Refuting rumours about its financial position, the company says it is confident of attracting new investment that ‘will help us tide away from the current tight cash position’ and notes that ‘we are being targeted by vested interests who do not wish to see us succeed and grow higher and higher'.
Earlier today (20 July), the company also took to Twitter to deny media reports that its Hamriyah and Fujairah terminals had been shuttered by creditors. The terminals are 'not sealed', said the company.
GP Global acknowledges that it has been ‘unable to get full support from a few financial institutions recently’. As such, it has taken the decision to undertake a financial restructuring, which is expected to be completed in the next few months.
Describing itself as being the target of a misinformation campaign, the company said that it ‘strongly and vehemently denies all such rumours and is being made a victim of blatant lies, by spreading of totally false and factually inaccurate information by these vested interests.’
While operating under current financial headwinds which are impacting the global bunker industry, GP Global said its marine fuel business was performing well, both east and west of Suez.
Over the course of 2020, the company has taken steps to grow its work force and has also expanded its global footprint.
In February, it moved into the US market, appointing Gene Owen as President of Trading in the Americas. In March it began physical supply operations in Jebel Ali and in April, moved into the Hamburg physical market.
The company has also boosted its trading operations, with hires in the UK, Hamburg and Athens, as well as for the Asian and Middle East markets.
In an interview with Bunkerspot in June, Anil Keswani, Head of Bunkering – East of Suez, was positive about the company’s prospects for expansion, noting that: ‘Strategically we want to increase our presence going forward – in physical supply and back to back – and we are looking out for opportunities in each of these areas.’