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John A. Bassadone, ceo of Peninsula Petroleum

Peninsula Petroleum readies for IMO 2020 with increased liquidity to over $800m

Global bunker fuels supplier Peninsular Petroleum has boosted its Asian receivable finance facility to over $800m in preparation for IMO 2020.

Peninsula said that the increased lines would help to enhance the “diversity and sophistication” of the company’s funding package beyond 2021, whilst further enabling the business to provide better solutions to clients in the higher fuel price environment expected due to IMO 2020.

Peninsula’s Asian facility, led by HSBC, in participation with United Overseas Bank (UOB), sees the total facility amount rise from $225m to $285m, with both lenders increasing their respective ticket sizes and renewing the committed tranche of the facility by a further two years.

In April this year, Peninsula also renewed its European receivables finance facility at higher ticket sizes to over $700m.

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

“We are confident that we have the right infrastructure and logistics in place and our worldwide platform is well positioned to face the challenges and opportunities which 2020 brings,” said John A. Bassadone, ceo of Peninsula.

“We are also grateful for the endorsement of our business model received once again from our two long standing Asian banking partners and from our entire banking group. We have aligned ourselves with the right stakeholders whom understand our industry and share the importance we place on compliance and the risk control functions within our business,” he added.