Aegean Marine News

The already endangered African penguin is being driven away from its natural habitat off the east coast of South Africa due to noise from ship refueling, a scientific study has found.The number of African penguins on St Croix island in Algoa Bay, once the world's largest breeding colony of the birds, has plummeted since South Africa started to allow ships in the area to refuel at sea, a process known as bunkering, six years ago, the study found.Situated in a busy shipping lane along South Africa's east coast…

Late last month, a Russian-flagged cargo ship carrying corn pulled into the Turkish port of Izmir on the Aegean Sea. The SV Nikolay had loaded the grain at Port Kavkaz, in Russia, six days earlier on June 18, according to documentation provided by an employee of the Russian company that owns the ship.A Reuters analysis of satellite imagery, ship-tracking data and open-source photos and videos yields a different port of origin for the SV Nikolay. On June 18, Reuters’ analysis of a satellite image indicates…

The Maritime and Port Authority of Singapore (MPA), home the world's top marine refueling hub, said it has awarded two new bunker supplier licenses to Mercuria's Minerva Bunkering and Trafigura's TFG Marine."MPA and ESG welcome the entry of Minerva Bunkering and TFG Marine, which will consolidate Singapore's position as the global bunkering and oil trading hub," the MPA said in a joint statement with Enterprise Singapore (ESG).The licences are the first to be issued by the port regulator since 2017, bringing the total number of licensed bunker suppliers to 45 in Singapore, and come after the M

Minerva Bunkering, formerly Aegean Marine Bunkering Network now a fully-owned subsidiary of Mercuria Energy Group, appointed Tyler Baron as the Chief Executive Officer (CEO).Baron will be based in Geneva, and will oversee Minerva’s global business operations across Europe, the Americas and Asia, said a press note from the physical supplier of marine fuels.“Given Tyler’s history with and dedication to the company, as well as his breadth of experience in financial markets and capital allocation, he is the ideal candidate to lead Minerva Bunkering,” said Magid Shenouda, Global Head of Trading at Mercuria.“Through his leadership the new Minerva is positioned for success through a customer centric global platform and dedicated team of employees.

Marine fuel logistics company Aegean Marine Petroleum Network  announced  that its plan of reorganization became effective and it has emerged from the voluntary Chapter 11 restructuring commenced on November 6, 2018.The company will now operate under the name of 'Minerva Bunkering', a fully-owned subsidiary of Mercuria Energy Group Limited, a major privately-held energy and commodities group with an annual turnover in excess of $100 billion.“We are pleased that Aegean has completed its restructuring, and now as part of Mercuria, is a significantly stronger company with greater supply capabilities and access to liquidity,” said Aegean Board Director Tyler Baron.“As the new Minerva Bunkering…

Aegean Marine Petroleum Network Inc. announced Tuesday that it has filed for chapter 11 bankruptcy protection as the New York listed marine fuel supplier is being investigated to determine whether there was $200 million fraud involving fake transactions with brass-plate companies.Aegean said it has financial support of Swiss strategic partner Mercuria Energy Group Ltd., one of the world’s largest independent energy and commodity companies. Mercuria has pledged more than $532 million in postpetition financing to fund the chapter 11 process and the Aegean’s working capital needs, and has agreed to serve as the stalking horse bidder in…

International marine fuel logistics company Aegean Marine Petroleum Network (AMPNI) announced that President Jonathan McIlroy will leave the Company, effective November 15, 2018.The marine fuel and lubricants  supplier announced last month  the appointment of Kostas Polydakis to the position of Chief Operating Officer, as well as his qualifications and experience.Polydakis is serving on the Company’s Management Committee, along with the Company’s Chief Financial Officer, and the Company’s Global Director of Supply and Trading. Effective November 15, 2018, Polydakis will assume Mr. McIlroy’s remaining duties, and will continue to serve on the Management Committee.Aegean also announced that David Gallagher has been appointed to the Company’s Board of Directors…

Mercuria Energy Group and Aegean Marine Petroleum and  have signed a Memorandum of Understanding (MoU) making Mercuria the only lender to Aegean. Both are working towards landing a billion dollar credit deal and closer collaboration.Mercuria and Aegean have executed a letter agreement detailing the US$30 million of incremental liquidity Mercuria is providing to the Company by way of amendments and waivers to the Trade Finance Facility and other financing arrangements.With this significant step completed, the two parties intend to begin exploring a broader, global strategic partnership. Pursuant to the MOU, Mercuria will provide US$250 million and US$750 million in revolving credit facilities to finance the U.S.

Listed bunker company Aegean Marine Petroleum has entered a memorandum of understanding with Mercuria Energy Group for a billion dollar refinancing and strategic partnership, says a company press release. Aegean Chairman and independent director of the Board, Donald Moore, said, “As part of the announced strategic review, the new leadership at Aegean has, in short order, brought forward an opportunity to completely redefine and optimize the Company’s capital structure, enhance near term liquidity and position the Company for a dynamic partnership with one of the world’s largest privately held integrated energy and commodity groups. “We…

Energy trader Mercuria Group has agreed to provide a $1 billion trade finance facility to Greece's Aegean Marine Petroleum Network, the marine fuel logistics and supplies company said on Thursday, sending Aegean's stock up more than 150 percent.New York-listed Aegean Marine underwent a major leadership change this year after losses prompted an activist investor revolt to sever ties with the company founder, shipping and oil tycoon Dimitris Melissanidis.Aegean announced a $200 million write-off in early June after a new chairman, Donald Moore, was appointed in May to lead a strategic review.Shares in Aegean were up 127 percent at $1.43 as of 1359 GMT, having risen as high as $1.53.Swiss-based Mercuria will initially inject at least $30 million in cash, Aegean Marine said.Aegean Marine also

Aegean Marine Petroleum Network Inc. announced today that it has entered into a definitive agreement to acquire all of the outstanding share capital of H.E.C. Europe Limited (H.E.C.), the parent company of Hellenic Environmental Center S.A. and a group of companies that together provide global port reception facilities services, from the shareholders of H.E.C., for aggregate consideration of approximately $367 million, including the assumption of certain indebtedness, which consideration is payable in the form of a combination of debt, the assignment of certain accounts receivables, cash (determined in accordance with the definitive agreement) and shares of Aegean common stock…

Aegean Marine Petroleum Network and Caribbean Bunkers LLC have signed an agreement to cooperate on bunkering sales, focused around the US Virgin Islands facility at Limetree Bay, St. Croix. Under terms of the agreement, Aegean will market bunker fuels and marine gas oil supplied by Freepoint to customers calling on the Limetree Bay Facility. The agreement calls for future expansion in the region that could lead to adding delivery capability through Aegean's owned fleet. Manolis Chochlakis, Aegean's Regional Manager of the Americas, said, "We are pleased to announce the launch of our new service center in St. Croix USVI, which strengthens our existing presence in the Caribbean and represents another important step in our effort to broaden our global footprint in attractive markets.

Aegean Marine Petroleum Network has announced the launch of a new service center in Savannah, Georgia, the third largest container port in the United States. The operations in Savannah will be managed by the existing Aegean U.S. team. Under the terms of the agreement with Colonial Terminals, Inc., Aegean will lease tankage from Colonial's oil terminal on the Savannah River. Aegean will acquire and blend a full range of bunker fuel products and has agreed to supply Colonial Oil Industries, Inc. with a range of No. 6 oil products for Colonial's truck delivery business. Aegean has contracted with the Vane Brothers Company to provide barge services in the port.

Aegean Marine Petroleum Network Inc. has announced the launch of a new service center in Rostock, Germany that will serve all German Baltic Sea ports and Southern Scandinavian ports. The operations at Rostock will be managed by the existing team at OBAST Bunkering & Trading GmbH (OBAST), a physical bunker supplier and cargo oil trader. Under the terms of the agreement with OBAST, Aegean will acquire OBAST's existing share capital. E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, said, "We are pleased to announce the launch of our new service center in Rostock, which strengthens our existing presence in Germany and will enhance the flexibility and reach of our global marine fuel platform enabling us to better serve our customers around the world.

Greece-based Aegean Marine Petroleum Network Inc. (ANW) reported first-quarter earnings of $12.2 million or $0.25 per share compared with $5.1 million or $0.11 per share last year. The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share. Analysts polled by Thomson Reuters estimated earnings of $0.24 per share on revenues of $1.37 billion for the quarter. Analysts' estimates typically exclude special items. The marine-fuel logistics company posted revenue of $1.02 billion in the period compared with $1.69 billion in the prior year. Aegean Marine shares have fallen almost 1 percent since the beginning of the year.

A unique storage facility adjacent to one of the busiest shipping trade routes in the world is soon to become available. Since 2001, Portland Port located on the south coast of the UK has leased its bunker storage, pipeline and berth facility to Aegean Marine Petroleum Network. Later this year the facility will return back to the open market with the opportunity for a new tenant to occupy and manage the facility. The tanks were fully refurbished by Aegean who also built a new jetty to receive tanker deliveries; the facility has since been professionally managed and maintained to a high standard. Approximately 40,000cbm of storage is available, split between four tanks of approximately 10,000 cbm each.

Aegean Marine to commence operations in the Gulf of Mexico; assumes charter agreements for two vessels. Aegean Marine Petroleum Network Inc. will commence immediate marine fuel supply operations in the Gulf of Mexico. In support of its operations, the company has also assumed the contracts for two oceangoing bunkering tankers previously under charter to OW Bunker and expects to purchase the fuel on board. E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, commented…

Access to Busiest U.S. Container Port Significantly Enhances Aegean's Global Marine Fuel Capabilities. Aegean Marine Petroleum Network Inc. (NYSE: ANW) has announced that it has agreed to acquire 28,567 metric tons of marine fuel and assume a storage contract with Vopak Terminal Los Angeles for a total purchase price of approximately $11 million at an auction of OW Bunker's assets. The ports of Los Angeles and Long Beach combined form the largest container port in the United States with annual volumes of 14.6 million TEU's in 2013 and serve as the key trade hubs between North America and Asia. E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network…

OW Bunker owes financers more than $750 million-creditor data; six more vessels arrested; 7 in total. The Singapore arm of bankrupt Danish shipping fuel trader OW Bunker will meet with its liquidator KPMG in early December to discuss the firm's outstanding debt, which totals almost $1.5 billion globally. OW Bunker, a leading supplier of marine fuel oil known as "bunker", filed for bankruptcy in Denmark earlier this month after it revealed losses of at least $125 million at one of its Singapore-based subsidiaries Dynamic Oil Trading, sending the bunker fuel market into turmoil. Oil firms have stepped up legal action against OW Bunker's Singapore units since the announcement with the arrest of ships, now totalling seven, Singapore court documents show.

Traders and shipping companies scrambled to source fuel and take over supply contracts on Friday after Danish marine fuel supplier OW Bunker said a suspected fraud at its Singapore subsidiary had pushed it to the brink of bankruptcy. The alleged fraud at Singapore-based subsidiary Dynamic Oil Trading is potentially one of the biggest financial market scandals to hit the city state since 2004, when China Aviation Oil (Singapore) ran up oil futures losses of $550 million. Some institutional and individual investors in Denmark said they were considering taking legal action against the firm.

OW Bunker, a reseller and physical supplier of marine fuels, announced the appointment of Georgia Kounalakis to its physical supply operation in North America. Kounalakis joins the region’s senior team to take on responsibility for business development and help to drive further sales growth across North America, in line with the company’s global expansion strategy. Kounalakis joins OW Bunker North America from Aegean Marine Petroleum Inc, where she most recently held the position of General Manager – Americas.

Aegean Marine Petroleum Network Inc. Sales volumes of 2,659,620 metric tons. Gross profit of $84.5 million. Operating income of $19.3 million. Net income attributable to Aegean shareholders of $9.3 million or $0.20 basic and diluted earnings per share. EBITDA of $26.7 million. E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, commented, "Our strong second quarter results extend our recent track record of profitability and growth and demonstrate that we are successfully executing our strategy despite prevailing industry headwinds. Mr. Tavlarios continued, "During 2014, we have successfully integrated our newly acquired East Coast business…

Greece's Aegean Marine Petroleum Network Inc. has announced its financial and operating results for the first quarter ended March 31st, 2014. Sales volumes of 2,705,823 metric tons. Gross profit of $82.9 million. Operating income of $15.2 million. Net income attributable to Aegean shareholders of $5.1 million or $0.11 basic and diluted earnings per share. Net income attributable to Aegean shareholders adjusted for the sale of non-core assets and vessel impairment charge was $8.7 million or $0.18 basic and diluted earnings per share. EBITDA of $23.5 million. EBITDA adjusted for the sale of non-core assets and vessel impairment charge was $27.0 million. Completed the sale of two older, non-core vessels.