BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



Aegean to cease physical bunker supply operation in Singapore

Management decides resources can be more profitably deployed elsewhere following 'heightened commercial pressures' at Asian hub.



Image credit:


Updated on 01 Nov 2017 00:01 GMT

Aegean Marine Petroleum Network Inc. has announced that after almost 11 years as a prominent bunker player in Singapore, it will be ceasing its physical supply operation at the port from January 2018.

The NYSE-listed firm - ranked as Singapore's 20th-biggest physical supplier in 2016 - said it will still maintain a trading presence at the Asian bunkering hub.

Explaining the reason for the decision, president Jonathan McIlroy said: "The bunkering market in general, and the Singapore market in particular, are extremely competitive. We had hoped that enforcement of mandatory mass flow meter (MFM)-equipped bunker barging in January would have driven commercial improvement in the Singapore market, allowing Aegean to compete profitably. However, 2017 has seen heightened commercial pressures in Singapore, and as a result, management has determined that Aegean's resources can be more profitably deployed elsewhere."

Aegean confirmed that it was in the process of arranging its orderly withdrawal as a physical supplier in conjunction with the Maritime and Port Authority of Singapore (MPA) and its barging and cargo partners in the market.

"All deliveries and contracts that we have booked with clients' vessels, cargo providers and barge contractors will be fulfilled," Aegean's president stressed.

"We will continue to employ a team of traders and support staff who will actively support our valuable clients in this market. This office will support our broad base of Asian customers across both our global physical supply network as well as handling back-to-back bunker trading and our lubricants business in Singapore and South-East Asia," said McIlroy. "We have an extensive customer base in Asia and we are committed to supporting the valued clients of our business."

Aegean added that it believes it is in "advanced stages of development" with "a number" of physical supply projects in new locations.

McIlroy commented: "We expect to debut these new markets over the course of 2018 and believe they will continue to reinforce Aegean's commitment of being an innovative market leader as the industry looks forward to change ahead in 2020."






Related Links:

Aegean hires Justin Yagerman as Senior VP Investor Relations and Business Strategy
Aegean sees 'steep increase' in South Africa demand following fuel shortage in Brazil
Aegean opens Taiwan office, starts ex-wharf sales to suppliers in Fujairah
Aegean posts profit drop as 'sales margins remain under pressure'
Aegean Marine Petroleum launches trading office in Dubai
Aegean Marine Petroleum S.A.
Singapore
Singapore

Latest News:

Concept ship shows IMO CO2 reduction targets can be met: Project Forward
Oil and fuel oil hedging market update
Tallink signs LOI to build second LNG-fuelled ferry
Will Saudi Arabia be able to replace Iranian oil?
North Sea Port sees biggest LNG bunker delivery to date
Gaseous fuels 'the only way forward': MAN CSO
Fluxys and Novatek sign Rostock lease for LNG terminal, bunkering
ExxonMobil launches new Mobilgard lube for high-speed diesel engines
Oil market closed higher following API draw
Oil and fuel oil hedging market update
GTT and Dongsung Finetec sign MoU to market LNG Brick bunker tank
IMO 2020: Ship managers 'concerned' about impact on crew safety




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events