Like other companies with a history of selling fossil fuels, bunkering specialist Peninsula has had a rebrand, ditching the world Petroleum.
John Bassadone, CEO of the 25-year-old firm, says the exercise has not been a rebrand in isolation, it is part of a larger internal strategic consultation which began pre-IMO 2020 looking at the transition of the industry, fuels and customers.
“The rebrand is a reflection of our current and future journey towards a more sustainable future. It is part of the next transitional phase of the company,” Bassadone says.
Peninsula recently announced the launch of its LNG business where it has acted as a reseller on several trades in Asia. Further LNG developments in Europe are expected to be announced soon.
“If we look at the tonnage coming online in the next few years, LNG seems to be the clear favourite. LNG infrastructure is also more advanced than any alternative greener fuels. That being said, we are constantly reviewing the viability of alternatives,” Bassadone says.
The team at Peninsula believe that there is no single correct choice of fuel.
“A combination of solutions will converge in delivering zero emissions,” Bassadone says. “With the 2030 and 2050 deadlines firmly in place, there will be a number of frontrunners which can be viably transitioned and implemented within that timeframe but this process will continue beyond 2050.”