Thu 12 May 2011, 06:22 GMT

Bunkers International expands credit facility


Eight-figure credit line is increased by 70 percent, while the term expands by several years.



Bunkers International Corp. has announced that it has expanded its bank credit facility with its primary bank.

The company has increased its existing eight-figure, multi-million dollar credit facility by 70 percent and expanded the term of the facility by 'several years'.

Commenting on the development, CEO John Canal said: “Bunkers International is pleased with our expanded credit facility, we know that not all companies are strong enough to obtain more tier-1 bank credit in these times ”

“It provides us with access to tens of millions of dollars in liquidity every day to use to continue to grow our global operations. Combined with our sophisticated credit management system and world class credit-insurance it provides our customers and partners with the comfort of knowing they are dealing with a financially secure counter-party. The increase comes at a time when bunker prices are at record highs, this will help us to provide further trading capacity for our clients,” he added.

“A lot has been written recently about customers needing to choose the right trading partner in risky times ”, said Alfred Canal, Chief Financial Officer of Bunkers International, “With this credit facility and the credit management infrastructure we have in place, we are that partner. Our conservative approach and fiscal discipline have enabled us to develop extensive trade credit around the world by always meeting our obligations to our trading partners”.

Bunkers International has been expanding operations globally since 2000, creating new operations in Colombia, New York, the UK, Singapore, Hong Kong, Malta, Turkey, and South Africa. The company has significantly increased its trading division, helping drive a six-fold increase in revenue in the past four years.

"With strong capitalization, a global customer base of thousands of ship operators, and supply operations on both coasts of Colombia, Bunkers International is well positioned to serve the global market," Bunkers International said.


Jurgen Gerdes, WinGD. WinGD signs global service agreement for TMS Cardiff Gas LNG carrier newbuilds  

WinGD will support six dual-fuel engines on three new LNG carriers for the Athens-based operator throughout their operational lives.

Yangze LNG 01 vessel. Yangzijiang Xinfu delivers first 175,000-cbm LNG carrier built by Chinese private shipyard  

Vessel features two dual-fuel MAN B&W 5G70ME-C10.5-GA-EGR engines fitted with cryogenic units.

Kaguya 200th ship-to-ship (STS) LNG bunkering operation. LNG bunkering vessel Kaguya completes 200th ship-to-ship operation in Japan  

K Line’s joint venture vessel reaches milestone in Mikawa Bay.

MFM Nicole vessel. Synergy Marine adds dual-fuel LPG carrier to managed fleet  

MFM Nicole joins Synergy’s gas carrier portfolio as owners weigh fuel choices ahead of MEPC 85 negotiations.

CMA CGM Notre Dame vessel. DSV to use CMA CGM’s ACT+ solution to slash shipping emissions  

Danish firm targets 12,000-tonne reduction in CO₂ emissions over two years through the use of UCOME-based biofuels.

Peninsula 2026 graduate cohort. Peninsula welcomes 2026 graduate cohort across global bunkering network  

Bunker firm brings new graduates into roles spanning Houston, Singapore, Gibraltar, Monaco and Las Palmas.

Mathias Krogsgard, Malik Supply. Malik Supply appoints Mathias Krogsgård as bunker trader  

Danish bunker firm adds trader with export and technology background to growing team.

Jeroen De Vos, Peninsula. Biofuel adoption in shipping shifts from debate to delivery, says Peninsula's Jeroen de Vos  

Marine biofuels have moved from pilot projects to routine fuel strategy, argues IBIA vice-chair.

KEPCO E&C and KR signing. KEPCO E&C and Korean Register of Shipping to collaborate on marine SMR development  

Korean firms to develop technical standards and certification pathways for the BANDI offshore small modular reactor.

Ship-to-ship (STS) LNG bunkering operation at the Port of Sagunto. Peninsula completes first LNG bunkering operation at Sagunto  

Levante LNG bunkering vessel supplies K Line car carrier in landmark delivery.