#peninsula360

[lizseyi]

Peninsula Appoints Vice Admiral Sir David Steel As First Non-Executive Director

Peninsula has today announced the appointment of Vice Admiral Sir David Steel KBE, KStJ, DL, as the company’s first Non-Executive Director.

Sir David recently completed his four-year appointment as Governor and Commander-in-Chief of Gibraltar, which followed a long and distinguished career in the Royal Navy.

During his 37-year tenure in the Navy, he was able to balance his sea-going appointments with being a barrister, later becoming the Navy’s most senior legal adviser. He held various commands, including Chief Executive of Her Majesty’s Naval Base in Portsmouth, and later, as an admiral, rose to become the Second Sea Lord and Head of Naval Personnel and Infrastructure.

Sir David then performed numerous senior roles in the Ministry of Defence, not least as the longest serving Chief Naval Logistics Officer since World War II, overseeing world-wide logistics support to the Navy. In between retirement and arriving in Gibraltar, he was Chief Executive of a large UK heritage sector charity, while maintaining numerous voluntary charitable commitments as a trustee or Chair of Trustees.

John A. Bassadone, CEO & Founder of Peninsula360, became acquainted with Sir David during his term as Governor of Gibraltar. John quickly recognised Sir David’s potential value as Peninsula’s first non-executive director. He witnessed, first-hand, Sir David’s close involvement in maritime events affecting Gibraltar, not least during the Covid pandemic in keeping Gibraltar open to maritime traffic. Sir David also advised the Government of Gibraltar on the salvage of the bulk carrier OS35, and his intimate support for the Mission to Seafarers was widely applauded, appealing to John’s own affinity for both the sea and the Bassadone family’s maritime roots.

Sir David will perform a traditional non-executive role, with a focus on advice and guidance drawn from his broad experience. His legal expertise, particularly in International and Maritime Law, provides an excellent grounding for his future governance responsibilities with Peninsula. As a highly people-focused executive there is additional scope for Sir David to assist Peninsula with Human Resource matters.

John A. Bassadone commented: “It is a pleasure and an honour for me to announce the appointment of Sir David as the first Non-Exec Director of Peninsula. As one of Gibraltar’s most popular governors, I have been continually impressed with his deep inter-personal skills and we hope to draw on this expertise to guide Peninsula’s ‘people-future’.

“His experience in the legal and maritime space, as well as his other non-executive roles, will be invaluable in advising the Board. Sir David quickly understood Peninsula, as a business, and I am supremely confident that he can deliver tangible value to the group for many years to come.”

Sir David Steel added: “I have very fond memories of my time in Gibraltar and was honoured to accept John’s proposal to join Peninsula’s Board as its first Non-Executive Director. To join such a dynamic and successful team at Peninsula is a privilege, especially at a time when the business is expanding so quickly. Whilst I have much to learn, I will do everything I possibly can to support the Board and I eagerly anticipate playing my full part in the future development and success of this amazing enterprise.”

[lizseyi]

Peninsula Successfully Launches Biofuel Supply Business - Peninsula360

Peninsula, the leading independent supplier of marine energy, has completed its first sustainable biofuel delivery to DS NORDEN. The successful STS supply took place on Monday 19th June in Gibraltar.

Peninsula’s BIO blend (VLSFO B24) was derived from Used Cooking Oil (UCO) and delivered by the chemical tanker, Hercules Sky, one of the latest vessels to join the Peninsula fleet. The receiving vessel was NORDEN’s 62,594 dwt bulk carrier, La Luna. The growing demand for biofuels in the Mediterranean reinforces the company’s decision to add the product to its range of marine energy solutions.

Peninsula’s biofuels are drop in, low-carbon, options that require little to no retrofitting or change to receiving vessels. The International Sustainability & Carbon Certification (ISCC) accreditation facilitates the supply of biofuels from feedstocks that have fully traceable, sustainable and GHG reducing supply chains. This enables Peninsula to directly support customers seeking help to lower their carbon emissions.

Peninsula360 is constantly progressing its decarbonisation strategy according to customer needs. Based on detailed customer interaction, we are confident that biofuels will form a meaningful emissions reduction solution. Sustainable biofuel therefore forms a core part of Peninsula’s product strategy.

John Bassadone, Peninsula’s CEO said: “Biofuel adds another lower carbon option to Peninsula’s diversified product offering and marks a further significant step towards our collective transition to a zero carbon future.

“As one of the world’s leading shipping companies, the trust that Norden has shown in Peninsula is validation of the thorough and careful planning we have done to bring biofuels to market. Norden has a strong sustainability focus and we are delighted to be a key part of their decarbonisation journey, today and in the future, whilst continuing our own path to net zero.”

Nacho de Miguel, Peninsula’s Head of Sustainability added “Peninsula will focus its Biofuels supply in key ports where sufficient critical mass exists. The Mediterranean is a key region for global shipping, and the Gibraltar Strait enjoys an excellent strategic vantage point to capture the inevitable, imminent increase in Biofuel demand. We are certain that Peninsula will play an important role in providing Biofuel solutions to our global customer base as, together, we make progress towards decarbonising shipping.”

“At NORDEN, our climate strategy is to decarbonise our customers’ supply chain” says Head of Decarbonisation & Climate Solutions, Henrik Røjel.

“It’s therefore essential for us to have a growing base of suppliers, which provide sustainable biofuel to our vessels. We’re glad to have cooperated with Peninsula on their first sustainable biofuel delivery to NORDEN and look forward to the continued collaboration” he added.

[lizseyi]

Peninsula Renews European Credit Facility - Peninsula360

Peninsula, the leading global independent marine energy supplier, has confirmed the renewal of its syndicated European credit facility. This 2-year facility includes an increase from $350 million to $450 million, representing the syndicate’s continued endorsement of Peninsula’s business model. Together with the group’s Asian syndicated facility and other bilateral lines, this increase in the European credit facility provides Peninsula with a total funding package in excess of $1.3 billion.

Peninsula continues to focus on the delivery of low carbon fuels to customers, and this facility has been amended to enable the finance of these products, not just traditional fuels. The additional liquidity generated will be deployed in support of these products.

John A. Bassadone, CEO of Peninsula said: “The renewal and increase of our European credit facility further supports Peninsula’s position as a market leader. At a time when decarbonisation is at the top of everyone’s agenda, our commitment to the supply of lower carbon fuels resonates with our stakeholders to attract the highest quality banking partners. This additional funding will allow us to deliver lower carbon solutions to our customers across the globe.

RBS remains as facility agent together with HSBC, Citibank, Bankinter, Lloyds and UBS as existing lenders. The renewed facility sees the introduction of another top tier participant, Unicredit, to the lending syndicate. The renewal represents a continuation of Peninsula’s strategy to ensure that the company’s growth ambitions can be matched by its banking partners.

Tom Francisco, CFO of Peninsula added: “We are excited to add Unicredit to our European syndicate. Unicredit has worked with Peninsula for several years on a bilateral basis and continues to support our vision. Peninsula’s transparency and conservative risk management approach puts us among the most trustworthy and responsible companies in the marine energy space. This has been at the core of our corporate values over the last 27 years”.

“We’re delighted to support Peninsula360 with this transaction, which not only strengthens their liquidity position but has also helped them to diversify their lending relationships by bringing in a new syndicate partner. We’re looking forward to growing our relationship with Peninsula and proactively helping to deliver a more sustainable future for the shipping sector” added Larry Dosunmu, Asset Based Lending, NatWest.

 For more information visit our website: https://www.peninsula360.com/

[lizseyi]

Peninsula Statement on Russia - Peninsula360

Peninsula prides itself on its approach to international sanctions compliance and we are often at the forefront of these matters. It is a subject that we take seriously.

When Russia invaded Ukraine in March 2022, Peninsula took a very clear stance in support of Ukraine. We stated: “In light of the recent escalation of armed conflict by Russia in Ukraine, Peninsula is going beyond the currently imposed sanctions and is not doing any business with Russian vessels, ports, companies (owned or majority-owned), suppliers and financial institutions.”

This remains our position. Peninsula continues to go beyond current EU sanctions as follows: • · We don’t do any business in Russian ports; • · We don’t do any business with Russian companies, sanctioned or otherwise; • · We don’t provide products or services to Russian-flagged vessels or those which are owned by Russian individuals or entities; • · We don’t procure cargoes of Russian oil to supply in our physical ports; and • . We closed down all presence in Russia shortly after the outset of the conflict.

Peninsula has best-in-class sanctions compliance processes and controls which have been reviewed and audited by major external stakeholders and expert professional advisers. The US, EU and UK guidance published in respect of the maritime transport and services bans relating to Russian-origin oil and oil products very clearly provides that the provision of bunkering services to vessels carrying Russian oil or oil products is not prohibited. Nonetheless, we continue to maintain scrutiny via vessel tracking, enhanced due diligence and contractual protections.

The EU has made a clear statement on this matter, “The price cap on Russian oil limits price surges driven by extraordinary market conditions and drastically reduce the revenues Russia has earned from oil after it unleashed its illegal war of aggression against Ukraine. It serves to stabilise global energy prices while mitigating adverse consequences on energy supply to third countries.” OFAC bolster this guidance from the American perspective stating that this “is part of an ongoing effort by the U.S. and an international coalition to maintain a steady oil supply to the global oil market without further enriching the Russian Federation”.

In summary therefore, the EU, UK and US have implemented a regulatory and legal framework which is intended to enable Russian oil to continue to flow. As part of this framework, the provision of Debunkering serviceto vessels carrying Russian oil or oil products is permitted.

Considering the above framework, we do not prohibit the bunkering of non-Russian flagged vessels legitimately carrying Russian oil and oil products. These vessels, often owned or operated by global shipping companies and commodity trading houses, continue to lawfully transport Russian oil and oil products around the globe. Both the EU and the US (as well as all G7 nations) have implemented a very deliberate and legal process to help protect the global economy and safety at sea, whilst balancing its efforts to weaken revenues destined for the Russian war effort.

Peninsula360 supports the Ukrainian people in their war against Russia and we support the EU, UK and US’s methodology in ensuring that maximum pressure is exerted on Russia, whilst limiting the negative impact of ceasing to lawfully supply compliant ships.

[lizseyi]

Peninsula To Begin Biofuel Delivery - Peninsula360

Peninsula, the leading global independent marine fuel supplier, is commencing the supply of biofuels at its hub ports in the Strait of Gibraltar, having recently received its International Sustainability and Carbon Certification (ISCC) in respect of physical supply operations in Gibraltar, Algeciras and nearby ports.

The ISCC permits the supply of biofuels from feedstocks that have fully traceable, sustainable and GHG reducing supply chains. This enables Peninsula to directly support customers seeking drop-in biofuel solutions to help lower their carbon emissions.

Peninsula’s future strategy is to offer bio products in all physical locations where sufficient customer demand exists. The group will continue to work closely with the ISCC, relying on its product framework, to ensure that suitable certifications and expertise are available to continue servicing Peninsula’s global customer base. Peninsula is already at advanced stages of adding additional key biofuels supply locations to its roster.

Peninsula360 recognises an increased complexity in the marine fuel mix and is tailoring its strategy to meet this multi-product journey. The utilisation of modern, efficient tonnage with a low carbon footprint is a key element to that effect. Continued investment in asset renewal is taking place with several newbuild tankers being welcomed to the fleet through 2023 and beyond. A good example of this strategy isPeninsula’s new 12,500m3 LevanteLNG bunker vessel, which will be arriving in the Strait of Gibraltar this summer, highlighting the company’s commitment to marine fuel decarbonisation.

John A. Bassadone, CEO and Founder of Peninsula said: “This is another important milestone on our decarbonisation journey. I’m very proud of the hard work and planning that is enabling the successful integration of biofuels into our physical supply platform. We have always strived to deliver market-leading operations alongside quality products and it was vital that we could maintain these high standards with our biofuels offering. We’re also excited to be offering this solution to those customers seeking to lower their carbon footprint, as part of the wider push to decarbonise shipping.”

[lizseyi]

Gib Maritime Day Overview – Peninsula

Peninsula supported the Gibraltar Port Authority and the Government of Gibraltar in their first Gibraltar Maritime Day in London. Peninsula was the Platinum Sponsor of the event and our COO, Kenny Maclean, spoke on the bunkering panel, which was hosted by the Captain of the Port, John Ghio.

The panel publicised the proactive relationship between the Gibraltar Government, Port Authority and the private sector, which secures Gibraltar’s status as the pre-eminent bunker hub in the Mediterranean. This combination of robust governance combined with professional operators extends across all Gibraltar’s maritime services.

The panel covered post IMO-2020 and pandemic impact, commenting that Gibraltar dealt with these events competently and efficiently. When asked about the future impact of the Mediterranean ECA (Emissions Control Area), the message was clear; Gibraltar bunker suppliers are supportive of the changes and stand ready to continue supplying all required products, no matter how the demand mix changes. Given the broad, global nature of Peninsula’s sourcing platform, customers in the audience were assured that suitable products will be available to ensure they can meet the 0.1% limit.

Discussions progressed to discuss transition and alternative fuel options. The panel considered that a tighter regulatory environment such as CII, EEXI, ETS etc. are a stimulus for adoption of lower carbon options. One of the fuels that Peninsula sees having an immediate benefit is LNG. The arrival of our first LNGBV in the Med this summer will be a big step forward for Gibraltar and the surrounding region. Spain has excellent LNG supply infrastructure and the broader Med market, including Gibraltar, should be at the forefront of connecting these ‘last mile logistics’ to the shipping world. Peninsula is leading this project to fruition and hopes to begin supplying LNG around September 2023. We introduced alternative fuel experts to the business 2 years ago to help educate Peninsula’s workforce and to execute our lower emissions business planning. As with IMO2020, a lot of internal preparation work is required to enable a seamless launch to occur.

Gibraltar may be a small jurisdiction, but it ‘punches well above its weight’ in the global maritime market. Relationships between the Government, the GPA and private industry is critical in ensuring this continues. Peninsula360will continue to engage with all key stakeholders to ensure that Gibraltar maintains its marine energy prominence. The audience learned that, whilst not all solutions will be available everywhere, Gibraltar’s strategic location, excellent infrastructure and robust regulatory environment means that it will be a key port within a global ‘Green Energy Corridor’. This will determine availability of the green fuels of the future.

Another worldwide challenge is Port infrastructure. The investment needed to meet future fuel demand is much more likely to flow to economically and politically stable markets, like Gibraltar, where, once again, the close cooperation between private and government sectors will set the conditions for continued success.

Every potential alternative fuel has its own operational challenges that we, as suppliers, need to overcome in order to help customers meet their decarbonisation goals. However, we must place safety at the heart of our strategy. In this regard, Gibraltar can point to its strong regulatory regime, combined with the high-quality suppliers operating in its waters, to provide the necessary comfort and assurances to the global shipping industry.

[lizseyi]

Peninsula360 is the leading provider of marine energy services and solutions globally. For the last 25 years, we have positioned ourselves as the benchmark for quality in our industry. We offer local knowledge on a global scale. Peninsula is a leading physical bunker and lubricant supplier.

[lizseyi]

Peninsula Announces Global Sustainability Initiative & Establishes LNG Bunkering Business

Peninsula, the leading marine fuel solutions company, has initiated its Global Sustainability Initiative. Having been one of the first suppliers to provide Very Low Sulphur Fuel Oil (VLSFO) in 2019, Peninsula has since focused its strategy on transition and renewable marine energy.

Peninsula’s CEO, John A. Bassadone explained, “IMO2020 was a complex strategic planning process and we delivered the transition extremely effectively. Our foresight and professionalism throughout that period led to Peninsula deepening relationships with clients and stakeholders; cementing our position as the benchmark for quality within the industry. Being able to adapt and evolve to the changing market is a core value of the company.” For Peninsula, the initial phase of our Global Sustainability Initiative, was to build an LNG supply proposition. In so doing the group is able to positively shape the ever-changing ‘green energy’ landscape.

Peninsula360 energy transition strategy is the culmination of a wide-ranging consultation process spanning over 18 months. With an integrated supply network already spanning the globe, the group’s strategy was to add LNG bunkering as an additional service. This took considerable planning and acquisition of new skills. Building internal expertise and mapping the supply environment now ensures that relevant LNG solutions can be provided to Peninsula’s customers. On the topic of customers, Peninsula feels that its existing worldwide relationships have proved vital in securing important knowledge and a clear picture of current and future demand.

“We are already in dialogue with multiple customers regarding their LNG strategies” stated Victor Morales, Peninsula’s Global Head of Sales & Marketing. “We are fortunate to have deep relationships with many customers, either already operating LNG-powered vessels, or in the final stages of delivering new ships for service. Building our LNG proposition around customer needs is a natural progression for us, Morales added, as it is a methodology we have followed in conventional bunkering for 25 years. In many cases, customers are opting for dual-fuelled ships and we will be uniquely placed to assist them with all their bunkering needs”

Peninsula is a naturally risk-averse company and when it came to the operational challenges of LNG supply their planning has been wholly focused on replicating its reputation as a safe, quality operator by all stakeholders and in ensuring that it is ready to meet the transition challenges. Nacho de Miguel was an early recruit adding significant pedigree to this process. Having commenced his career in Cepsa’s bunker business, where he counted Peninsula as a customer, he progressed into LNG-focused senior positions with Union Fenosa.

“I am fortunate to have worked extensively in both bunkers and LNG therefore I welcomed the opportunity to bring this experience and knowledge to Peninsula as it develops its worldwide LNG supply business. The company has a long history of investing for the future and is committed to delivering a sustainable marine energy proposition for its global customers.” De Miguel’s position as Head of Business Development for Peninsula empowers him to lead the entire energy transition strategy and he has already built a team covering-off the key elements of LNG bunker supply such as technical, regulatory and governance as well as the commercial agenda for the group.

John A. Bassadone concluded: “This is another major milestone in Peninsula’s evolution. We have built a team of very experienced individuals in the sustainability and LNG space who will drive Peninsula’s transition to a cleaner future. Peninsula already has a wide-ranging presence across the maritime supply chain. Initially we are using this expertise to progressively build an LNG bunkering proposition, which will benefit our customers globally. We are already in advanced discussions with shipyards, governments, maritime authorities, suppliers and customers, to name but a few, and the response so far has been extremely positive given Peninsula’s excellent reputation in conventional bunkering. As technology continues to improve we will invest in further viable green energy solutions. Ultimately we are committed to a zero carbon future and I strongly believe that Peninsula will play a key role in marine energy reaching this destination.”