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Latest: Aegean files for Chapter 11, Mercuria to be ‘stalking horse bidder’

Mercuria to provide $532 million in postpetition financing to fund chapter 11 process and working capital.

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New York-listed bunkering firm Aegean Marine Petroleum Network (Aegean) on Tuesday and certain of its subsidiaries (the debtors) filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the Bankruptcy Court for the Southern District of New York.

The debtors enter this process with the support of Mercuria Energy Group Limited (Mercuria), a key strategic partner and one of the world’s largest independent energy and commodity companies.

Mercuria has agreed to provide more than $532 million in postpetition financing to fund the chapter 11 process and Aegean’s working capital needs. It has also agreed to serve as the stalking horse bidder in a sale process designed to optimise the value of the company as a going concern.

The debtors have filed a motion with the bankruptcy court seeking to jointly administer all of the debtors’ Chapter 11 cases under the caption In re Aegean Marine Petroleum Network Inc., et al. 

The debtors will continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the bankruptcy court and in accordance with the applicable provisions of the US Bankruptcy Code and orders of the bankruptcy court.

The group have filed a series of first day motions with the bankruptcy court that seek authorisation to continue to conduct their business in the normal course, including in relation to employees, customers and suppliers, among others.

They are seeking approval of the Mercuria-led postpetition financing. This financing is designed to ensure Aegean has adequate working capital to fund the business and continue ordinary course operations during the Chapter 11 Cases and to fund the sale process.

In connection with its restructuring efforts, Kirkland & Ellis LLP is acting as legal counsel to Aegean, Moelis & Company LLC is acting as investment banker to Aegean, and EY Turnaround Management Services LLC is acting as restructuring advisor to Aegean.

Related Debtors of Aegean are as follows:

  1. Lead Debtor: Aegean Marine Petroleum Network
  2. Aegean (Fujairah) Bunkering S.A.
  3. Aegean Ace Maritime Company
  4. Aegean Agency (Gibraltar) Limited
  5. Aegean Breeze Maritime Company
  6. Aegean Bunkering (Gibraltar) Limited
  7. Aegean Bunkering (Jamaica) Ltd.
  8. Aegean Bunkering (Singapore) Pte. Ltd.
  9. Aegean Bunkering (Trinidad) Ltd.
  10. Aegean Bunkering (USA) LLC
  11. Aegean Bunkering Combustibles Las Palmas S.A.
  12. Aegean Bunkering (Hong Kong) Limited
  13. Aegean Bunkering Morocco SARL AU
  14. Aegean Bunkering Services Inc.
  15. Aegean Caribbean Holdings Inc.
  16. Aegean Gas Maritime Company
  17. Aegean Holdings S.A.
  18. Aegean Investments S.A.
  19. Aegean Maistros Maritime Company
  20. Aegean Management Services M.C.
  21. Aegean Marine Petroleum S.A.
  22. Aegean Oil (USA), LLC
  23. Aegean Oil Terminal Corporation
  24. Aegean Petroleum International Inc.
  25. Aegean Ship III Maritime Company
  26. Aegean Ship VIII Maritime Company
  27. Aegean Ship XII Maritime Company
  28. Aegean Shipholdings Inc.
  29. Aegean Tankfarms Holdings S.A.
  30. Aegean Tanking S.A.
  31. Aegean Tiffany Maritime Company
  32. Aegean VII Shipping Ltd.
  33. Amorgos Maritime Inc.
  34. AMPN USA, LLC
  35. AMPNI Holdings Co. Limited
  36. AMPNI Investments Co. Limited
  37. Andros Marine Limited
  38. Benmore Services S.A.
  39. Caribbean Renewable Energy Sources Inc.
  40. Cephallonia Marine S.A.
  41. Dilos Marine Inc.
  42. Eton Marine Ltd.
  43. Halki Navigation S.A.
  44. I.C.S. Petroleum Ltd.
  45. I.C.S. Petroleum (Montreal) Ltd.
  46. Ingram Enterprises Co.
  47. Ios Marine Inc.
  48. Ios Shipping Ltd.
  49. Ithaki Marine S.A.
  50. Kassos Navigation S.A.
  51. Kerkyra Marine S.A.
  52. Kimolos Maritime Inc.
  53. Kithnos Maritime Inc.
  54. Kythira Marine S.A.
  55. Lefkas Marine S.A.
  56. Maistros RORO Shipholdings Ltd.
  57. Milos Shipping (Pte.) Ltd.
  58. Mykonos I Maritime Limited
  59. Nevado Navigation S.A.
  60. Ostria RORO Shipholdings Ltd
  61. Paros Maritime Inc.
  62. Paxoi Marine S.A.
  63. Santon Limited
  64. Santorini I Maritime Limited
  65. Sealand Navigation Inc.
  66. Serifos Maritime Inc.
  67. Serifos Shipping (Pte.) Ltd.
  68. Sifnos Marine Inc.
  69. Symi Navigation S.A.
  70. Tasman Seaways Inc.
  71. Tempest Shiptrade Ltd
  72. Tilos Shipping (Pte.) Ltd.
  73. Tinos Marine Inc.
  74. West Coast Fuel Transport Ltd.
  75. Zakynthos Marine Limited

A timeline organised list of events preceding the current development have been recorded by Manifold Times below:

Related: Aegean auditors alleges up to $300 million ‘misappropriated’
RelatedAegean: Forensic auditors target investigations on four companies
RelatedPresident of Aegean to leave, effective November 15
RelatedRumours: Alleged changes at Aegean’s management
RelatedMercuria starts ‘sole lender’ arrangement with Aegean
RelatedAegean establishes new management committee
RelatedMercuria bails Aegean out with $1 billion credit
RelatedOcean Intelligence comments on Aegean credit downgrade
RelatedAegean shares down 71%, to face legal investigations
RelatedAegean audit uncovers $200 million account discrepancy
RelatedAegean unfolds several business developments
RelatedAegean drops founder, elects new board members
RelatedAegean requests for ‘additional time’ to file annual report
RelatedAegean welcomes new Chief Financial Officer
RelatedLawsuit filed against Aegean’s H.E.C. acquisition
RelatedAegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
RelatedAegean in $367 million acquisition of port reception facilities services group
RelatedAegean shareholders ‘gravely concerned’ over board’s silence
RelatedShareholders nominate ‘highly qualified’ candidates to Aegean board
RelatedAegean Marine Petroleum Network under shareholder pressure

Published: 6 November, 2018
 

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Business

IBT Bunkering & Trading appoints Kevin Döhmen to lead Singapore expansion

Döhmen will lead the new Singapore office, with responsibility for managing and developing the operation and strengthening relationships with customers and partners.

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IBT Bunkering & Trading appoints Kevin Döhmen to lead Singapore expansion

Hamburg-based marine fuels firm IBT Bunkering & Trading on Wednesday (12 August) said it has appointed Kevin Döhmen as Executive Vice President to lead the company’s new Singapore office. 

Manifold Times previously reported the company announcing that it is opening its doors in Singapore and will be running a trading desk in the city-state after trading bunkers out of Hamburg since 1976.

The company said Kevin Döhmen will lead the new Singapore office, with theresponsibility for managing and developing the operation and strengthening relationships with customers and partners.

IBT said the Singapore office represents an important first step in strengthening its presence in Asia.

“At the same time, we are actively exploring further opportunities to expand our activities and establish new partnerships in this key maritime hub,” the company said. 

Döhmen said: “Singapore is the heartbeat of global bunkering. Bringing IBT’s Hamburg roots — 50 years of them — onto the ground in this hub is a real privilege, and I couldn’t be more ready for it.”

IBT said it will maintain the service approach established through its Hamburg operations while building its activities in Singapore.

The company described the move as bringing together its Hamburg roots and Singapore presence through a global bunker network. 

Related: German firm IBT Bunkering & Trading establishes Singapore presence, adds second trading desk

 

Photo credit: IBT Bunkering & Trading
Published: 13 August, 2026

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Bunker Alerts

Low flashpoint found in Indonesia bunker fuels, alerts Maritec-Naias

Firm tested eight bunker samples representing LSMDO and B40 fuel grade from vessels that took fuel oil /bunkered in Indonesia ports, which indicated flashpoints as low as 39.5°C.

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RESIZED Shaah Shahidh on Unsplash

Bunker fuel testing and marine surveying business Maritec-Naias on Wednesday (12 August) issued an alert regarding bunker samples from vessels that took fuel oil/bunkered in Indonesia showing flashpoints as low as 39.5°C:

During the period of 21 July to 04 August 2026, Maritec-Naias tested eight bunker samples representing Low Sulfur Marine Distillate Oil (LSMDO) and B40 fuel grade from vessels that took fuel oil /bunkered in Indonesia ports, which indicated Flashpoints as low as 39.5°C.

All eight fuel samples tested were sourced from a single supplier.

Regulatory Implications:

Based on the results of the eight samples tested, the fuels do not comply with the minimum flashpoint requirement of 60 °C set by SOLAS and ISO 8217.

As per SOLAS requirements, the minimum flashpoint of any fuel carried in the tanks of a ship should be not less than 60 °C (with exception of fuel for lifeboats, which can be grade DMX with a flash point min of 43 °C).

ISO 4259 interpretation for tested flashpoint temperature is not taken into consideration here as the safety of onboard crew and vessel is of higher precedence.

Since 01 May 2024, it has been a MARPOL Annex VI requirement that the Bunker Delivery Note (BDN) includes either the actual flashpoint of a fuel as supplied or a declaration that its flashpoint has been determined as being at or above 70°C.

From 1 January 2026, SOLAS amendments clarified that the flashpoint requirement applies to fuels, which were specifically intended to have a flashpoint not less than 60°C as required under SOLAS II‑2/2.1.1 These amendments now align with MARPOL by requiring flashpoint details to be recorded on the BDN. Additionally, prior to bunkering, suppliers must provide the ship’s representative with a signed declaration confirming that the fuel meets the SOLAS flashpoint standard.

MARITEC-NAIAS RECOMMENDATIONS

When ordering fuels from Indonesia it is advised to insist on getting the actual flash point values from the supplier. If your vessel has bunkered a low flashpoint fuel it is prudent to observe/implement the precautions below:

  • Flame screens on tank vents should be maintained in good condition and there should be no sources of ignition in the vicinity of the vents. This will assist in safe natural ventilation of volatile components in the fuel.
  • No Smoking, no naked flame and no hot work must be allowed at any areas near to tank air vents.
  • Send additional tank(s) samples upon arrival in port to check the fuel properties and flash point results especially if there has been co-mingling of fuels in bunker tanks
  • If the vessel is out at sea, it may be possible to obtain dispensation from your Flag State Administration up to the next arrival port.
  • Put the supplier on notice promptly and notify your P&I club.

 

Photo credit: Shaah Shahidh on Unsplash
Published: 13 August, 2026

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Methanol

China: Xiamen issues safety guidelines for methanol bunkering operations

New guidelines establish safety requirements across the full methanol bunkering process, supporting the expansion of green marine fuel supplies at Xiamen Port.

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Xiamen, China

Xiamen Free Trade Zone on Monday (10 August) said its Administrative Committee recently jointly issued the Safety Guidelines for Marine Methanol Fuel Bunkering in Xiamen Waters with Xiamen Port Authority and Xiamen Maritime Safety Administration, establishing a framework for methanol bunkering operations in the port.

The guidelines are the first safety operating standard in Fujian province specifically covering marine methanol fuel bunkering. They apply to methanol bunkering operations conducted by bunker vessels in Xiamen waters and set out safety requirements covering the entire operation, from preparation through completion.

The guidelines specify requirements for bunkering companies, equipment and materials used on bunker vessels, hose inspection intervals, personnel certification and personal protective equipment.

They also require operators to conduct dedicated risk assessments and prepare emergency response plans before operations begin. During bunkering, operators must maintain continuous monitoring and comply with specified weather restrictions. After completion, pipelines must undergo procedures including purging and inerting.

Xiamen Port has previously carried out ship-to-ship bunkering of biofuels and LNG. The new guidelines provide a regulatory framework and operational basis for methanol bunkering and are intended to support the safe and orderly conduct of such operations.

The move is also expected to help Xiamen Port expand its market and bunkering capacity for green marine fuels. 

 

Photo credit: Woo Winter on Unsplash
Published: 13 August, 2026

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