World News
Peninsula Gets Capital Boost from Banks
Bunker company Peninsula Petroleum has secured bank loans allocating the company $100 million in fresh working capital.
The increase will go towards funding its near to medium term strategic plan, the company said
The additional funds come from new players joining the company's established backers. BNP Paribas has joined the syndicate in Europe while United Overseas Bank has joined a new syndicate in Asia which is led by HSBC Singapore.
"The continued support received from our existing financing partners in Europe and Asia, together with the interest and appetite shown by a large selection of new banks in joining our latest facilities, is a positive endorsement of our unique business model and conservative strategy," said Peninsula chief executive John Bassadone.
"We are pleased to have BNP Paribas join our European club and welcome United Overseas Bank to our first syndicate in Asia," he added.
The move increases the company's total global working capital facilities to $400 million.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 646.50 | 5.50 | 773.50 | 11.50 |
| Rotterdam | 604.00 | 5.00 | 756.00 | 5.00 |
| Houston | 630.50 | 1.00 | 798.50 | 4.00 |
| Fujairah | 650.50 | 3.00 | 897.00 | 13.50 |
| Global 20 Ports Average | 662.50 | 1.00 | 858.50 | 0.50 |
| Global 4 Ports Average | 633.00 | 3.50 | 806.00 | 6.50 |
| Global Average Bunker Price | 718.50 | 0.50 | 914.00 | 1.00 |
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