A leading UK marine vessel fuel supplier is expanding its international trade thanks to seven-figure backing from HSBC UK.
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 by building strong relations with suppliers which physically deliver the fuel to all types of marine vessels.
The invoice finance facility gives Propeller Fuels the ability to meet customer requirements irrespective of their port location, local supplier or currency as they are supported by HSBC UK’s foreign exchange and global cash management team.
Robert Thompson, Managing Director at Propeller Fuels, 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.”
Robert Davison, Finance Director at Propeller Fuels, said:
“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 every continent.”
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.”
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 who have a strong tanker network along with other suppliers.
The invoice finance facility was allocated from HSBC UK’s national £350 million lending fund to support small and medium-sized enterprises (SMEs) in Tyne Tees and Cumbria, as part of its commitment to help businesses realise their ambitions for growth and navigate Brexit.