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Bomin Group, a physical supplier and trader of marine fuels, has announced that it will be closing its offices in Athens and London.

Explaining the reason for its decision, Bomin said that, in order to meet the needs of its clients moving forwards, it would be investing in key areas - as it has done recently in Singapore and Europe.

"The marine fuel supply chain is experiencing significant transition and change, in line with new regulations and added complexity. It is therefore critical that Bomin's global infrastructure and resources are invested in the right areas to ensure it can meet the customers' requirements. As part of this process the company has increased its physical infrastructure in key areas including Singapore and in Europe, in line with its value driven physical trader model," Bomin said.

According to the Hamburg-headquartered firm, the offices in Athens and London no longer form part of its business plan.

"In future, Bomin will not focus resources where there is no strategic alignment with its overall business strategy. As a result the company has taken the decision to close its operations in Athens and London. Existing customers in these regions will be serviced through Bomin's global network," Bomin said.

Thomas Roller, Managing Director, Bomin Group, remarked: "In this new era for bunkering, success will be defined by investing resources in areas that drive growth, and in creating a strong and a robust infrastructure to meet ship owners' increasing challenges in relation to the marine fuel supply chain. Therefore, it is critical for us to concentrate on operations that support our business model. We want Bomin to be the preferred partner of choice for fuel supply, founded on ensuring quality, integrity, and commercial responsibility, as well as respected for running a profitable and sustainable business."

The development comes less than a month after Bomin's decision to sell its shareholding in the joint venture LNG bunkering business Bomin Linde LNG. The company's 50-percent stake in Bomin Linde LNG, which was established in 2012 with joint venture partner Linde AG, was acquired by Linde AG. It now owns all the shares in the business.

Commenting on the reason for the decision last month, the German bunker specialist said: "Bomin took the decision based on the speed of transition within the marine fuel supply chain in line with changing regulations. The demand for LNG has been slower than anticipated, and while LNG remains a viable clean fuel product, Bomin's focus in the short to medium term will be on other alternative products that meet emissions regulations."

Bomin is 100 percent owned by Mabanaft, which is the trading division and subsidiary of Marquard & Bahls AG. Other subsidiaries are: Oiltanking, Skytanking and Mabagas.

Image: Bomin's head office in Hamburg, Germany.