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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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World Fuel Services tops Aegean's list of approved debtors

18 Dec 2017 15:51 GMT

Glencore subsidiaries second on the list with approved limit of $35 million.



Aegean Marine Petroleum has included a list of its approved debtors in its latest filing to the U.S. Securities and Exchange Commission (SEC), submitted on Friday.

In the 401-page document - which outlines the company's recently signed $750 million credit facility, with an accordion option for an additional $250 million - Aegean lists six key organizations as approved debtors, with the top two being bunker sales and brokering specialists.

The companies are: Glencore Group's Chemoil and Oceanconnect, Hapag-Lloyd AG, Mitsui, Qatargas, Wallenius Wilhelmsen Logistics AS / Eukor Car Carriers Inc and World Fuel Services.

According to the document, Aegean has specific credit limits in place with the aforementioned businesses (before application of an advance rate), plus an increment of $10 million, subject to credit insurance, security and other arrangements.

In the case of World Fuel Services, the US-headquartered bunker seller has the largest credit limit of $40 million, plus an increment of $30 million. The approved subsidiaries are: World Fuel Services Europe Ltd; World Fuel Services Trading, DMCC; World Fuel Services (Singapore) Pte Ltd; and World Fuel Services Americas, Inc.

Glencore's affiliates, meanwhile, have a $35 million credit limit as approved debtor. The seven firms listed are: Chemoil International Pte Ltd, Chemoil Middle East DMCC, Chemoil Latin America Inc, Chemoil Corporation, Oceanconnect Marine Pte Ltd, Oceanconnect Marine Inc, and Oceanconnect Marine UK Ltd.

Shipowners Hapag Lloyd, Wallenius Wilhelmsen Logistics AS / Eukor Car Carriers Inc, and Qatargas Group's subsidiaries Qatargas Operating Company Ltd and Qatar Gas Transport Company Ltd each have an approved limit of $30 million.

Finally, Mitsui Group's Mitsui & Co Petroleum Ltd and Mitsui OSK Lines Ltd have a total limit of $25 million.


Image: Aegean Marine Petroleum Network Inc storage tank facility. Image credit: Aegean Marine Petroleum




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