November 24, 2016 [OPIS] - Freepoint Commodities said on Wednesday that it has begun to supply marine fuel or bunkers at St. Croix, Virgin Islands, starting immediately.
Freepoint will initially provide marine bunkers ex-pipe at Limetree Bay Terminals located in St. Croix.
OPIS reported earlier this year Limetree Bay Terminals took over the terminal in the U.S. Virgin Islands in January, with a maximum 32-million-bbl storage capacity. It had plans for a full operational restart of 13 million bbl of oil storage capacity at that facility within a short span of a few months.
The first 13 million bbl of capacity is already spoken for. Sinopec took over 10 million bbl of capacity, and Freepoint Commodities, a minority stake owner of Limetree Bay, took over 3 million bbl. It is understood that Freepoint is using its St. Croix storage tanks for a range of products including gasoline and bunkers.
Freepoint started trading physical gasoline in the U.S. and the Caribbean for the first time earlier this year.
In the second phase, another 13 million bbl of storage capacity would be brought onstream, depending on demand from potential customers.
These Caribbean storage tanks at St. Croix could be used for storing and blending crude as well as storing gasoline, diesel, propane and fuel oil.
Founded in 2011, Freepoint is based in Stamford, Conn., with over 300 employees worldwide. Freepoint is a merchant of physical commodities and a financer of upper and mid-stream commodity-producing assets. Freepoint also provides physical supply services and related structured solutions for counterparties. The company is owned by private equity funds managed by Stone Point Capital, members of Freepoint’s management and senior employees.
