Aegean Marine Petroleum Network reorganises as Minerva Bunkering

Business

Published Fri, 5th April 2019
by Admin

Chapter 11 restructuring which commenced on 6 November 2018 has reached milestone on 4 April 2019.

Aegean Marine Petroleum Network Inc. on Thursday (4 April) announced its plan of reorganisation has taken effect and it has emerged from the voluntary Chapter 11 restructuring commenced on November 6, 2018.

The company will now operate as Minerva Bunkering, a leading global physical supplier of marine fuels and a fully-owned subsidiary of Mercuria Energy Group Limited (Mercuria).

“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, the company looks forward to capitalizing on its enhanced platform and delivering greater value to its customers.

“With IMO 2020 less than a year away, Minerva is uniquely positioned to provide an unparalleled set of solutions to the marine fuel market, leveraging the combination of Mercuria’s global reach, risk-management expertise and trading operations with our extensive physical supply capabilities.”

Mercuria is one of the largest, privately-held energy and commodities groups in the world with an annual turnover in excess of 100 billion dollars.

As an integral part of Mercuria, Minerva Bunkering is one of the industry’s most creditworthy counterparties with an expansive supply network.

Magid Shenouda, Global Head of Trading at Mercuria, said, “Today marks a new chapter for Minerva, as it gains Aegean Marine’s industry-leading team and physical network. Minerva was built on the premise of selling fuel to its customers where and when they need it in the most cost-effective way.

“Now the new Minerva will be able to provide end-to-end service and physically supply fuels in the locations most important to our customers.

“Minerva Bunkering is here to serve the entire ship-owning community,” concluded Shenouda.

“With our extensive network, rigorous transparency and strong balance sheet, we are a dependable partner providing reliable service and high-quality products.”

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

Photo credit: Mercuria Energy Group Limited
Published: 5 April, 2019

Aegean Marine Petroleum Network reorganises as Minerva Bunkering

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