News
Expanding in
the marine
fuels sector
Major infrastructure projects
L
ast month the Port of Tyne, which handles a diverse range of cargoes including
commodities, containers, manufactured and retail goods, renewables and offshore services,
secured a £60m refinancing package.
The five-year agreement with Lloyds Bank Commercial Banking comprises a £30m revolving
credit facility and a £30m term loan to provide the port with the capital to develop a number of
major infrastructure projects.
Occupying a 250-hectare site on the River Tyne, the port is a key supporter of the
government’s Maritime 2050 strategy and is set to play an important role in the UK’s long-term
future as a maritime nation.
The port contributes £690m to the North East economy and is the second largest car
exporting port in the UK.
“This partnership with Lloyds Bank will help us retain our position as one of the UK’s most
innovative and efficient deep-sea ports,” said chief financial officer Mark Stoner,
“The Port of Tyne is a major gateway to the North, thanks to its multimodal connectivity by
sea, road and rail, which gives customers easy access to markets across the UK and around the
world.
“The region’s economy is reliant on the success of the port, which is why we reinvest all profits
back into the business. As a self-financing organisation, this approach is essential to future growth
– for us and for the businesses we work with in the North East and beyond.”
Following the appointment of Varun Chhabria
as group head of marine fuels back in October
2018, Greenergy has recently announced
new marine fuel supply locations
G
reenergy has commenced the supply
of marine gasoil from Thurrock,
covering the Thames and South East
England, and from Eastham covering the
Mersey, the North West, North Wales and
South Scotland.
These new supply locations mark an
important step in Greenergy’s ongoing
expansion plans into the marine fuels sector,
complementing its existing supply.
As the largest road fuel supplier in the
UK, Greenergy already has extensive national
diesel infrastructure and is gradually extending
this infrastructure to include marine gasoil to
meet increasing low sulphur demand under the
forthcoming IMO 2020 regulation changes.
Varun Chhabria, group head of marine
fuels at Greenergy explained:
“As we build out our marine fuel
operations, the approach we are taking is the
same as for our road fuels – to earn long-term
customer loyalty by supplying competitively
priced fuel that is delivered on-time, and
backed by Greenergy’s extensive infrastructure,
supply chain and systems expertise.”
4 Fuel Oil News | April 2019
Looking to the future, the Port of Tyne – ‘one of the UK’s most innovative and efficient
deep-sea ports’ – is to develop a number of major infrastructure projects