Global marine fuel supplier and trader Peninsula is suing Delaware-based Norvic International Shipping over a hedging agreement between the two firms.

Peninsula is seeking $109,885 – as well as at least $200,000 in costs – from Norvic to cover the margin under an agreement between the two companies first signed at the start of 2024, according to a complaint filed on its behalf by law firm Simms Showers LLP to a Maryland court on February 3. The agreement was reportedly designed to limit Norvic’s exposure to volatility in bunker prices.

“To address marine fuel price fluctuation, Norvic and Peninsula in January 2024 entered into an International Swaps and Derivatives Association (“ISDA”) agreement (the “Marine Fuel Agreement”), which in essence allowed Norvic to over time average out the cost of the marine fuel it bought from Peninsula, requiring Norvic to post collateral based on mark-to-market value fluctuations,” the company said in the complaint.

“The Marine Fuel Agreement is a maritime contract.

“Toward the end of 2025, however, Norvic failed to meet its obligations under the Marine Fuel Agreement to maintain collateral in relation to Norvic’s obligations under the Agreement.”

Peninsula gave notice that the agreement would be terminated on January 19, 21 and 29 and alleges $109,885 must be paid to satisfy the margin, according to the complaint.

Peninsula declined to comment on the case.