This takes the group’s bank liquidity to over $800 mill.
PPG’s Asian facility, led by HSBC in participation with United Overseas Bank, saw the total amount rise from $225 mill to $285 mill with both lenders increasing their respective ticket sizes and renewing the committed tranche of the facility by a further two years.
This Asian facility follows the group’s recent renewal, increase and add new participants to its European receivables facility together with the addition of inventory finance solutions, the company said.
These increased lines enhance the diversity of Peninsula’s funding package beyond 2021, whilst further enabling the business to provide solutions to clients in the higher price environment expected, due to IMO2020, the company explained.
CEO, John A Bassadone, commented, “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.
“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 who understand our industry and share the importance we place on compliance and the risk control functions within our business,” he said.
BIMCO has developed a monitoring service for bunker prices, with data provided by MABUX, which is now available to all BIMCO members.
The new interactive graphs allow price fluctuations in the major bunkering hubs of Singapore and Rotterdam to be tracked.
They will show the bunker prices for 380cST HSFO (high sulfur fuel oil) and MGO LS (marine gas oil low sulfur), both in USD per tonne, as well as the spread between the two fuel types, with data available since June, 2017.
HSFO 380cST was chosen over 180cST as the latter is becoming increasingly less popular among shipowners and has only limited availability in both Singapore and Rotterdam.
MGO LS was chosen over VLSFO, as there is currently neither a consistent demand nor a standard product of VLSFO (very low sulfur fuel oil) and its price is therefore not yet being published on a regular basis.
As 1st January, 2020 approaches, demand is likely to grow as VLSFO will be the cheapest compliant fuel for ships without an exhaust gas scrubber. VLSFO will be added to the graphs once reliable price information on a standard product can be obtained, BIMCO said.