Global integrated supplier of marine fuels Peninsula Petroleum on Wednesday announced a further addition to its physical portfolio, this time in the Canary Islands.
Operating in the archipelago is another milestone in Peninsula’s strategy of offering clients a solutions based approach by combining physical deliveries in strategic ports along with reselling options provided by selected reselling partners.
“Despite the fact we’ve been active in that market for over 20 years, a few months ago the group decided to enhance its previous setup securing a long term agreement with a local storage company leasing all its tankage capacity for both fuel oil and gasoil,” said John A Bassadone, CEO and founder of Peninsula Petroleum.
“From January onwards, the new configuration gives us the ability to independently manage the whole supply chain, from refineries all the way through our customers’ vessels”.
According to the firm, a true physical supply presence in the Canaries puts Peninsula in an even stronger position to attend to the international traffic sailing through those waters from its regional headquarters.
“On top of the important economies of scale generated by adding Canaries to our portfolio the new operation makes a lot of sense from both the supply and the sales perspectives considering the synergies and optionality generated for suppliers and customers trading in our regional physical platform (ARA, Gib Strait, Barcelona and Malta),” adds Bassadone.
“We expect that particular area (the Canary Islands) will also play an even more important role in 2020 after implementation of the new global regulation.”
Related: Peninsula Petroleum becomes a physical supplier in Malta
Photo credit: Peninsula Petroleum
Published: 17 January, 2019
Range is directed at providing the industry with tools to obtain additional assurance that suppliers are providing compliant, stable fuel.
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Current low prices for road and aviation fuels in September could mean another increase of flashpoint off-spec cases for MGO when players start introducing the products back into the bunker stream.
Some bunker suppliers at various ports have even achieved their sales target for the year; the trend doesn't seem to be slowing down and suppliers are expecting a boom during end of September.
The company has entered a memorandum of agreement with Millenium Satu Ltd to acquire the 7,550 dwt oil tanker to increase service flexibility; vessel will be paid over an installment period of 36 months.
Deloitte & Touche JMs believe IPP has a viable claim against Dr Goh Jin Hian for breaches of his director’s duties to act with skill, care and diligence which he owned to IPP, states court document.
An earlier MPA notice outlined precautionary measures for personnel to observe when conducting marine refuelling operations at port in order to minimise the risk of contracting Covid-19.
