Marine fuels supplier and trader Propeller Fuels has acquired the business of technology-led marine fuels trading company Shipergy, with the transaction set to close on 1 October.
Shipergy’s trading operations, client relationships and technology will transfer to Propeller under the deal.
Propeller was founded in Hartlepool and operates its physical supply business from Hull. It entered marine fuels trading in 2019 and now has trading offices in London, Athens, Dubai and Singapore. It also works with Proteus to serve customers in the US and wider Americas.
The acquisition will expand Propeller’s trading network and add Hong Kong as another location.
The Shipergy brand will remain in place within the enlarged group. Its traders will continue to serve customers under the Shipergy name, while also continuing to procure bunkers for the Signal-managed fleet.
Propeller said the deal will strengthen its relationship with The Signal Group, with the two businesses having worked together in recent years.
Both companies have developed technology for their trading and operational activities. Propeller has its own system covering trading, finance and credit, while Shipergy has developed tools focused on fuel quality, energy content and AI-based workflows.
Shipergy’s back-office functions will be integrated into Propeller, with some employees joining the group. Propeller expects the combined business to increase group trading volumes by around 50%.
Propeller said it will focus on conventional bunkering. Technology products developed by the two companies, including BunkerBridge and Energy Beacon, will remain outside the group and continue to be developed separately under Shipergy co-founder Daniel Rose.
HSBC UK, which has supported Propeller since its inception, has also arranged a new financing facility alongside the acquisition. Propeller said the new arrangements will provide more than twice its current cash requirement, giving the group additional headroom for growth and allowing it to increase support for customers and suppliers.
Rose will leave the trading business after a handover period and focus on independent technology ventures.
“This acquisition is a central part of our vision to take the consolidated Propeller group to the next level as we approach our tenth year,” said Robert Thompson, chief executive of Propeller Fuels.
“We have built Propeller patiently, from physical supply in Hull to a trading business with global reach, and Shipergy is the natural next step.”
Rose said Shipergy had attracted interest from several potential partners but that Propeller was the best fit for its people and clients.
“I could not be happier with this outcome,” he said. “Robert and his team share our belief that technology and good old-fashioned service belong together.”
From 1 October, new purchases will be made in Propeller’s name. Existing Shipergy transactions will continue to be settled as usual, while day-to-day client contacts and processes will remain unchanged.
