Minerva Bunkering

Minerva Bunkering (former name: Aegean Marine Petroleum Network Inc. (AMPNI)) is a supplier marine fuels and bunkering services headquartered in Geneva, Switzerland and formerly in Piraeus, Greece. It was publicly listed in New York Stock Exchange before it became a wholly owned subsidiary of Mercuria Energy Group. Key people are Magid Shenouda,[4] the Global Head of Trading and Tyler Baron, CEO of Minerva Bunkering.

Not to be confused with Aegean Oil.
Minerva Bunkering
Formerly
Aegean Marine Petroleum Network Inc.
Subsidiary
IndustryPetroleum industry
Founded1995 (Athens,Greece)
FounderDimitris Melissanidis 
Headquarters
Geneva
,
Switzerland
Area served
Worldwide
Key people
Tyler Baron (CEO)[1][2]
ProductsMaritime fuels
ServicesBunkering
OwnerMagid Shenouda[3]
Number of employees
850 (2018)
ParentMercuria Energy Group
Websiteminervabunkering.com

History

Aegean Marine Petroleum Network was established in 1995 by Dimitris Melissanidis.[5] It started to operate with one bunkering station in the Port of Piraeus.[6] The second bunkering station was opened in Gibraltar in 1997, followed by stations in Fujairah (2001), Kingston, Kingston (2005), Singapore (2006),  and other locations around the world. In 2006, it was listed in New York Stock Exchange through a public offering.[5]

In August 2018, Mercuria Energy Group acquired almost third of the AMPNI's shares.[5]  In October 2018, an audit revealed substantial accounting problem, to the tune of US$300 million.[5][7]  Aegean Marine commenced its Chapter 11 process in November 2018, reorganizing in order to improve its liquidity. Under the terms of the restructuring deal, Mercuria Energy Group received 100% of the common equity of the reorganized company. The US Bankruptcy court approved of the company's reorganization plan in March 2019.[8][9] Consequently, Aegean Marine was acquired by Mercuria and was renamed as Minerva Bunkering.[1][10] The headquarters of the company was moved to Geneva, Switzerland.

Operations

Minerva Bunkering is a marine fuel logistics company that physically supplies and markets refined marine fuel and lubricants to ships in port and at sea.

See also

References
  1. "Aegean Marine Is Now Minerva Bunkering". Ship & Bunkering. 2019-04-04. Retrieved 2019-09-12.
  2. "Minerva Bunkering Appoints Tyler Baron as Chief Executive Officer". Hellenic Shipping News. 30 April 2019. Retrieved 12 September 2019.
  3. https://www.bloomberg.com/profile/person/15325305
  4. https://www.bloomberg.com/profile/person/15325305
  5. Hope, Kerin (2018-11-01). "Auditors probe potential $200m fraud at Aegean Marine". Financial Times. Retrieved 2019-09-12.
  6. "Amid Fraud Allegations, Aegean Marine Files for Bankruptcy". The National Herald. 2018-11-08. Retrieved 2019-09-12.
  7. "A $300mn fraud case sinks Aegean Marine Petroleum". in.gr. 2018-11-05. Retrieved 2019-09-12.
  8. "Aegean Marine Petroleum Network Inc. Plan of Reorganization Confirmed by Court" (Press release). Aegean Marine Petroleum Network Inc. March 27, 2019. Retrieved September 11, 2019. Aegean Marine Petroleum Network Inc. announced today that the U.S. Bankruptcy Court…has confirmed its plan of reorganization. This development paves the way for the Company to emerge from Chapter 11 restructuring next week as a wholly-owned subsidiary of Mercuria Energy Group Limited
  9. Payne, Julia (2019-03-27). "Energy trader Mercuria gets green light to buy Aegean Marine Petroleum". Reuters. Retrieved 2019-09-12.
  10. "Restructured Aegean Marine Becomes Minerva Bunkering". World Maritime News. 2019-04-05. Retrieved 2019-09-12.
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