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The company has been supplying customers with VLSFO in Europe, the Americas and Asia since July and has also bolstered its tanker fleet and global storage capacity in preparation for the impending introduction of the 0.50% global sulphur cap.

In an update outlining the steps it has taken to ready its operations for IMO 2020, Peninsula Petroleum Group (PPG)’s CEO, John Bassadone, said: ‘To date we have delivered 300,000 tonnes of VLSFO in our physical supply ports of Gibraltar, Algeciras, Barcelona, ARA, Canary Islands, Malta, Panama, US Gulf Coast and Los Angeles.

‘By 31 December more than 600,000 tonnes will have been delivered to our clients.’

The group says it has also increased its global storage positions over the course 2019, which includes over 400,000 metric tons (mt) of terminal capacity in Europe and a further 370,000 mt across the Americas. The group also recently acquired its first Panamax vessel in move to deliver increased operational flexibility for product procurement, floating storage and cargo transhipments.
PPG has also purchased seven additional product tankers to upgrade its fleet of over 30 owned and chartered-in vessels. One of the vessels, an 8,000 DWT tanker, is said to be the first of a new building programme designed to offer more segregation, enhanced quality control and optionality.
The group also noted that its direct relationships with oil majors, large IOCs, refiners and large global commodity traders on the supply side ‘have allowed the implementation of a diverse 2020 procurement offering which has provided clarity to customers on product availability in each of its physical locations.’

According to Alex Lyra, Global Head of Supply & Trading: ‘We have secured the full mix of products and availability in our physical ports from reliable partners in advance of 2020 and beyond. Our enhanced supply chain offers customers comprehensive solutions across multiple locations.’
Victor Morales, Global Head of Sales and Marketing also commented: ‘By engaging our customers early on in the 2020 planning phase to better understand their fuel strategies, demands and concerns, we’ve expanded key customer relationships across our entire blue-chip portfolio. This has enabled us to develop a comprehensive supply offering which is relevant and competitive.’

Explaining the group’s approach to IMO 2020 and its value proposition, John Bassadone explained: ‘We have been committed to growing our business in a conservative manner and we have invested heavily over the past few years in our people, especially in building out comprehensive middle and back office teams to bolster our controls and processes. Our approach has been endorsed by our stakeholders who’ve shown their confidence in our business.

In that regard we have aligned ourselves with the right strategic partners who share our vision. We are optimistic about the challenges and opportunities 2020 brings and our focus of delivering global solutions that add value to our clients remains unchanged.’

GLOBAL: Peninsula boosts funding reserves ahead of IMO 2020

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