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$10m to support Sonan Bunkers

A USD $10,000,000 export receivables finance facility to support the expansion of Sonan Bunkers (UK) Ltd. This transaction, which has an 18-month facility term, delivers more than double the quantum of Sonan’s previous finance facility.

Established in 2014 to handle in-house shipping fleets together with third-party broking and trading, Sonan Bunkers (UK) Ltd is a bunker physical supplier in the ARA (Amsterdam-Rotterdam-Antwerp) region as well as an active worldwide trader. Since that time the business has grown to 6 offices in London, Rio de Janeiro, Athens, Singapore, Oslo and Rotterdam, with experienced brokers and traders covering the worldwide requirements of its clients.

Result: The business, which is experiencing substantial increases in both its turnover and profitability, has a robust business model which has meant consistent trading throughout a period of turbulent oil prices and global disruption caused by Covid-19.

"Right from the start, I had a warm feeling that with BZ, we were working with a company that wanted to do the deal, which gave us real certainty. We never once felt like a statistic, unlike with some banks where due diligence can involve a lengthy box ticking exercise only for the deal to drop off a cliff. The team at BZ was refreshing to work with and very impressive. They asked all the right questions, listened carefully to the answers and looked to understand our business and our processes.

The tanker side of the market is extremely buoyant and we have already won a number of new accounts and have a strong pipeline going forward. This transaction is the step that we needed to enable us to scale to meet our plans and will also serve to enhance our credibility in the market as we take the business to the next level."

Graham Furse, General Manager, Sonan Bunkers (UK) Ltd.

BZ offers structured, multi-jurisdictional ABL facilities from £10 million to £150 million that deliver working capital and corporate structuring solutions.