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Peninsula Petroleum boosts liquidity to over $700m ahead of IMO 2020

John A. Bassadone, ceo of Peninsula Petroleum
Physical bunker supplier Peninsula Petroleum has boosted its overall liquidity by $150m after renewing its European receivables finance facility.

With the new agreements increasing the group’s liquidity by $150m, Peninsula said its global liquidity is now over $700m including its Singapore facilities.

Peninsula said it has received strong support from its existing European banks including RBS, BNP Paribas, Santander, Societe Generale and HSBC, all of which have recommitted at higher ticket sizes. In addition, Lloyds Bank has joined as a new participant bank to Peninsula’s facility, which now totals $350m, an increase of $100m.

The bunker supplier said expanded facility would help support the company’s growth plans in the expected higher fuel price environment from January 2020 under the IMO sulphur cap regulation.

Read more: Peninsula Petroleum to start new bunker operations in Malta

“We are also pleased to see Lloyds join the European syndicate and UniCredit providing financing solutions for our inventory locations. Peninsula’s transition into a global, integrated bunker supplier is more relevant than ever in the context of 2020 and the opportunities it brings for our worldwide platform,” said John A. Bassadone, ceo of Peninsula.

“We look to the future with enhanced optimism and confidence alongside out banking partners,” he added.