beyond geographic expansion, Sonan Bunkers says refinancing will fund upgrades to operational infrastructure and advance the firm's work on alternative fuel solutions.
Sonan Bunkers expects its annual turnover to exceed $500 million in the next 12 months as a result of the funding.
"As we continue to experience rapid growth, we're incredibly grateful for the support from HSBC UK, Graham Furse, CEO at Sonan Bunkers, said.
"The latest funding package is a pivotal step forward, enabling us to expand into the Americas – a milestone we've been working towards for some time."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 495.00 | 2.50 | 700.50 | 0.50 |
| Rotterdam | 458.50 | 3.00 | 686.00 | 8.00 |
| Houston | 475.50 | 15.00 | 694.50 | 23.00 |
| Fujairah | 494.00 | 3.50 | 738.00 | 5.50 |
| Global 20 Ports Average | 523.00 | 1.50 | 773.50 | 8.50 |
| Global 4 Ports Average | 480.50 | 6.00 | 705.00 | 8.50 |
| Global Average Bunker Price | 563.00 | 1.50 | 811.00 | 0.50 |
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