London bunker and tanker company Peninsula Petroleum Group (PPG) has renewed its European financing facility in a move that adds $100m to the loan.
The package now totals $350m and, when combined with the group’s Singapore facilities, brings global liquidity to more than $700m, it said.
"These increased lines are intended to support PPG’s growth plans in the higher price environment expected due to IMO 2020," it added.
Existing banks RBS, BNP Paribas, Santander, Societe Generale and HSBC all recommitted.
And Lloyds has now joined its lender list.
The facility continues to be a blend of two-year committed and revolving lines.
UniCredit also delivered flexible inventory finance solutions for PPG’s storage positions in Panama and Spain.
CEO John Bassadone said: “We want to thank our entire banking group for their continued interest and support in PPG.
"When we entered into the European facility almost two years ago we did so with a selective group of lenders who understood the importance of tight corporate governance, compliance and transparency in our industry.
"These core disciplines remain at the forefront of our conservative growth strategy."
PPG works from 18 global offices, with physical supply operations in 15 ports.
It owns a modern product tanker fleet.
