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
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