Charles Chambers, CEO of West Indies Petroleum
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Charles Chambers, CEO of West Indies Petroleum
By Javaughn Keyes
West Indies Petroleum, a Jamaican fuel products distributor and bunkering company, is set to expand its fleet of fuel transporting vessels, as it seeks to widen its regional reach.
The company says it has signed an agreement with a major shipping firm which has been around for almost a century, for the execution of the joint venture which will see it eventually acquiring up to 10 ships.
In an interview with our news centre, Charles Chambers, CEO of WIP, said, while he could not disclose the partner at this time, the move is strategic, in keeping with WIP its regional focus.
Shipping to other Caribbean countries started in 2017, he said, with supplies being sent to Haiti, Dominican Republic and Guyana.
"We currently own two vessels and we lease three vessels" he explained, with the strategy being to "partner with a very large established company that has access to cheap capital, and use that relationship to get a perfectly right-sized fleet to bring bulk in and break up that bulk to move it around the Caribbean."
He said the price for these fit for purpose vessels range from US$10 milion to $20 milion.
West Indies Petroleum says it supplies about 30 per cent of the fuel sold through gas stations, island-wide, and accounts for about 80 per cent of the Jamaican owned petroleum marketing companies.
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