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 shares more than triple following Mercuria MoU

Market reacts positively to refinancing and strategic partnership agreement.



All the twos: Aegean's share price jumped 222.22 percent to $2.03 on July 5, 2018. Image credit: Pixabay CC0


Updated on 06 Jul 2018 08:25 GMT

The share price of Aegean Marine Petroleum more than tripled in value on Thursday following the announcement that the bunker firm had reached an agreement with Mercuria Energy Group on a $1 billion refinancing and potential strategic partnership.

By the close of trading, the price of Aegean's shares had skyrocketed $1.40, or 222.22 percent, to $2.03, up from Tuesday's record-low closing price of $0.63.

The share price is the highest since the company announced - after the close of business on June 4, when the share price was at $2.85 - that it believed around $200m of accounts receivable owed would need to be written off. This subsequently resulted in class action lawsuits being filed against Aegean and former members of its senior management, with the company's stock value dropping at one point to $0.60.

Under the terms of the memorandum of understanding (MoU) between Aegean and Mercuria, Mercuria is to provide a $1bn trade finance facility to support Aegean's revolving credit facilities. And once the facility is closed, Aegean will issue new shares equal to 30 percent of its common stock to Mercuria and invite a representative of Mercuria to join its board of directors.

In the agreement, Mercuria could also decide to pursue a strategic partnership with Aegean, which would include operational services, trading and hedging arrangements.

The 52-week range for Aegean shares is $0.60 to $6.00, whilst the firm's market capitalization is $82.5 million.






Related Links:

Mercuria in MoU with Aegean to provide $1bn refinancing and secure 30% stake
Class action lawsuit filed by Aegean shareholder against the company, former president and ex-CFO
Two US law firms file class action lawsuit against Aegean
Aegean expects to write off $200m and take legal action
Aegean appoints chairman, but no 2017 report until after Audit Committee review
Aegean Marine Petroleum S.A.

Latest News:

EGCSA 10th anniversary workshop to be held in London
EGCSA member survey reveals scrubber system increase
Oil and fuel oil hedging market update
Many unresolved issues left for last PPR meeting before 2020: IBIA
Volatility and supply
IBIA calls for bunker sample verification guidelines before 2020
GP Global inks accord to produce and market Cepsa marine lubes in India
Oil and fuel oil hedging market update
North P&I launches guide on avoiding and defending bunker disputes
Build in stockpiles and record high U.S. oil production
IMO working group develops plan to help ships prepare for 2020
Oil and fuel oil hedging market update




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
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