Bunker and lubricant supplier Peninsula Petroleum has announced plans to launch an LNG bunker service as part of its energy transition strategy.
The new business unit will focus on developing a full ‘LNG supply proposition’ as the first phase of the group’s Global Sustainability Initiative.
“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… Initially we are using this expertise to progressively build an LNG bunkering proposition, which will benefit our customers globally,” John Bassadone, CEO of Pensinsula, said.
The firm is now in advanced discussions with shipyards, governments, maritime authorities, suppliers and customers and reports an ‘extremely positive’ response so far.
The move to LNG indicates the momentum building for LNG bunkering in 2021, with the firm describing itself as ‘naturally risk-averse’.
‘Building our LNG proposition around customer needs is a natural progression for us 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,” Victor Morales, Global Head of Sales & Marketing at Peninsula, said.
Headquartered in Gibraltar, the firm is part of the Gibunco Group and acts as a physical distributor and reseller of bunker fuel with an international network of offices and operations in the world's busiest ports. The firm was one of the first to offer very low sulphur fuel oil (VLSFO) in 2019.
Nacho de Miguel to lead
The group’s energy transition strategy will be led by new hire Nacho de Miguel as Head of Business Development. He brings experience in the LNG sector, having held 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,” Miguel commented.
IN the longer term, the firm plans investment in ‘further viable green energy solutions’ as it targets a zero carbon future indicating that the firm plans future pivot away from its core business of bunker fuel oil.