London bunker and tanker group has added to its cash pot ahead of IMO 2020 with a new Asian finance deal.
The company said it has renewed and increased its receivables finance facility in the region, taking its overall bank liquidity to more than $800m.
The Asian financing, led by HSBC and also involving United Overseas Bank, has been boosted from $225m to $285m, with both lenders increasing their ticket sizes and extending the deal by two years.
Earlier this year, it also renewed and increased its European facility, adding new banks.
"These increased lines enhance the diversity and sophistication of Peninsula’s funding package beyond 2021, whilst further enabling the business to provide unique global solutions to clients in the higher price environment expected due to IMO 2020," it said.
Peninsula operates in 15 ports with a modern product tanker fleet.
CEO John A Bassadone added: “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 whom understand our industry and share the importance we place on compliance and the risk control functions within our business.”
