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Latest: Aegean files for Chapter 11, Mercuria to be ‘stalking horse bidder’

Mercuria to provide $532 million in postpetition financing to fund chapter 11 process and working capital.
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New York-listed bunkering firm Aegean Marine Petroleum Network (Aegean) on Tuesday and certain of its subsidiaries (the debtors) filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the Bankruptcy Court for the Southern District of New York.

The debtors enter this process with the support of Mercuria Energy Group Limited (Mercuria), a key strategic partner and one of the world’s largest independent energy and commodity companies.

Mercuria has agreed to provide more than $532 million in postpetition financing to fund the chapter 11 process and Aegean’s working capital needs. It has also agreed to serve as the stalking horse bidder in a sale process designed to optimise the value of the company as a going concern.

The debtors have filed a motion with the bankruptcy court seeking to jointly administer all of the debtors’ Chapter 11 cases under the caption In re Aegean Marine Petroleum Network Inc., et al. 

The debtors will continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the bankruptcy court and in accordance with the applicable provisions of the US Bankruptcy Code and orders of the bankruptcy court.

The group have filed a series of first day motions with the bankruptcy court that seek authorisation to continue to conduct their business in the normal course, including in relation to employees, customers and suppliers, among others.

They are seeking approval of the Mercuria-led postpetition financing. This financing is designed to ensure Aegean has adequate working capital to fund the business and continue ordinary course operations during the Chapter 11 Cases and to fund the sale process.

In connection with its restructuring efforts, Kirkland & Ellis LLP is acting as legal counsel to Aegean, Moelis & Company LLC is acting as investment banker to Aegean, and EY Turnaround Management Services LLC is acting as restructuring advisor to Aegean.

Related Debtors of Aegean are as follows:

  1. Lead Debtor: Aegean Marine Petroleum Network
  2. Aegean (Fujairah) Bunkering S.A.
  3. Aegean Ace Maritime Company
  4. Aegean Agency (Gibraltar) Limited
  5. Aegean Breeze Maritime Company
  6. Aegean Bunkering (Gibraltar) Limited
  7. Aegean Bunkering (Jamaica) Ltd.
  8. Aegean Bunkering (Singapore) Pte. Ltd.
  9. Aegean Bunkering (Trinidad) Ltd.
  10. Aegean Bunkering (USA) LLC
  11. Aegean Bunkering Combustibles Las Palmas S.A.
  12. Aegean Bunkering (Hong Kong) Limited
  13. Aegean Bunkering Morocco SARL AU
  14. Aegean Bunkering Services Inc.
  15. Aegean Caribbean Holdings Inc.
  16. Aegean Gas Maritime Company
  17. Aegean Holdings S.A.
  18. Aegean Investments S.A.
  19. Aegean Maistros Maritime Company
  20. Aegean Management Services M.C.
  21. Aegean Marine Petroleum S.A.
  22. Aegean Oil (USA), LLC
  23. Aegean Oil Terminal Corporation
  24. Aegean Petroleum International Inc.
  25. Aegean Ship III Maritime Company
  26. Aegean Ship VIII Maritime Company
  27. Aegean Ship XII Maritime Company
  28. Aegean Shipholdings Inc.
  29. Aegean Tankfarms Holdings S.A.
  30. Aegean Tanking S.A.
  31. Aegean Tiffany Maritime Company
  32. Aegean VII Shipping Ltd.
  33. Amorgos Maritime Inc.
  34. AMPN USA, LLC
  35. AMPNI Holdings Co. Limited
  36. AMPNI Investments Co. Limited
  37. Andros Marine Limited
  38. Benmore Services S.A.
  39. Caribbean Renewable Energy Sources Inc.
  40. Cephallonia Marine S.A.
  41. Dilos Marine Inc.
  42. Eton Marine Ltd.
  43. Halki Navigation S.A.
  44. I.C.S. Petroleum Ltd.
  45. I.C.S. Petroleum (Montreal) Ltd.
  46. Ingram Enterprises Co.
  47. Ios Marine Inc.
  48. Ios Shipping Ltd.
  49. Ithaki Marine S.A.
  50. Kassos Navigation S.A.
  51. Kerkyra Marine S.A.
  52. Kimolos Maritime Inc.
  53. Kithnos Maritime Inc.
  54. Kythira Marine S.A.
  55. Lefkas Marine S.A.
  56. Maistros RORO Shipholdings Ltd.
  57. Milos Shipping (Pte.) Ltd.
  58. Mykonos I Maritime Limited
  59. Nevado Navigation S.A.
  60. Ostria RORO Shipholdings Ltd
  61. Paros Maritime Inc.
  62. Paxoi Marine S.A.
  63. Santon Limited
  64. Santorini I Maritime Limited
  65. Sealand Navigation Inc.
  66. Serifos Maritime Inc.
  67. Serifos Shipping (Pte.) Ltd.
  68. Sifnos Marine Inc.
  69. Symi Navigation S.A.
  70. Tasman Seaways Inc.
  71. Tempest Shiptrade Ltd
  72. Tilos Shipping (Pte.) Ltd.
  73. Tinos Marine Inc.
  74. West Coast Fuel Transport Ltd.
  75. Zakynthos Marine Limited

A timeline organised list of events preceding the current development have been recorded by Manifold Times below:

Related: Aegean auditors alleges up to $300 million ‘misappropriated’
Related: Aegean: Forensic auditors target investigations on four companies
Related: President of Aegean to leave, effective November 15
Related: Rumours: Alleged changes at Aegean’s management
Related: Mercuria starts ‘sole lender’ arrangement with Aegean
Related: Aegean establishes new management committee
Related: Mercuria bails Aegean out with $1 billion credit
Related: Ocean Intelligence comments on Aegean credit downgrade
Related: Aegean shares down 71%, to face legal investigations
Related: Aegean audit uncovers $200 million account discrepancy
Related: Aegean unfolds several business developments
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: 6 November, 2018
 

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Winding up

Singapore: Annual general meetings scheduled for Xihe Holdings subsidiaries

Annual general meetings of companies/creditors will be held electronically from between 21 July to 5 for 11 subsidiaries of Xihe Holdings.

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July 7, 2026

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Several notices were published on the Government Gazette on Tuesday (26 May) regarding the annual general meetings of the companies and creditors to be held electronically from between 21 July to 5 August for 11 subsidiaries of Xihe Holdings. 

Annual general meetings for Xin Dun Shipping are to be held on 21 July at the following time:

  • For the company and creditors: 4pm

Annual general meetings for Xin Ya Shipping are to be held on 24 July at the following time:

  • For the company and creditors: 3pm

Annual general meetings for Xin Chun Shipping are to be held on 21 July at the following times:

  • For the company: 2pm
  • For the creditors: 3pm

Annual general meetings for Nan Sia Maritime are to be held on 24 July at the following time:

  • For the company and creditors: 2pm

Annual general meetings for Nan Hai Maritime are to be held on 23 July at the following time:

  • For the company and creditors: 3pm

Annual general meetings for Hua Xin Shipping are to be held on 4 August at the following time:

  • For the company and creditors: 3pm

Annual general meetings for Hua Kang Shipping are to be held on 23 July at the following time:

  • For the company and creditors: 2pm

Annual general meetings for Hua Gang Shipping are to be held on 4 August at the following time:

  • For the company and creditors: 2pm

Annual general meetings for Hua An Shipping are to be held on 22 July at the following time:

  • For the company and creditors: 4pm

Annual general meetings for Dong Fang Shipping are to be held on 22 July at the following times:

  • For the company: 2pm
  • For the creditors: 3pm

Annual general meeting for Nan Ya Maritime is to be held on 5 August at the following time:

  • For the company: 2pm

The agenda for all the meetings are:

  • To receive an update on the liquidation.
  • To receive an account of the Liquidators’ acts and dealings, and of the conduct of the winding up.

The following are the details of the liquidator: 

Ho May Kee
Liquidator
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

 

Photo credit: Benjamin Child
Published: 7 July, 2026

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Methanol

CRI delivers world’s largest e-methanol reactor to Liaoyuan project in China

First phase of the project has a production capacity of 170,000 mt of renewable methanol annually, supporting demand for low-carbon fuels in shipping, chemicals, and other sectors.
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CRI delivers world’s largest e-methanol reactor to Liaoyuan project in China

Carbon Recycling International (CRI) has recently delivered the largest of its kind e-methanol reactor for the Liaoyuan E-Methanol Project in Jilin Province, China. 

CRI, a company that develops and deploys technology that converts carbon dioxide emissions into renewable methanol, said the delivery and successful installation of CRI’s proprietary methanol converter reactor is a major construction milestone. 

“The project continues to progress according to plan toward commissioning and start-up later this year,” it said. 

The Liaoyuan project is being developed by CRI’s client Tianying Group (CNTY) and once commissioned will become the largest e-methanol facility in operation globally. 

The first phase has a production capacity of approximately 170,000 metric tonnes (mt) of renewable methanol annually from green hydrogen and captured biogenic carbon dioxide, supporting the growing demand for low-carbon fuels in shipping, chemicals, and other sectors seeking practical and scalable pathways to decarbonisation.

The methanol converter reactor forms the core of CRI’s proprietary Emissions-to-Liquids (ETL) technology. Designed and supplied by CRI, the reactor is where renewable hydrogen and captured carbon dioxide are converted into renewable methanol through the company’s proven industrial-scale process. It has been specifically designed and constructed with operational flexibility as a key feature and represents the third generation of CRI’s e-methanol reactor design.

The successful installation represented a significant construction milestone and marked the transition to the final stages of project execution.

“The installation of the methanol converter reactor is an important milestone for both Tianying and CRI,” said John Milner, Project Manager at Carbon Recycling International. 

“The reactor is the core of our ETL technology and embodies nearly two decades of innovation, engineering development, and commercial operating experience. Seeing this equipment installed at one of the world’s most ambitious renewable energy projects is a proud moment for our team and a major milestone as the Liaoyuan facility advances toward commissioning and start-up.”

CRI’s technology is already deployed at commercial scale at the company’s reference plants in Anyang and Lianyungang, and the Liaoyuan project represents the next step in the continued deployment of carbon recycling technology to support the production of renewable fuels and chemicals.

 

Photo credit: Carbon Recycling International
Published: 7 July, 2026

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Business

Bunker Oil inks four-year bunker fuel supply deal with Norwegian Defence Materiel Agency

Framework agreement, which entered into force on 1 July, is for the supply of fuel to vessels belonging to the Navy, Coastal Hunter Command, Coast Guard and Governor of Svalbard, among others.
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July 7, 2026

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Bunker Oil inks four-year bunker fuel supply deal with Norwegian Defence Materiel Agency

Norwegian marine fuel supplier Bunker Oil on Friday (3 July) said it has signed a new four-year framework agreement with the Norwegian Defence Materiel Agency for the supply of marine fuel.

The fuel will be supplied to vessels belonging to the Navy, the Coastal Hunter Command, the Coast Guard, the Governor of Svalbard, the Norwegian Coastal Administration, the Institute of Marine Research and the Norwegian Defence Research Establishment, among others.

The new agreement entered into force on 1 July, following the expiry of the current agreement on 30 June 2026. 

The agreement covers the delivery of fuel from Bunker Oil’s plants, tankers and tankers along the entire Norwegian coast – from Kirkenes in the north to Egersund in the south.

The company said Bunker Oil’s strong presence along the coast has been a decisive factor. 

“The authorities have signalled increased activity and presence from the Navy and the Coast Guard in the waters off Troms and Finnmark,” the company said.

“With large facilities in Kirkenes, Båtsfjord, Honningsvåg, Hammerfest and Tromsø, in addition to several smaller facilities, Bunker Oil is well equipped for increased activity in the High North. The facilities in Tromsø, with their proximity to Olavsvern, will be particularly important during the agreement period.”

The deliveries will vary in size – from a few thousand litres for the Coastal Ranger Command’s smaller vessels, to several hundred cubic metres for the Navy’s other fleet.

The contract’s financial framework is estimated at NOK 1.2 to 1.5 billion (USD 122.59 million to USD 153.24 million), and the agreement will have a major impact on activity at Bunker Oil’s facilities along the entire coast.

A renewal of the Navy’s fleet is also underway, and Bunker Oil said it is looking forward to supplying fuel to the new vessels as well.

“We look forward to four more years as a supplier of fuel to the Norwegian Defence Materiel Agency,” said Tore Slinning, contract manager at Bunker Oil.

“The agreement is of great importance to Bunker Oil, in addition to the fishing fleet, which is still by far our largest and most important customer group.”

 

Photo credit: Bunker Oil
Published: 7 July, 2026

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