World News
TFG Marine Secures $300 Million DBS Facility Backed by Digital Bunker Delivery Records
- $300m working capital facility signed with DBS Bank
- Electronic bunker delivery notices used to verify and audit financed transactions
- ZeroNorth and SGTraDex provide the eBDN infrastructure
- SGTraDex describes deal as shift from on-request to on-demand bank access to eBDN data
TFG Marine has signed a working capital financing facility of up to $300 million with DBS Bank, with electronic bunker delivery notices (eBDNs) providing real-time digital verification of the underlying transactions.
The facility, announced today, will support TFG Marine's working capital requirements.
"Through this deal with TFG Marine, we are proud to have championed a further benchmark in digital trade financing, now for the marine fuel industry," said Terence Yong, Global Head of Sales, Global Transaction Services at DBS Bank.
The eBDNs are facilitated through ZeroNorth and Singapore Trade Data Exchange Services (SGTraDex), giving DBS verifiable, real-time access to delivery records.
Jefferson Wong, CEO of SGTraDex Services, said the deal marked a shift toward eBDNs becoming "integral to marine fuel financing."
The arrangement builds on TFG Marine's existing collaboration with ZeroNorth, which has included the first deployment of an eBDN solution in the Middle East at the Port of Sohar, Oman.
Bennett Pekkattil, Chief Financial Officer of TFG Marine, said the company hoped more financial institutions would follow DBS's lead in recognising "the greater need for digital transparency in the marine fuels industry."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 963.00 | 26.00 | 1351.50 | 10.50 |
| Rotterdam | 766.00 | 3.00 | 1446.00 | 11.50 |
| Houston | 817.00 | 11.50 | 1421.00 | 1.00 |
| Fujairah | 981.00 | 12.00 | 1768.50 | 17.50 |
| Global 20 Ports Average | 929.50 | 10.50 | 1565.00 | 13.00 |
| Global 4 Ports Average | 882.00 | 13.50 | 1496.50 | 9.50 |
| Global Average Bunker Price | 978.50 | 20.00 | 1616.50 | 18.50 |
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