World News
Sonan Bunkers Receives £50 Million Funding Package From HSBC
Marine fuel supplier and trading firm Sonan Bunkers has received a £50 million funding package from HSBC to help its expansion plans.
The firm's Global Trade Solutions package from HSBC includes £20 million in Receivables Finance, the lender said in an emailed statement on Monday.
Sonan Bunkers has recently hired four senior traders and increased its sales forecasts for 2024 and 2025. The firm also plans to set up physical supply operations in the Mediterranean.
"During this phase of immense growth, we're pleased to have been able to increase our funding and corporate banking relationship with HSBC UK," Graham Furse, CEO of Sonan Bunkers, said in the statement.
"The shipping sector is committed to reducing carbon intensity and our dedicated HSBC team demonstrated a deep understanding of our business, requirements, and carbon-compensated fuel offering, making them the ideal banking partner to support our working capital cycle and help us realise our growth ambitions."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 567.50 | 3.50 | 700.00 | 14.50 |
| Rotterdam | 512.50 | 4.00 | 695.00 | 17.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 562.50 | 2.50 | 755.00 | 0.00 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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