Peninsula plans to double IMO-compliant fuel sales by year-end

Marine fuel supplier Peninsula Petroleum said it plans to double deliveries of very low-sulfur fuel oil (VLSFO) to 600,000 tons by the year-end, just before new shipping rules take effect globally to restrict sulfur emissions.

“To date we have delivered 300,000 tons of VLSFO in our physical supply ports of Gibraltar, Algeciras, Barcelona, Amsterdam-Rotterdam-Antwerp, Canary Islands, Malta, Panama, U.S. Gulf Coast and Los Angeles,” CEO John A. Bassadone said.

From the start of 2020 the United Nations’ International Maritime Organization will require that all ships use fuel with sulfur content limited at 0.5%, compared with 3.5% currently, unless they have sulfur-cleaning kits called scrubbers.

Peninsula, in a news release, also said it had increased its storage capacity to 400,000 tons in Europe and 370,000 tons across the Americas.

The company recently acquired its first Panamax tanker, which it said it would use for fuel purchases, floating storage and cargo transhipments. It also said it had expanded its global fleet of more than 30 owned and chartered vessels with seven additional product tankers.

Reporting by Ahmad Ghaddar and Roslan Khasawneh; Editing by Dale Hudson

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