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Aegean shares down 71%, to face legal investigations

Developments took place after the announcement of $200 million account discrepancy on Monday.

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A number of law firms have filed legal suits, or commenced investigations, against New York-listed Aegean Marine Petroleum Network (Aegean) on behalf of investors after the firm announced a $200 million account discrepancy on Monday.

Share prices of Aegean fell $2.03 from $2.85 per share on June 4, 2018 to $0.82 per share on June 5, 2018 representing a decline of about 71% on Tuesday, after the announcement.

To date, the current firms investigating Aegean are:

  • Glancy Prongay & Murray LLP 
  • Bernstein Liebhard LLP
  • Kaskela Law LLC
  • Kehoe Law Firm, P.C.
  • Pomerantz LLP
  • Kahn Swick & Foti, LLC
  • Block & Leviton LLP
  • Bronstein, Gewirtz & Grossman, LLC 
  • Levi & Korsinsky LLP

A class action complaint filed by Levi & Korsinsky at the United States District Court Southern District of New York named Aegean ex-CEO and President Nikolas Tavarios and ex-CFO Spyros Gianniotis as defendants of the claim.

According to the complaint, each of the individual defendants:

  1. directly participated in the management of the Company;
  2. was directly involved in the day-to-day operations of the Company at the highest levels;
  3. was directly or indirectly involved in drafting, producing, reviewing and/or disseminating the false and misleading statements and information alleged herein;
  4. was directly or indirectly involved in the oversight or implementation of the Company’s internal controls;
  5. was aware of or deliberately recklessly disregarded the fact that the false and misleading statements were being issued concerning the Company; and/or
  6. approved or ratified these statements in violation of the federal securities laws

A timeline-accurate list of events preceding the current development can be found below:

Related: Aegean audit uncovers $200 million account discrepancy
RelatedAegean 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

Published: 6 June, 2018
 

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Digital platform

Ofiniti eBDN solution chosen by FincoEnergies for marine biofuel ops in ARA region

Development takes place on the back of complex logistics and opaque operational processes experienced by the marine (bio)fuel market; which Ofiniti’s FuelBoss eBDN solution seeks to simplify.

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FincoEnergies MT

Rotterdam-based FincoEnergies, an independent, leading supplier of (bio)fuels and decarbonisation services for the transport sector, will be adopting Ofiniti’s FuelBoss eBDN technology, with operational support from VT Group.

The development takes place on the back of complex logistics and opaque operational processes experienced by the marine (bio)fuel market; which Ofiniti’s FuelBoss eBDN solution seeks to simplify.

“Schedules are becoming increasingly tighter as demand for sustainable biofuels grows,” explains Leon Arets, Trading & Operations Director at FincoEnergies.

“We’re adopting a platform that enhances structure and responsiveness. This digital leap allows us to not only scale efficiently but also deliver greater transparency and operational excellence to our clients.”

A spin-off from global assurance and risk management leader DNV, Ofiniti brings together deep industry know-how with cutting-edge technology. Its flagship platform, FuelBoss, is designed to replace cumbersome manual processes with streamlined digital workflows that boost efficiency and data reliability.

“Our work with LNG suppliers laid the groundwork,” notes Oliver Brix Sparsø, Global Director of Sales at Ofiniti. “But this collaboration with FincoEnergies and VT Group marks the first large-scale commitment to digital delivery workflows for biofuels. It’s a turning point for the region.”

FincoEnergies’ mission, Decarbonising the transport industry together, is grounded in collaboration and innovation. The partnership with Ofiniti and VT Group exemplifies this spirit, combining technological leadership with operational expertise.

“As operators, we continuously look for ways to improve life on board and support our partners,” adds Wouter van Reenen, Business Development Manager at VT Group. “FuelBoss is a strong fit for our operations and those of our chartering clients.”

Related: Ofiniti to digitalise Azane ammonia bunkering operations across Scandinavia
Related: Ofiniti to roll out e-BDNs for Golden Island methanol bunkering operations in Singapore
Related: Global Fuel Supply to adopt FuelBoss by Ofiniti for e-BDN in West Africa
Related: Ofiniti appoints Oliver Brix Sparsø as new Global Director of Sales
Related: Ofiniti acquires Singapore-based Angsana Technology to advance digital bunkering solutions
Related: Singapore: FuelBoss by Ofiniti becomes sixth whitelisted e-BDN solution
Related: Digital bunkering platform Ofiniti successfully spun out from DNV
Related: FuelBoss to continue under new DNV company Ofiniti

 

Photo credit: Ofiniti
Published: 17 June 2025

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Business

China: Shanghai Zhongran and PetroChina Shanghai Port to promote bunker fuel blending business

Development will help improve Shanghai Port’s bonded ship fuel supply industry, noted the Shanghai Customs Inspection Office.

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Shanghai Zhongran and PetroChina Shanghai Port meeting

A meeting between representatives of Shanghai Zhongran, Shanghai Port Energy, PetroChina Shanghai Port, and Hongkou Customs took place at the Shanghai Customs Inspection Office on Thursday (12 June).

According to Shanghai Zhongran, the meeting’s objective was to discuss the implementation of a high-sulfur and low-sulfur fuel blending business at Shanghai.

During the meeting, a member of the Shanghai Customs Inspection Office stated it will take the opportunity of PetroChina Shanghai Port to carry out this business to promote the development of enterprises in Hongkou District.

The development will improve the utilisation rate of Shanghai Zhongran bonded storage tanks, improve storage functions, and help improve Shanghai Port’s bonded ship fuel supply industry.

After the meeting, PetroChina Shanghai Port submitted a formal application to Hongkou Customs.

Moving forward, Hongkou Customs will formulate a reconciliation plan, open a special account book, and promote the implementation of this business.

 

Photo credit: Shanghai Zhongran
Published: 17 June 2025

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Newbuilding

NYK Group’s first methanol-fuelled bulk carrier “Green Future” delivered

Vessel is the first bulk carrier in the NYK Group to be equipped with a dual-fuel engine that uses methanol and fuel oil.

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Green Future MT

NYK Group on 13 May received delivery of Green Future, the company’s first methanol dual-fuel bulk carrier, at the TSUNEISHI Factory of TSUNEISHI SHIPBUILDING Co., Ltd. where a naming and delivery ceremony was also held, it said on Thursday (14 June).

The vessel will be chartered by NYK Bulk & Projects Carriers Ltd., an NYK Group company, from KAMBARA KISEN Co., Ltd.

It is the first bulk carrier in the NYK Group to be equipped with a dual-fuel engine that uses methanol and fuel oil.

“Methanol has a lower environmental impact than fuel oil, and by using bio-methanol and e-methanol produced using hydrogen derived from renewable energy sources and recovered carbon dioxide, the vessel achieves significant reductions in greenhouse gas emissions,” it said.

Vessel Particulars
LOA: 199.99 m
Breadth: 32.25 m
Depth: 19.15 m
Deadweight: approx. 65,700 metric tons
Capacity: approx. 81,500 m3
Draft: 13.8 m

Related: Tsuneishi delivers world’s first methanol dual-fuel Ultramax bulker to NYK
Related: Japan: NYK to time-charter its first methanol-fuelled bulk carrier

 

Photo credit: NYK Group
Published: 17 June 2025

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