Aegean Bunkering (Singapore) Pte Ltd, the subsidiary of New York-listed Aegean Marine Petroleum Network Inc, has exited the Singapore accredited bunker supplier list, show latest Maritime and Port Authority of Singapore (MPA) data.
To date, there are a total of 56 accredited bunker suppliers operating at Singapore port.
“The bunkering market in general, and the Singapore market in particular, are extremely competitive,” said Jonathan McIlroy, President of Aegean, in a press statement in late October last year.
“We had hoped that enforcement of mandatory mass flow meter (MFM)-equipped bunker barging in January would have driven commercial improvement in the Singapore market allowing Aegean to compete profitably.
“However, 2017 has seen heightened commercial pressures in Singapore, and as a result, management has determined that Aegean's resources can be more profitably deployed elsewhere.”
The development by Aegean to exit the physical bunker supply market at Singapore, the world’s largest bunkering hub, has been questioned by several local bunker suppliers, they earlier told Manifold Times.
The company in late December was facing shareholder pressure; the Committee for Aegean Accountability expressed “severe” concerns regarding the shareholder value destruction caused by poor financial and operational management at Aegean.
Singapore bunker sales volume surpassed the 50 million metric tonne (mt) mark in 2017; the first year mass flowmeters was officially adopted for all fuel oil bunkering operations.
Published: 17 January, 2018
U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.
Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.
‘MPA had immediately contacted the relevant bunker suppliers to take necessary steps to ensure that the relevant batch of fuel was no longer supplied. Further investigations are currently on-going,’ it informs.
Juandi bin Pungot spent SGD 3.4 million of his criminal benefits on amongst others, cars, luxury watches, and properties, according to documents seen by Singapore bunkering publication Manifold Times.