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Genoa-headquartered Fratelli Cosulich has confirmed the acquisition of 100 percent of the shares of Monaco-based bunker trading company Chemoil Monde-Export SAM.

In a statement, Fratelli Cosulich said: "The acquisition is consistent with the growth plans that Fratelli Cosulich has embarked on, focusing on companies that share that same values and long-term view on business."

The Italian firm added: "Chemoil Monde-Export has been very active for more than 30 years, and appreciated by clients and suppliers alike for its reliability and impeccable reputation. The company counts on four experienced bunker traders and a family-like management style."

Fratelli Cosulich is a diversified multinational group founded in 1857. Today, the business operates in 15 countries. Its activities include marine fuels trading and physical supply, ship owning, ship management, ship agency and yacht services, freight forwarding and steel trading.

Fratelli Cosulich's bunker division operates at the company's head office in Genoa as Fratelli Cosulich S.p.A. and its yacht bunkering business FemoBunker S.r.l. It also carries out bunker trading and broking in Hong Kong as Fratelli Cosulich Bunkers (HK) Ltd. and in Haiphong, Vietnam, under the trading name Fratelli Cosulich Bunkers (HK) Ltd. In New York, the company operates as a bunker trader and broker under the business name Asamar Inc.

In Singapore, Fratelli Cosulich Bunkers (S) Pte Ltd acts as a bunker supplier and trader. Last year, the company was 40th on the Maritime and Port Authority of Singapore's (MPA) list of suppliers by volume in a ranking of 63 licensed firms.