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Aegean audit uncovers $200 million account discrepancy

To write off amount owned by four counterparties due to ‘improperly accounted’ transactions.

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An internal audit conducted by New York-listed bunkering firm Aegean Marine Petroleum Network has found that approximately $200 million of accounts receivable owed to the company at December 31, 2017 by four counterparties will need to be written off. 

The amounts, owned by the similar parties, accumulated from approximately $172 million as of December 31, 2016 and $85 million as of December 31, 2015.

The decision to write off the amount was due to the believe that the transactions may have been, in full or in part, without economic substance and improperly accounted for in contravention of Aegean’s normal policies and procedures.

“Under the guidance of a reinvigorated Board, independent Audit Committee, and refreshed management team, Aegean continues to make progress in working through its annual reporting process and ongoing review of historical financial reporting,” said Donald Moore, Chairman of the Board.

“The new Board is taking all necessary actions to improve financial and operating performance and enhance both transparency and corporate governance in order to deliver value to our shareholders and other stakeholders.”

Following the decision to write out the debt, Aegean will pursue claims against individuals and entities involved in the illicit transactions.

“The Audit Committee is taking all the necessary and appropriate steps to identify weaknesses in the Company’s internal controls and remedy any such weaknesses," it says.

“A number of individuals employed by the Company across multiple functions who are believed to have been involved in the Transactions have been terminated or placed on administrative leave pending the outcome of the investigation.

“The Company has reported its preliminary findings to the SEC and the Department of Justice and intends to cooperate with any resulting investigations.

“The Company does not intend to provide an update on this process until the review is completed.”

Related: Aegean 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

Photo credit: Aegean Marine Petroleum Network
Published: 5 June, 2018

 

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Business

SMW 2025: MPA and Dalian Maritime University to partner on joint maritime training

Both signed a MoU to enhance talent development and academic exchange between Singapore and China, focusing on maritime digitalisation and decarbonisation and covering areas such as clean energy.

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SMW 2025: MPA and Dalian Maritime University to partner on joint maritime training

The Maritime and Port Authority of Singapore (MPA) and Dalian Maritime University (DMU) on Friday (28 March) said they have renewed their Memorandum of Understanding (MoU) to enhance talent development and academic exchange between Singapore and China in the maritime sector.

The MoU renewal was signed by MPA Chief Executive, Mr Teo Eng Dih, and Professor Shan Hongjun, President of DMU. This renewal builds on the successful collaboration established since 2021, and further strengthens talent development and knowledge exchange between both maritime ecosystems.

As part of the MOU, MPA and DMU will continue to engage in faculty exchanges, study visits and student exchanges in Singapore and Dalian, and joint maritime training and research programmes. Trainers from MPA, including subject matter experts and adjunct trainers, will contribute to courses, events and knowledge sharing. 

The collaboration will focus on digitalisation and decarbonisation, covering areas such as clean energy and sustainable practices in the maritime sector, digital transformation of maritime operations, environmental management, maritime safety, navigational technologies, and port management and smart technologies.

DMU is home to world-class facilities, including two ocean-going training vessels and state-of-the-art research centre. A leader in autonomous ship technology and innovation in smart and sustainable shipping, the university has recently launched its 3rd ocean-going new generation autonomous training vessel.

Mr Teo Eng Dih, Chief Executive, MPA, said, “The renewal of this MOU reflects the strong partnership between MPA and DMU. As the maritime industry evolves, our collaboration in maritime education and training is more crucial than ever in preparing the next generation of maritime professionals. This agreement will enhance maritime talent development and knowledge sharing between Singapore and China, fostering innovation and sustainability in the maritime sector.”

 

Photo credit: Maritime and Port Authority of Singapore
Published: 28 March, 2025

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Environment

SMW 2025: Maritime drone training for ship emission monitoring to be established

MPA and Republic Polytechnic ink a MoU to start a specialised Unmanned Aircraft Pilot Training programme for MPA pilots to operate drones for maritime applications such as monitoring vessel emissions.

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The Maritime and Port Authority of Singapore (MPA) and Republic Polytechnic (RP) have signed a Memorandum of Understanding (MoU) to establish a specialised Unmanned Aircraft (UA) Pilot Training programme for MPA UA pilots, which will also provide internship opportunities for RP students. 

This initiative aims to equip MPA, as well as commercial UA pilots, with advanced competencies to operate drones for maritime applications. These include inspection of vessel structures, monitoring of vessel emissions, and supporting emergency response efforts.

The course will cover essential skills, including take-off and landing from vessels, emergency procedures at sea, and Beyond Visual Line of Sight operations. UA pilots will also be trained to operate drones equipped with various sensor payloads such as electro-optics, infrared, and multispectral imaging. Tethered drone operations, which enable extended flight times for surveillance and monitoring, will also be included.

Under this five-year collaboration arrangement, MPA and RP plan to develop competency frameworks for UA pilots operating at sea, and will train over 20 MPA UA pilots annually. The collaboration will also explore the potential development of a maritime-specific qualification for UA pilots for interested parties. The training will be conducted by RP’s team of full-time lecturers who are also certified UA Pilot Licence trainers.

Through this partnership, RP students have internship opportunities with MPA, and can explore potential career pathways as UA pilots and watch supervisors coordinating the deployment of unmanned systems for port operations and maritime safety. 

RP lecturers and students will also have opportunities to gain industry exposure and practical experience through participation in MPA’s upcoming drone-related projects. In addition, RP will work with MPA in relevant committees and forums to shape policies, safety standards, and regulations for maritime drone operations.

In 2025, MPA will trial new drone capabilities, including coordinated drone operations for chemical spill management and the Maritime Drones Traffic Management System to ensure safety in port waters. 

The Maritime Drone Estate, launched in 2021, will also be expanded to support commercial drone services such as remote inspections and shore-to-ship deliveries. These advancements will contribute to safer, more fuel-efficient, and sustainable maritime operations.

 

Photo credit: Maritime and Port Authority of Singapore
Published: 28 March, 2025

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Alternative Fuels

SMW 2025: Geospatial tools to be explored for port operations including bunkering

MPA and partners will explore the use of geospatial tools to develop solutions to improve safety and efficiency of port operations, such as bunkering of alternative fuels and vessel navigation.

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SMW 2025: Geospatial tools to be explored for port operations including bunkering

The Maritime and Port Authority of Singapore (MPA) on Wednesday (26 March) signed a memorandum of understanding (MoU) with several partners to promote knowledge-sharing initiatives and explore geospatial technologies to address real-world challenges in the republic. 

Partners will explore the use of geospatial tools to develop solutions to strengthen preparedness, monitor sea level rise, and improve the safety and efficiency of port operations, such as vessel navigation, marine services and the bunkering of alternative fuels.

MPA signed a three-year MOU with Jurong Port, Singapore Cruise Centre Private Limited, Esri Singapore, Hexagon’s Safety Infrastructure and Geospatial Division, Nika, Technology Centre for Offshore and Marine, Singapore (TCOMS), A*STAR Institute of High Performance Computing (A*STAR IHPC) and the Centre of Excellence in Modelling and Simulation for Next Generation Ports (C4NGP) in the College of Design and Engineering of the National University of Singapore (NUS).

Geospatial tools use location-based data such as satellite images, traffic and weather data, and sensor readings from buoys and on land to create 2D and 3D visual insights. 

These can help stakeholders monitor real-time conditions, manage risks, and plan operations more effectively by improving risk management and decision-making, and enhancing operational planning for improved safety and efficiency. 

MPA also signed a three-year MOU with NUS to develop a skilled maritime geospatial workforce. 

Under this partnership, MPA and NUS will explore the development of maritime geospatial courses for NUS undergraduate and post-graduate geography students, and a professional certification programme for mid-career professionals. 

The maritime geospatial programmes will cover skills in 2D and 3D mapping, geospatial analytics, and advanced environmental and operations modelling. This will build a pipeline of talent equipped with the skills and knowledge to drive maritime geospatial innovation in the industry and government.

 

Photo credit: Maritime and Port Authority of Singapore
Published: 28 March, 2025

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