UK – The incoming mandatory fuel sulphur cap regulations for ocean going vessels have seemingly been good news for some marine fuel suppliers. Hartlepool-based Propeller Fuels says the upswing in interest in recent months is attributable to the IMO regulations and it has prompted the company to look at ways to expand its international trade.

The firm has now obtained seven-figure backing from HSBC UK in the form of an invoice facility which enables it to trade in multi-currencies for the first time. Propeller Fuels supplies oil overseas from its base in Hartlepool by building strong relations with suppliers which physically deliver the fuel to all types of marine vessels.

The invoice finance facility gives Propeller Fuels the ability to meet customer requirements irrespective of their port location, local supplier or currency as they are supported by HSBC UK’s foreign exchange and global cash management team, prompting Robert Thompson, Managing Director at Propeller Fuels, to say:

”HSBC UK’S valuable and supportive approach will allow us to face the needs and challenges of our growing and ambitious business as well as the wider challenges in the global shipping and marine fuels industry. We’ve achieved fast growth since our inception just two years ago and are looking forward to building on it.”

Physical deliveries in the UK are handled by Oil NRG Ltd who have a strong tanker network along with other suppliers however overseas end user contracts are more complex and Robert Davison, Finance Director at Propeller Fuels, commented:

“Before this support, we were very restricted in terms of how we could operate internationally. Thanks to HSBC UK’s global reach, and true international experience and knowledge, we’ve been able to grow our client base considerably. Since receiving the invoice finance facility, we’ve moved rapidly into global trading and are now trading with almost every continent.”

The invoice finance facility was allocated from HSBC UK’s national ￡350 million lending fund to support small and medium-sized enterprises (SMEs) in Tyne Tees and Cumbria, as part of its commitment to help businesses realise their ambitions for growth and navigate Brexit, and Stuart Henry, Relationship Director at HSBC UK in the North East, observed:

“It’s always exciting to be able to help a business explore new territory, and seeing the drive of the team at Propeller Fuels make use of our support so quickly has been really rewarding.”

Source:handyshippingguide

The opinions expressed herein are the author's and not necessarily those of The OLO News.