The incoming mandatory marine fuels global sulphur cap regulations for ocean going vessels, which came into force on 1st January as part of the IMO / Marpol regulations, have been good news for Hartlepool based Propeller Fuels Limited. It has created an upswing in marine distillate demand which has prompted the company to look at ways to expand its reach.

Propeller Fuels Limited (PFL), which also encompasses its windfarm industry focused offering, ‘Propeller Fuels Windfarm Solutions’ has managed to obtain seven figure backing from HSBC UK in the form of an invoice finance facility, which in turn has enabled international expansion. The International side of the business commenced in October 2019 and has quickly become the largest part of the company’s portfolio by both turnover and volume supplied. From its UK base PFL is building strong relationships with suppliers all around the globe and delivering fuel to all types of marine vessels. Additional trading staff with years of international experience have been brought in to facilitate this activity. The company are also able to trade in multi currencies due to the HSBC facility.

So far PFL have supplied in a multitude of locations around the USA, Europe, Mediterranean, Africa, Middle East and Asia, and are building a strong network of trusted suppliers as well as a diverse international customer portfolio. The company is gaining a reputation in certain markets as a bit of a ‘value added’ specialist and is gaining favour with many fuel suppliers as a reliable and robust counterparty, not least due to its considerable financial backing. This is highly valued in today’s uncertain world.

The support the company has received from HSBC has lifted the restrictions the company had in terms of financing that growth as quickly as it wanted to; HSBC’s global reach and International experience has made them the ideal banking partner. PFL Managing Director Robert Thompson said, “It has been fantastic to be able to push forward with our ambitious plans for expansion and start building a presence in every continent, which has been very rewarding. This has been a natural progression from our core UK physical supply business which was quickly established as a leading player in the market”. PFL’s next step will be to establish branch offices in several key overseas locations, planning for this is already underway.