Digital bunker fuel and lubricant platform Bulugo has partnered with Whitehall Finance to offer bunker fuel and lubricant buyers up to US$20 million external unsecured finance.
Bulugo notes in statement that the implementation of IMO 2020 at the beginning of the year, followed by the unprecedented disruption to the global economy, “has had a significant impact on the marine credit market”. The platform says it has launched its “innovative credit solution” as “financing options are a key consideration when buying marine bunker fuel and lubricants”.
Partnership Director Grant Norton, Bulugo, said: “Whilst the traditional bunker market has been ready for digital disruption for some time, we believe the reason why the pace of adoption has been so slow is partly due to the lack of substantive lines of credit offered to buyers via the digitisation route.
Our exclusive partnership with Whitehall Finance will give Bulugo customers that option.”
The scheme allows buyers to settle supplier invoices immediately while, Bulugo says, also optimising their own cash flow. Payment terms of up to 120 days are offered on a revolving credit account.
The finance is currently only available to UK-based operators but the intention is to expand internationally “over the coming months”.
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