New York-listed Aegean Marine Petroleum Network (Aegean) Thursday announced three executive appointments and the establishment of a new management committee, together with changes to its board.
The new management committee will consist of Aegean President Jonathan McIlroy and Messrs. Kostas Polydakis, John G. Mystakidis and Sal Drago.
“I am delighted to welcome Kostas Polydakis, John Mystakidis and Sal Drago – three proven executives, who have earned our respect and trust – to the Aegean senior management team,” said Donald Moore, the Company’s Chairman and independent director of the Board.
“Each brings an impressive track record creating value in our industry. Joining our President Jonathan McIlroy in a newly established Management Committee, this talented and dedicated group of leaders will streamline decision-making and execution, speeding the implementation of Aegean’s long-term growth strategy.”
Both the company’s previous COO Manolis Chochlakis, who was appointed to the position in December 2017, and the previous CFO Pavlos Papageorgiou, appointed in April 2018, have left the company.
About Kostas Polydakis
Kostas Polydakis has more than 20 years of experience in the shipping industry, including nearly 12 years at Aegean. Most recently as Managing Director of Shipping, he oversaw the creation of the Company’s shipping division, growing it to a fleet of 50 tankers.
In his previous positions at Aegean as Technical Manager and Deputy General Manager of the Bunkering Services division from 2006 to 2017, Mr. Polydakis was responsible for the performance and day-to-day operations of all division departments. He also completed over 40 sale and purchase transactions and multiple new building projects, in addition to successfully reducing fleet operating expenses.
About John Mystakidis
John Mystakidis brings more than 25 years of experience in financial reporting, financial management and auditing. He has supported and advised clients with significant cross-border presences and foreign operations. During 11 years at Ernst & Young, he acted as Lead Partner to multiple large Greek and multinational companies, helping them to address and resolve critical financial issues. Since May, Mr. Mystakidis has served as a full-time consultant to the Company.
Prior to Ernst & Young, Mr. Mystakidis was an Assurance and Business Advisory Partner at Arthur Andersen, where he supervised audits and due diligence reviews for a number of Greek and multinational clients.
About Salvatore (Sal) Drago
Sal Drago has over 25 years of experience trading fuel oil, feedstock and fuel blending components for key global bunkering locations. From 2013 Mr. Drago served as Aegean’s Global Director of Supply and Trading, the position to which he has returned, leading the Company’s arbitrage cargo movements, fuel oil blending and risk management efforts.
Previously, Mr. Drago spent nine years at Hess Corporation, where he was Managing Director, Fuel Oil and Feedstock Trading. There he led the company’s transition from a fuel oil wholesaler to a fully integrated supply and trading organization, with retail bunkering operations in five U.S. ports.
Aegean in July entered into a Memorandum of Understanding with independent commodities and energy group Mercuria Energy Group for a US$1 billion trade finance facility intended to support Aegean’s existing U.S. and global revolving credit facilities.
The latest development adds positive change and momentum to Aegean’s new management to restore market confidence, after the discovery of approximately $200 million of accounts receivable owed to the company at December 31, 2017 that need to be written off.
A timeline-accurate list of events preceding the current development can be found below:
Related: Mercuria bails Aegean out with $1 billion credit
Related: Ocean Intelligence comments on Aegean credit downgrade
Related: Aegean shares down 71%, to face legal investigations
Related: Aegean audit uncovers $200 million account discrepancy
Related: Aegean unfolds several business developments
Related: Aegean drops founder, elects new board members
Related: Aegean requests for ‘additional time’ to file annual report
Related: Aegean welcomes new Chief Financial Officer
Related: Lawsuit filed against Aegean’s H.E.C. acquisition
Related: Aegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
Related: Aegean in $367 million acquisition of port reception facilities services group
Related: Aegean shareholders ‘gravely concerned’ over board’s silence
Related: Shareholders nominate ‘highly qualified’ candidates to Aegean board
Related: Aegean Marine Petroleum Network under shareholder pressure
Published: 10 July, 2018
Enters agreement with Pertamina to market low sulphur marine fuel avails from Sambu Island Fuel Terminal.
About 450 maritime leaders and industry professionals from around the world gathered to discuss a global approach towards decarbonisation and digitalisation.
Key decision makers, thought leaders and marine experts will share their views, analysis and insights on global bunker and fuel oil market developments and future bunker fuels development.
Collaboration will explore the use of low carbon bunker fuels and develop green technologies to accelerate maritime decarbonisation as well as promoting digitalisation.
Vessel has been refloated, possibly with tug assistance, and has moved to anchor at Batu Ampar anchorage in Indonesia for inspection, says recent WK Webster report.
Denis Bonhomme arrived at TotalEnergies Marine Fuels having spent the last three years in Beijing as Vice President, LNG, for TotalEnergies in China, said the firm.
Transferred shares of 40 subsidiaries to BVI firm after tribunal awarded claims in favour of Trinity Seatrading; YSPL has also filed a civil complaint against DNV and Liberian ship registry at Nanjing Maritime Court.
ADNOC L&S, Gulf Energy Maritime, Cockett Marine Oil, Mideast/Bahri Ship Management and VPS experts present their views on biofuel bunker hurdles at the VPS Biofuels Seminar in Dubai on 16 March.
‘Bunker barges operate in very local areas so these vessels call at port very often which means it will be a good fit for women with families,’ states Elpi Petraki, President of WISTA International.
“Our Singapore branch is under preparation and is expected to start business at the republic before June 2023,” Managing Director Darcy Wong tells bunkering publication Manifold Times in an interview.
Development to supply B35 biodiesel blend officially takes effect on 1 February; local bunker suppliers will be able to deliver updated spec within March onwards, once current stocks of B30 avails run out.
VPS, Global Centre for Maritime Decarbonisation, Wilhelmsen Ship Management, and INTERTANKO executives offered a multitude of perspectives to 73 attendees during the VPS Biofuels Seminar, reports Manifold Times.
