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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Gener8 sees bunker costs jump 31% in 2016

14 Mar 2017 12:17 GMT

Aegean sold 69% of total, but $3 million less than the previous year.



Crude transportation firm Gener8 Maritime, Inc. reports that total bunker and lubricant costs rose by $1.776 million, or 30.9 percent, to $7.522 million in 2016 compared to the previous year's figure of $5.746 million.

In its annual report, issued on Monday, Gener8 confirmed that bunker firm Aegean Marine Petroleum Network Inc. supplied the company's fleet with marine fuel and lubricants worth $5.2 million last year, which represents 69.1 percent of the overall total.

The value of fuel and lubricants delivered by Aegean in 2016 was $3 million, or 36.6 percent, lower than the $8.2 million invoiced by the supplier in 2015, and $11.8 million, or 69 percent, below the $17.1 million sold to Gener8 in 2014.

"As of December 31, 2016 and 2015, no balance remains outstanding," Gener8 said in its report.

Gener8 explained also that it provided office space to Aegean and that the bunker supplier incurred rent and other expenses of $200,000 per annum at its New York office in 2016, 2015 and 2014.

"As of December 31, 2016 and 2015, a balance of $0 and $4,000, respectively, remains outstanding," Gener8 said in reference to the office costs.

Peter C. Georgiopoulos, chairman of Gener8 Maritime, is also the chairman of Aegean's board of directors, whilst John Tavlarios, the company's chief operating officer (COO), is on the board of directors of Aegean.

In his employment agreement with Gener8, Georgiopoulos is required to devote at least 50 percent of his business time to his duties with the firm provided that he is not prevented from continuing his involvement with certain other businesses with which he is currently involved, including Aegean Marine Petroleum, Maritime Equity Management LLC and Chemical Transportation Group Ltd.

Integr8 Fuels

Gener8 also reported that, unlike previous years, in 2016 it purchased no fuel from Integr8 Fuels Inc., a subsidiary of Navig8 Ltd. In 2015, Gener8 had ordered bunkers worth $6.5 million, whilst in 2014 its bunker purchases from Integr8 Fuels amounted to $8.6 million.

"As of December 31, 2016 and December 31, 2015, there was no balance due to Integr8 Fuels Inc," Gener8 said.

Gener8 Maritime Inc. was formed in 2015 as a result of the merger between tanker owner General Maritime Corporation and Navig8 Crude Tankers Inc.




Related Links:

Gener8 profit plunges as operating costs rise
Gener8 Maritime takes delivery of 19th 'Eco' VLCC
Aegean Marine Petroleum S.A.
Integr8 Fuels Europe Ltd.
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