London-based Sonan Bunkers gets £50 million funding package from HSBC

HSBC UK on Monday (29 July) said it has supported London-based bunkering firm Sonan Bunkers with a £50 million (USD 64.2 million) Global Trade Solutions funding package, including a £20 million uplift in Receivables Finance. 

The bank said the fund was to unlock working capital and support Sonan Bunkers’ growth plans.

The company recently hired four Senior Traders, expanding its client base and leading to increased sales forecasts for 2024 and 2025. 

“To facilitate the increased number of sales driven by the new Senior Traders, the HSBC UK funding will be used to support cash flow,” HSBC said in a statement.  

Three traders with a wealth of experience in the businesses’ Scandinavian offices and a new manager in Dubai will all drive global growth for the company.

Sonan Bunkers is also looking to replicate its Rotterdam bunker barge model with strategic refuelling stations in the Mediterranean for new and existing buyers.

Graham Furse, CEO at Sonan Bunkers, said: “During this phase of immense growth, we’re pleased to have been able to increase our funding and corporate banking relationship with HSBC UK.”

“The shipping sector is committed to reducing carbon intensity and our dedicated HSBC team demonstrated a deep understanding of our business, requirements, and carbon-compensated fuel offering, making them the ideal banking partner to support our working capital cycle and help us realise our growth ambitions.”

Andrew Noble, Corporate Banking Relationship Director at HSBC UK, added: “HSBC has a global footprint that provides businesses with an expansive network of trade expertise, and we’re pleased to have been able to support the business as it ventures into its next phase of its growth journey.”

Founded in 2014, Sonan Bunkers operates in eight jurisdictions, including London, Athens, Rotterdam, Oslo, Rio de Janeiro, Singapore, Dubai and Copenhagen.

Photo credit: Sonan Bunkers
Published: 31 July, 2024