Global physical supplier Bunker One on Tuesday (21 January) announced the execution of a strategic alliance and agreement with U.S. specialty refiner Vertex Energy Inc. to strengthen its position in the USA.
Bunker One has taken further steps in its long-term commitment with Vertex Energy Inc. through a non-dilutive equity investment, which makes Bunker One a top investor in Vertex Energy shares.
The agreement provides Bunker One an exclusive off-take of Vertex’s very low sulphur fuels/components. It also provides Vertex the necessary commitment to continue expanding their marine fuel production capacity to support Bunker One’s growth in the years to come. This ensures its customers ratable access to high quality IMO compliant fuel across the USA.
“This is a great example of the efforts we have been working on for the last couple of years to ensure we can support our customers in the best way possible as the industry transition into the IMO 2020 0.5% sulphur cap implementation,” said Bunker One Global Head of Physical Carlos G Torres.
“To comply with the new regulations it has become more important for customers to buy fuels from physical suppliers that are vertically integrated.
“The agreement with Vertex Energy solidifies Bunker One’s position as a vertically integrated supplier of marine fuels in the USA. I am very pleased with the agreement which makes an excellent foundation for our US operations moving forward.”
Bunker One has experienced massive growth – and with 22 locations worldwide, it has tripled the number of physical locations since Bunker One saw daylight just two years ago.
“This is another major step in demonstrating a strong commitment to our customers, our counterparties and the entire industry,” Bunker One Global Director Peter Zachariassen.
“In the short history of Bunker One, we have shown determination not only to expand but to develop and strengthen our relationship with our partners.
“Investing and focusing on vertical integration are also important statements and a clear manifestation that in Bunker One we walk the talk. We want to push the boundaries, challenge and improve the bunkering dynamics in our industry. And we want a consistent focus on quality in all aspects of the supply chain.”
Photo credit: Bunker One
Published: 22 January, 2020