Tue 20 Feb 2018, 09:23 GMT

Aegean shareholder group 'gravely concerned' by board's 'silence'


Committee for Aegean Accountability says it intends to serve the company with a books and records request.



The Committee for Aegean Accountability - a group of long-term shareholders of bunker supplier Aegean Marine Petroleum who collectively control around 12 percent of the company - issued a statement on Monday to the chairman of the company's board of directors.

Below is the statement issued by Committee leader Tyler Baron on behalf of the Committee:

We are deeply disappointed by the Board's lack of response to our nomination of four highly qualified candidates for election to the Board at the 2018 Annual Meeting. The Committee has, in good faith, made repeated efforts at constructive engagement, including a public letter to the Company in December. To date, these efforts have been met with silence and dismissal from the Board. Unfortunately, this is consistent with the Board's established pattern of inadequately addressing the concerns of the very shareholders for which it has a fiduciary duty to represent, a pattern which required the formation of the Committee to begin with and has persisted.

A foundational principle of corporate governance is that the owners of a company are vested with the power to choose who will best represent their interests and uphold the fiduciary duties to which the board of directors is bound. The Committee's nominations present shareholders with a compelling choice to restore accountability to the Board and unlock substantial shareholder value. Based on extensive feedback from shareholders, the Committee is confident that its views are broadly shared. We look forward to soliciting votes in favor of the election of our slate of four highly qualified nominees to restore credibility on the Board and effect long-overdue changes at the Company.

The Committee would like to remind the Board that while the majority of its members are based in Greece, the Company is subject to the applicable laws and regulations of the Securities and Exchange Commission, the New York Stock Exchange and the Republic of the Marshall Islands, where the Company is domiciled. This Board's troubling history of related party transactions that benefit Founder Dimitris Melissanidis at the expense of shareholders makes us gravely concerned that the Board's silence means it is contemplating a transaction designed to dilute shareholder influence at Aegean. We caution the Board against any attempt to suppress the voting rights of shareholders through a dilutive transaction.

The Committee can only interpret the Board's lack of meaningful response as a further indication of its entrenchment, and absent any communication, we intend to serve the Company with a books and records request to determine the full extent of the Board's involvement in related party dealings. As always, however, we remain ready and willing to engage in constructive discussions with the Company at all times.


Bunkering of Viking Line's Viking Glory by a Gasum vessel in Turku, Finland. Gasum renews FuelEU Maritime pooling partnerships with Viking Line and Wallenius SOL  

Nordic energy company extends compliance pooling arrangements with two shipping companies operating bio-LNG vessels.

Naming ceremony for CMA CGM Carmen on 18 March 2026. CMA CGM names methanol-powered container ship CMA CGM Carmen  

French shipping line christens 15,000-teu vessel as part of its alternative fuel fleet expansion.

Graphic promoting Singapore Shipping Association marine green fuels training course. Singapore Shipping Association launches marine green fuels training course  

One-day programme covers supply chains, emissions accounting and infrastructure for biofuels, methanol, ammonia and hydrogen.

The Hua Hong 68 at the terminal of Sinochem Xingzhong Oil Staging, Zhoushan. China launches first domestic biofuel blending pilot at Zhoushan port  

Sinochem Xingzhong begins processing 2,000 tonnes of biodiesel with high-sulphur fuel oil.

'AeroLNG' ship with WindWings installation. Bureau Veritas approves BAR Technologies’ WindWings power calculation method for tanker installations  

Classification society validates computational approach for quantifying wind-assisted propulsion under IMO frameworks.

The bunkering tanker Avenir Accolade. Stolt-Nielsen sells 50% stake in Avenir LNG to NYK Line  

The two shipping groups will jointly own the LNG bunkering business.

David Ortiz, trading manager at Sonan Energy Panama. Sonan Energy Panama appoints David Ortiz as trading manager  

Former US Marine brings nearly a decade of bunker trading experience to Panama role.

The M/T Jutlandia Swan, operated by Uni-Tankers. Project CLEANSHIP begins collecting operational data from wingsail-equipped tanker  

M/T Jutlandia Swan serves as floating laboratory to measure wind-assisted propulsion performance.

Bernhard Schulte Shipmanagement's (BSM) second methanol dual-fuel bulk carrier. BSM adds second methanol dual-fuel bulk carrier to managed fleet  

Ship manager now operates two methanol-capable vessels as alternative fuel adoption continues in the bulk sector.

Petrobras logo. Petrobras suspends MGO export sales following Brazilian government’s 50% export tax  

State oil company halts distillate fuel exports while assessing impact of new levy.