The Committee for Aegean Accountability Thursday filed a lawsuit at a US court in the Southern District of New York against Athens-based international bunkering firm Aegean Marine Petroleum Network (Aegean).
The activist investors were seeking a temporary restraining order to stop Aegean’s acquisition of maritime and offshore waste treatment firm H.E.C. Europe Limited (H.E.C.), according to a filing obtained by The Wall Street Journal.
The investors believed Aegean was conducting “a corrupt corporate acquisition” and the acquisition will “line the pockets” of Aegean’s founder; the development is also designed to block efforts by the activist investors to nominate their own group of ‘highly qualified’ candidates to the Aegean board.
Aegean “announced this patently unfair transaction in the face of a contested board election in a transparent effort to entrench current directors,” the investors said in the lawsuit.
“The proposed acquisition would be just the latest in a long history of interested corporate actions, sanctioned by an obedient and self-serving board of directors.”
Related: Aegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
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: 12 March, 2018
The Abbas was delivering MGO to SafMarine Chilka at the Port of Tanjung Pelepas on Wednesday morning when authorities showed up for investigations.
South African Maritime Safety Authority obtains letter of guarantee for approx. $359,000 for clean-up costs.
Marine Sulphur Content Clause and Fuel Transition Clause now available on the BIMCO website.
Firms and vessels involved in the transportation of oil cargo from Venezuela to Cuba, it said on Friday.
Meetings will be held at 600 North Bridge Road, #05-01 Parkview Square, Singapore 188778 on 26 September 2022 from 9am to 1pm, according to Government Gazette post.
U.S. Coast Guard discovers active fuel oil leak in the ship’s purifier room that resulted from disabling the fuel oil heater pressure relief valves.
Discussions around the need to develop methanol bunkering operations are taking place at numerous ports ahead of estimated demand of above 7M mtpa by 2030, says Chris Chatterton of Methanol Institute.
‘Economics of the shipping market will be the key driver enabling methanol to be adopted at a higher pace going forth over next couple years as market begins to return to more normal rates,’ states COO.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
Livestock carrier also involved in earlier bunker claim with Glander International Bunkering due to remaining unpaid fuel bill of approximately USD 116,000, according to court documents obtained by Manifold Times.
