A marine fuel supplier based in the Tees Valley is hoping to reach new export markets thanks to a seven-figure funding package from HSBC.
Hartlepool-based Propeller Fuels has received an invoice finance facility from HSBC UK to enable it to trade in multi-currencies for the first time.
Propeller Fuels supplies oil overseas from its base in Hartlepool and the finance package will give it the ability to meet customer requirements irrespective of their port location, local supplier or currency.
Managing director Robert Thompson said: “HSBC UK’S valuable and supportive approach will allow us to face the needs and challenges of our growing and ambitious business as well as the wider challenges in the global shipping and marine fuels industry.
“We’ve achieved fast growth since our inception just two years ago and are looking forward to building on it.”
Finance director Robert Davison added: “Before this support, we were very restricted in terms of how we could operate internationally. Thanks to HSBC UK’s global reach, and true international experience and knowledge, we’ve been able to grow our client base considerably.
“Since receiving the invoice finance facility, we’ve moved rapidly into global trading and are now trading with almost evey continent.”
The business has experienced increased interest in recent months as new regulations that came into force in January 2020 require ships to use fuel with lower levels of sulphur to reduce emissions.
Physical deliveries in the UK are handled by Oil NRG Ltd - from which Propeller spun out in 2017, and which has tanker network along with other suppliers.
The invoice finance facility was allocated from HSBC UK’s national £350m lending fund to support small and medium-sized enterprises in the North East and Cumbria, as part of the bank’s commitment to help businesses realise their ambitions for growth and navigate Brexit.
Stuart Henry, relationship director at HSBC UK in the North East, said: “It’s always exciting to be able to help a business explore new territory, and seeing the drive of the team at Propeller Fuels make use of our support so quickly has been really rewarding.”
