Blue Energy Partners was founded in Copenhagen in 2022. Image Credit: Blue Energy Partners

• Blue Energy Partners secures "double-digit million-dollar" financing through two new agreements
• Vessel financing for physical supply, trade finance and working capital for trading
• Lenders and exact amount not disclosed
• Follows the firm's rebrand from Global Fuel Supply in May

Copenhagen-based marine fuel supplier and trader Blue Energy Partners has secured what it describes as a double-digit million-dollar financing package through two new agreements with global partners.

The agreements cover different parts of the business, the company said in an emailed press release on Monday: vessel financing for its physical supply operations, and trade finance and working capital for its international trading activities.

The company says the financing strengthens its capital base as it continues to expand internationally.

"From the beginning, we have had strong ambitions for Blue Energy Partners and have continuously invested in our people, our capabilities and our partnerships," said co-founder and chief operating officer Bijan Shahbaz.

"These agreements are another important step in that journey. It gives us greater flexibility to pursue opportunities and continue building the business for the long term."

Founded in Copenhagen in 2022 by Shahbaz and Lamin Bara, the firm now has seven offices on four continents, operates its own bunker barges in West Africa, supplies ISCC-certified biofuels, and trades EU, UK, and Swiss ETS carbon credits.

In May the company changed its name from Global Fuel Supply, a move it says reflected its evolution from a fuel trader into a broader marine energy company.

The financing establishes long-term relationships with financial partners that the company hopes will grow alongside the business, it said.

"This is an important milestone from a financial perspective and reflects the confidence our financial partners have in Blue Energy Partners and our balance sheet," said Group CFO Kenneth Henriks.

"As the business grows, our capital structure needs to grow with it."