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
‘Cleaning up our first tanker and supplying the new 0.5% product is a milestone for Monjasa,’ says company COO.
The Marshall Islands has voluntarily de-registered the firm from its corporate registry.
Hafnia said it is disappointed by Ardmore’s response and continues to believe that its proposal is in the best interests of Ardmore’s shareholders.
Bunker prices continuing to increase since fourth quarter of 2017, even though freight rates are recovering.
Company consumed 2,725,000 metric tonnes (mt) of marine fuel in Q2 2021, 17% higher than 2,333,000 mt of bunker fuel during Q2 2020.
‘The merger has regulatory approval, and creates one of the largest and most experienced independent marine energy service and solutions providers in the world,’ it said.
‘The JMs have failed to discharge their duties by blindly helping the Banks mount a false case against the Defendant,’ wrote defence lawyers representing former IPP Director Dr Goh Jian Hian in court statement.
Lead prosecutor Andreas Myllerup Laursen aims for a fine and a prison sentence in the so-called Syria case scheduled to commence in Odense, Denmark on 26 October, writes the Danish publication.
In a modern re-telling of the story of David versus Goliath, local bunker barge owners/charterers successfully resisted claims brought in the Singapore courts by Phillips 66 for misdelivery of bunkers.
Bunker barge owners and operators; traders and suppliers; banks, including players in other countries, will have to re-examine respective operations, advises Helmsman Associate Director Jonathan Tan.
Vopak BL was a non-essential document with no contractual force and had no effect as a contract of carriage or as a document of title, states written Judgement issued by Singapore Court of Appeal.
Dwivedi Vivek Kumar ended his tenure as Global Head – Bitumen & Shipping & Regional Head – APAC at GP Global APAC on 10 November 2020 due to internal structuring of the GP Global Group.
