Propeller Fuels Limited (PFL), the UK-based physical supplier and global bunker trader, on Thursday (17 March) said it has successfully extended a funding application of over eight figures with their banking partners HSBC UK, effectively doubling their funding facility.
PFL started trading late 2017 as a physical supplier in most UK ports, with particular emphasis on the UK eastern Seaboard. Operating primarily using the storage and extensive delivery assets of partner and corporate shareholder Your NRG (previously Oil NRG), PFL quickly grew to become a key UK supplier by RTW, with the focus being on Marine Gasoil.
In 2019, PFL branched out into international trading, with the recruitment of several experienced traders into the UK office supporting this initiative. This activity was supported by a finance facility provided by the company’s banking partners, HSBC UK. This initial facility provided the capacity for Propeller Fuels to grow its business and service a larger global market.
Further expansion occurred in late 2020 when PFL opened its first overseas office in Athens, Greece. Being home to the world’s largest contingent of shipowners, PFL sought to capitalise on this location with the recruitment of local experienced traders.
The Greece office is now well established and has been further bolstered by the addition of 2 commercial staff in recent months, as well as a credit analyst. The company is now well positioned for further growth and is looking to recruit more traders with international experience.
To allow the company to be adequately resourced for the next phase in its expansion into Scandinavia and Asia, Propeller Fuels engaged with its banking partner HSBC UK seeking to double its financing facility and were delighted to receive the approval and full backing of HSBC UK for the facility increase.
PFL Chief Financial Officer, Russell Burns, said: “HSBC UK, as our banking partner of choice, has been supportive of our plans and this funding supports our business and its future growth plans. Our diligent and cautious approach to trading with a strong emphasis on prudence and compliance is reflected in HSBC UK’s continued support of the business. We truly have enjoyed a first-class working relationship with HSBC UK, and it fully understands our business and the ambitions that we harbour.”
Propeller Fuels Managing Director, Robert Thompson, said: “I echo the words of Russell, and thank our relationship team at HSBC UK for their supportive and pragmatic approach. It allows us to focus on expansion and growth with confidence that they are supportive of our aspirations. We are well set now for the next chapter, and we will waste no time in continuing to execute on our business plan, which will involve expansion to other locations as well as other developments, which will be made public in due course.”
Stuart Henry, Relationship Director at HSBC UK, said: “We’re delighted to be able to support Propeller Fuels’ growth into new international markets. It’s brilliant to see the business show a genuine commitment to using local traders whilst it focuses on expanding into new territories, and we’re excited to see the company go from strength to strength.”
Photo credit: Propeller Fuels
Published: 18 March, 2022
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