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Class action lawsuit filed against Bunker One affiliated Vertex Energy

Vertex Energy investors alleged the firm failed to disclose, ahead of its acquisition of Shell’s Mobile refinery, that it had entered into hedging contracts that capped profit margins on 50%.

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Bernstein Liebhard LLP on Thursday (8 March) announced that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Vertex Energy, Inc. (Vertex) between April 1, 2022 and August 8, 2022.

Vertex is a significant production partner of marine fuels firm Bunker One after they entered a 10-year marine fuel Joint Supply and Marketing Agreement in 2020 and Bunker One is an investor in Vertex Energy.

The lawsuit was filed in the United States District Court for the Southern District of Alabama and alleges violations of the Securities Exchange Act of 1934.

Prior to the start of the Class Period, Vertex’s primary business involved the collection and processing of used motor oil. In early 2021, Vertex announced that it had reached an agreement to acquire an oil refinery located in Mobile, Alabama from Shell Oil. The refinery was viewed as a “transformative” acquisition for Vertex, expected to significantly increase the Company’s projected annual revenues, from USD 115 million in fiscal year 2021 to a projected USD 4 billion in fiscal year 2023. A key component of the acquisition was Vertex’s plan to convert a portion of the refinery’s 91,000 barrel-per-day output to renewable diesel fuel, which was expected to generate higher profits than the refinery’s conventional gasoline and diesel fuel outputs. The acquisition of the Mobile refinery acquisition was expected to close in early 2022.

To successfully operate the Mobile refinery, Vertex, like other oil refiners, would be required to procure raw crude oil from suppliers, process it into finished products such as gasoline, diesel, and jet fuel, and sell the finished products to distributors who would then sell the products to end users. The difference between the prices at which Vertex acquired crude oil inventory and the prices at which it sold the finished products inventory is known in the refining industry as the “crack spread.” Crack spreads, which fluctuate over time based on domestic and global oil prices, are widely viewed by analysts and investors as the key component of potential profits for oil refiners like Vertex.

Plaintiff alleges that, throughout April 1, 2022 and August 8, 2022, Defendants failed to disclose, among other things, that prior to the acquisition of the Mobile refinery, Defendants had entered into inventory and crack spread hedging derivatives that significantly capped the profit margins on 50% of the Mobile refinery’s expected output over the period April 1, 2022 to September 30, 2022, affecting over 6.5 million barrels of refined fuel output.

On August 9, 2022, before the market opened, Vertex filed with the SEC a Form 8-K that included its second quarter 2022 earnings release and held an earnings conference call for analysts and investors (Q2 earnings call). In the earnings release, and on the call, Vertex disclosed massive losses incurred at the Mobile refinery during the second quarter of 2022. Vertex announced a net loss for the Company of USD 63.8 million. Vertex also announced that adjusted EBITDA for the Mobile refinery, even after adjusting for certain incurred losses, was only USD 63.6 million, compared to the guidance given just three months prior for EBITDA of USD 120-USD 130 million in the second quarter, a total shortfall of 50%. Vertex also withdrew its financial guidance for the remainder of fiscal year 2022 and fiscal year 2023.

On this news, Vertex’s stock price fell USD 6.18 per share, or 44%, to close at USD 7.80 per share on August 9, 2022.

Related: Vertex and Bunker One enter into 10-year Marine Fuel agreement
Related: Bunker One enters strategic alliance with Vertex Energy to strengthen U.S. position

 

Photo credit: Essow on Pexels
Published: 13 March, 2023

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Bunker Fuel

Singapore: Bunker fuel sales down by 3.8% on year in July 2026

4.73 million mt of various marine fuel grades were delivered at the world’s largest bunkering port in July, up from 4.92 million mt recorded during the similar month in 2025.

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Singapore: Bunker fuel sales down by 3.8% on year in July 2026

Sales of marine fuel at Singapore port fell by 3.8% on year in July 2026, according to data from the Maritime and Port Authority of Singapore (MPA).

In total, 4.73 million metric tonnes (mt) (exact 4,731,900 mt) of various marine fuel grades were delivered at the world’s largest bunkering port in July, up from 4.92 million mt (4,918,000 mt) recorded during the similar month in 2025.

Deliveries of marine fuel oil, low sulphur fuel oil, ultra low sulphur fuel oil, marine gas oil and marine diesel oil in July (against on year) recorded respectively 1.95 million mt (zero from 1.95 million mt), 2.33 million mt (-2.1% from 2.38 million mt), 1,600 mt (+100% from zero), 700 mt (-82% from 3,900 mt) and zero (from zero).

Singapore: Bunker fuel sales down by 3.8% on year in July 2026

Bio-blended variants of marine fuel oil, low sulphur fuel oil, ultra low sulphur fuel oil, marine gas oil and marine diesel oil in July, (against on year) recorded respectively 8,200 mt (-83.7% from 50,300 mt), 29,900 mt (-62.9% from 80,500 mt), zero (from zero), zero (from zero) and zero (from zero). B100 biofuel bunkers, introduced in February last year, recorded 1,400 mt (-46.2% from 2,600 mt). 

LNG and methanol sales were 58,700 mt (+41.4% from 41,500 mt) and zero (from zero) respectively. There were no recorded sales of ammonia for the month and so far since 2025.

 

Photo credit: Maritime and Port Authority of Singapore
Published: 17 August, 2026

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Alternative Fuels

Ammonia, methanol bunkering workshops to be held at 13th Singapore Safety@Sea Week

Three workshops on ammonia bunkering, methanol bunkering, and crew safety awareness are part of MPA’s Safety@Sea Week, which will be held from 17 to 21 August.

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Singapore

The Maritime and Port Authority of Singapore (MPA), together with industry partners, on Monday (17 August) launched several new initiatives to enhance maritime safety. 

Announced at the opening of the 13th Singapore Safety@Sea Week, these initiatives will support shared learning, strengthen operational capabilities, and prepare the industry for the safe adoption of new technologies.

Organised by MPA from 17 to 21 August, this year’s Safety@Sea Week is themed “All Hands on Deck – Safety First!”. About 1,500 participants from across the maritime community are expected to take part in 18 events organised by MPA and its partners. 

These include the Safety@Sea Symposium, featuring seven speakers across two panel sessions, and three workshops on ammonia bunkering, methanol bunkering, and crew safety awareness. 

Speaking at the opening, Mr Murali Pillai, Senior Minister of State for Law and Transport, highlighted three priorities for strengthening maritime safety: harnessing technology responsibly, preparing early for emerging risks, and keeping people at the centre of safety. He also underscored the importance of strong partnerships across the maritime community in building a strong safety culture.

At the opening of Safety@Sea Week, the National Maritime Safety at Sea Council and the Singapore Shipping Association launched the Singapore Near Miss Reporting System to encourage the reporting and sharing of lessons from near miss incidents.

Modelled on the internationally recognised Confidential Human Factors Incident Reporting Programme (CHIRP), the system provides sea space users with a confidential online channel to report near misses. CHIRP will independently receive the submissions and provide anonymised information to the Council, which will distil key safety lessons for sharing with the wider maritime community.

Note: More information about the event can be found here

 

Photo credit: Peter Nguyen on Unsplash
Published: 17 August, 2026

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Bunker Fuel

Alkagesta highlights key insights on European choke point pressures in August

Update covers dual supply crisis currently shaping global bunker markets — a stalled Strait of Hormuz peace process and Rhine water levels at a 140-year record low — and the implications for Singapore.

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Alkagesta

Malta-based global commodity trading house Alkagesta recently shared latest market insight examining the dual supply crisis gripping global energy markets as diplomatic efforts to reopen the Strait of Hormuz stall and Rhine water levels fall to record lows, creating what the company describes as a “state of emergency” for European inland fuel distribution.

In an article published on Alkagesta Market Insights on 11 August, the company’s trading and market intelligence teams outlined how the convergence of two simultaneous logistical crises is tightening prompt fuel availability across Singapore, Northwest Europe, and the Mediterranean:

Strait of Hormuz transits fell to a near-one-month low of 13 ships on August 9 following an attack on an ADNOC-linked tanker, as both the US and Iran demand war reparations before any reopening agreement can be reached. Simultaneously, Rhine water levels at the Kaub chokepoint fell to 16 cm on August 10 — the lowest since records began in 1880 — with forecasts pointing to a further drop to just 4 cm by August 14, effectively halting barge traffic and trapping fuel oil stocks at the ARA hub.

The supply picture across both key hubs has deteriorated sharply. In Singapore, Middle Eastern fuel oil imports nearly tripled week-over-week to 328,878 mt by July 29 — the highest volume since March — providing some relief as onshore commercial heavy distillate stocks rose to a five-week high of 19.58 million barrels by August 5. However, July bunker fuel sales are estimated to have fallen 3.7% month-over-month to 4.44 million mt, with elevated premiums redirecting prompt demand toward alternative ports including Zhoushan and Port Klang.

In Europe, the VLSFO market remains acutely undersupplied as refiners continue to prioritize high-margin diesel over low-sulfur blending components, while the Rhine crisis has forced barges to operate at just 15–20% of normal capacity — with freight rates from Rotterdam to Karlsruhe rising more than 400% in two months.

Alkagesta’s strategic outlook points to a potential total breakdown in Rhine-linked inland distribution by mid-August, a VLSFO Hi-5 spread likely to remain above $200/mt through Q3, and a global crude market that analysts warn requires an additional 2.1 million b/d for 18 months to rebuild depleted inventories.

Note: The full article can be read here.

 

Photo credit: Alkagesta
Published: 17 August, 2026

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