News

PLAZA MARINE, INC. and affiliated companies complete successful first half of 2020

July 7th 2020

First half 2020 company highlights

• Company expands its customer base
• Company maintains its vendor and financing relationships
• Seamlessly serves its customers during pandemic lockdown
• Maintains its monthly tonnage sold
• Provides customers with stable pricing and forward contracts despite fluctuations in oil prices

Plaza Marine, Inc. and its affiliated companies announced today the successful completion of the first half of 2020. The unprecedented uncertain climate and working conditions did not hamper the company in its operations and service to its customers. Despite headwinds brought on by the pandemic and fluctuating oil prices, Plaza Marine maintained and expanded its customer base during the first six months of 2020 and maintained its tonnage sold expectations as well as its vendor and financing relationships.

Notably, Plaza Marine, Inc. seamlessly served its customers despite its offices being closed due to the pandemic precautions in New York, New Jersey and Panama. Plaza Marine, Inc.’s hedging program allowed it to provide its customers with daily up to date competitive pricing during a period where unusually high fluctuation in oil prices occurred. The Company was also able to provide forward fuel contracts that permitted customers to lock in forward pricing at a favorable rate. All vendor and financing relationships of the company remained strong during this period.

Plaza Marine, Inc. President, William G. Gotimer, Jr. said “Our team of experienced and dedicated professionals seamlessly moved their operations to home-based locations and continued to serve our loyal customer base without interruption or delay. The discipline each employee showed in putting the needs of our customers at the forefront is emblematic of Plaza Marine, Inc.’s 32 years’ of service to the marine industry. At an uncertain time in the world and our markets the performance of our employees and executives remained steadfast. We remain liquid and profitable due to such efforts. In the second half of 2020 and beyond we look forward to expanding our existing business and adding additional lines of business as opportunities arise.”

For additional information about Plaza Marine, Inc. and its services please call William G. Gotimer, Jr. at (914) 299‑3949.