Minerva Bunkering
FormerlyAegean Marine Petroleum Network Inc.
TypeSubsidiary
IndustryPetroleum industry
PredecessorsAegean Marine Petroleum Network Inc.
Minerva Bunkers Pte Ltd.
Founded1995 in Athens, Greece as AMPNI
2014 in Singapore as Minerva Bunkers Pte Ltd.
2019 in Singapore as Minerva Bunkering
FounderDimitris Melissanidis (founder of AMPNI)[1]
Mercuria (founder of Minerva Bunkers and Minerva Bunkering)
Headquarters
Geneva
,
Switzerland
Area served
Worldwide
Key people
Tyler Baron (CEO)[2][3]
ProductsMaritime fuels
ServicesBunkering
Number of employees
850 (2018)
ParentMercuria Energy Group
Websiteminervabunkering.com

Minerva Bunkering is a supplier of marine fuels and bunkering services headquartered in Geneva, Switzerland. It was founded in 2019 as a wholly owned subsidiary of Mercuria Energy Group. It quickly absorbed the larger Aegean Marine Petroleum Network (AMPNI), a public company listed on the New York Stock Exchange, when Aegean was acquired by Mercuria, and Minerva Bunkers, another subsidiary of Mercuria founded in 2014

History

Roots of Minerva Bunkering go back to Aegean Marine Petroleum Network (AMPNI), established in 1995 by Dimitris Melissanidis in Piraeus, Greece,[1] and Minerva Bunkers Pte Ltd., established in December 2014 by Mercuria in Singapore.[4][5] Aegean Marine Petroleum Network 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.[1]

Minerva Bunkers began with a core group of more than 40 marine fuel specialists who came from the bankrupt Danish ship-fuel supplier OW Bunker in December 2014.[4][7]

In August 2018, Mercuria Energy Group acquired almost one-third of AMPNI's shares.[1] In October 2018, an audit revealed substantial accounting problems at Aegean, to the tune of US$300 million.[1][8] 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.[9][10] Consequently, Aegean Marine was acquired by Mercuria, and its assets were taken over by the newly Minerva Bunkering.[2][11] Correspondingly, 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. It operates from hubs in Geneva, Athens, New York, Singapore, Antwerp and Las Palmas.[12]

See also

References

  1. 1 2 3 4 5 Hope, Kerin (2018-11-01). "Auditors probe potential $200m fraud at Aegean Marine". Financial Times. Retrieved 2019-09-12.
  2. 1 2 "Aegean Marine Is Now Minerva Bunkering". Ship & Bunkering. 2019-04-04. Retrieved 2019-09-12.
  3. ↑ "Minerva Bunkering Appoints Tyler Baron as Chief Executive Officer". Hellenic Shipping News. 30 April 2019. Retrieved 12 September 2019.
  4. 1 2 Atkins, Matt (2015-02-04). "Industry Insight: Where Did OW Bunker's Staff Resurface?". Ship & Bunker. Retrieved 2020-08-06.
  5. ↑ "Mercuria Announces Expansion to Minerva Maritime Fuel Business" (Press release). Mercuria Energy Group. 12 March 2015. Retrieved 8 July 2020.
  6. ↑ "Amid Fraud Allegations, Aegean Marine Files for Bankruptcy". The National Herald. 2018-11-08. Retrieved 2019-09-12.
  7. ↑ "Mercuria Adds over 40 Former OW Bunker Employees". Offshore Energy. 16 December 2014. Retrieved 8 July 2020.
  8. ↑ "A $300mn fraud case sinks Aegean Marine Petroleum". in.gr. 2018-11-05. Retrieved 2019-09-12.
  9. ↑ "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
  10. ↑ Payne, Julia (2019-03-27). "Energy trader Mercuria gets green light to buy Aegean Marine Petroleum". Reuters. Retrieved 2019-09-12.
  11. ↑ "Restructured Aegean Marine Becomes Minerva Bunkering". World Maritime News. 2019-04-05. Retrieved 2019-09-12.
  12. ↑ "About". Mercuria Energy Group. Retrieved 8 July 2020.
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