Peninsula Petroleum has confirmed that it has signed a new storage agreement with
Houston Fuel Oil Terminal (HOFTI).
Peninsula's new storage set-up, which started in October, is designed to support the company's bunkering operations in
Houston and surrounding ports. It also forms part of the bunker firm's strategy in the Americas of converting its remaining light physical operations (barging logistics) into a
full physical model (barging plus storage logistics).
The tie-up with HOFTI follows recent agreements in New Orleans, Los Angeles/Long Beach and Cristobal, Panama.
Moving into HOFTI means presence in one of the busiest fuel oil terminals in the world, enabling Peninsula to source product directly from the local Platts Market On Close (MOC), which the company says will be key to maintaining a long-term competitive and reliable supply structure.
Peninsula notes the move is also a starting point for storing
Peninsula-owned blending components, which the marine fuel seller says will eventually enhance the group's operations in the region.
Additionally, the agreement includes the capability to
supply bunkers ex-pipe to ships calling at the terminal.
"This creates value for our global customers who avoid the downtime of moving to anchorage areas to take bunkers by barge," Peninsula said.
Alex Lyra, Global Head of Supply & Trading, remarked: "Growing our global portfolio of storage positions into HOFTI is not only an important step towards further consolidating our local bunkering operation but also a key element for the integration of the group's regional physical footprint, both on the Atlantic and Pacific coasts."