New York-listed international bunkering firm Aegean Marine Petroleum Network has provided several business updates to the market.
The firm announced the appointment of Donald Moore, who has over 40 years of experience at Morgan Stanley, to serve as Chairman of the Board. He was the Chairman of Morgan Stanley Group (Europe) from 2000-2016 where he managed over $552 billion worth of transactions.
The Board of Directors has also directed management to evaluate Aegean’s physical assets, existing footprint, and the capital efficiency of every business activity in which the firm is engaged and each port in which it operates.
It plans to relocate its principal offices from the current location in a building owned and operated by Melisanidis, and expects the relocation and related organizational changes to result in “significant” cost savings.
Separately, Aegean says it recorded “stable” operating results in the first quarter of 2018 which were “largely consistent” with the fourth quarter of 2017 results, but was unable to provide details. However, it noted business continuing to generate positive cash flow.
Moving forward, Aegean notes it has received an expected notice from the New York Stock Exchange (NYSE) stating it is not in compliance with the NYSE’s continued listing requirements due to the delay in filing its annual report.
Aegean clarifies that it will not be in a position to file its annual report until the audit committee completes its annual review, and cannot predict with certainty when the review of the 2017 financial statements will be completed.
“The Company does not expect to make further comment regarding such review until its conclusion,” it says.
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 date: 24 May, 2018
18,000 cbm LNG bunkering vessel built for Korea Line at Hyundai Mipo Dockyard; contract includes option for second vessel.
Under the agreement, Petrol Ofisi will supply bunker fuel to IDO for three years; IDO carries 51 million passengers and 35 million vehicles annually with its fleet.
Trial of the blend supplied by BP was successful and showed no significant differences in operations or any malfunctions that could lead to a breakdown.
Company has had to pivot production due to the relatively low prices for diesel oil; it estimates 20,000 mt of LSR-1 bunker fuel to be shipped out this month.
‘[...] The fuels exceeded the ISO 8217 specification limit of 0.10%m/m for TSP. The TSP values tested were in the range 0.17 % m/m – 0.38 % m/m,’ said FOBAS.
LNG bunkering operations would be based on Pelican Island and will target supply of ships calling on the ports of Galveston, Houston and Texas City.
‘We are happy to sit down with interested parties to discuss this opportunity, and share more details of our business regarding STS transhipment and storage with potential clients upon request,’ states Managing Director.
Top three positive movers in 2021 were Hong Lam Fuels Pte Ltd (+14); Sirius Marine Pte Ltd (+12); and TFG Marine (+11); according to the latest data from the Maritime and Port Authority of Singapore.
Webinar will offer delegates insights on the prevention of operational issues when using VLSFOs, along with an update on biofuels and bunker fuel quality trends for 2021 and its forecast for the current year.
Heating VLSFOs to prevent cold flow issues causes issues related to distillate ageing, and there is a gentle balance to be maintained when handling the product.
Research into n-paraffin distribution of VLSFOs has shown that they not only differ from MGO, but significantly differ from each other as well, states bulletin.
Bunker Holding and Dan-Bunkering have decided not to appeal the city court ruling in the case where the companies were on trial for breaching EU sanctions against Syria, states USTC.
