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{{Short description|Petroleum refining and trading company}}
{{Distinguish|Aegean Oil}}
{{Infobox company
{{Infobox company
| name = Minerva Bunkering
⚫
| company_name = Aegean Marine Petroleum Network Inc
| type = [[Subsidiary]]
| company_type = [[Public company|Public]] ({{Athex|AMP}})
| traded_as = {{ubl|{{Athex was|AMP}}|{{NYSE was|ANW}}}}
| foundation = 2000
| logo = Minerva Bunkering Logo.png
⚫
| location_city = [[Piraeus]]
⚫
| former_name = Aegean Marine Petroleum Network Inc.
⚫
| location_country = [[Greece]]
| foundation = {{start date and age|1995}} in [[Athens]], Greece as AMPNI<br/>{{start date and age|2014}} in Singapore as Minerva Bunkers Pte Ltd.<br/>{{start date and age|2019}} in Singapore as Minerva Bunkering
| key_people = [[Dimitris Melissanidis]]
| founder = [[Dimitris Melissanidis]] (founder of AMPNI)<ref name=ft011118/><br/>Mercuria (founder of Minerva Bunkers and Minerva Bunkering)
| area_served = Worldwide
| predecessors = Aegean Marine Petroleum Network Inc.<br/>Minerva Bunkers Pte Ltd.
| successor =
| dissolved =
⚫
| location_city = [[Geneva]]
⚫
| location_country = Switzerland
| key_people = Tyler Baron ([[Chief executive officer|CEO]])<ref name=sb040419/><ref name=hsn300419>{{cite news|url=https://www.hellenicshippingnews.com/minerva-bunkering-appoints-tyler-baron-as-chief-executive-officer/|title=Minerva Bunkering Appoints Tyler Baron as Chief Executive Officer|date=30 April 2019|accessdate=12 September 2019|work=Hellenic Shipping News}}</ref>
| industry = [[Petroleum industry]]
| industry = [[Petroleum industry]]
| products = [[Oil refinery|Petroleum refining]] and marketing
| products = Maritime fuels
| services = [[filling station|Fuel stations]]
| services = [[Bunkering]]
| revenue =
| revenue = [[Euro|€]]7.505 billion <small>(2009)</small><ref>[http://www.ampni.com/trading_team.asp?menuid=4&which=7 Aegean Revenue]</ref>
| revenue_year =
| operating_income = {{profit}} €178.5 million <small>(2009)<ref> [http://www.ampni.com/service_centers.asp?menuid=4 Aegean Operating Income]</ref>
| operating_income =
| net_income = {{profit}} €106.4 million <small>(2009)</small><ref>[http://www.ampni.gr/delivery.asp Aegean Net Income]</ref>
| income_year =
| num_employees = 2,860 <small>(2009)</small><ref>[http://www.ampni.com/contact.asp Aegean employees]</ref>
| net_income =
| homepage = [http://www.aegeanoil.gr// www.aegeanoil.gr]
| intl = yes
| net_income_year =
| assets =
| assets_year =
| equity =
| equity_year =
| num_employees = 850
| num_employees_year = 2018
| parent = [[Mercuria Energy Group]]
| homepage = {{URL|minervabunkering.com}}
}}
}}


'''Minerva Bunkering''' is a supplier of marine fuels and [[bunkering]] services headquartered in [[Geneva]], Switzerland. It was founded in 2019 as a wholly owned subsidiary of [[Mercuria Energy Group]]. It quickly absorbed the larger '''Aegean Marine Petroleum Network''' ('''AMPNI'''), a public company listed on the [[New York Stock Exchange]], when Aegean was acquired by Mercuria, and Minerva Bunkers, another subsidiary of Mercuria founded in 2014
'''Aegean Marine Petroleum''' is a [[company]] based in [[Greece]] focusing on [[petroleum refining]]. Aegean Marine Petroleum is the second-largest refiner company in Greece behind [[Hellenic Petroleum]]. The headquarters are in [[Piraeus]].


==History==
Aegean Marine Petroleum is a marine fuel logistics company that physically supplies and markets refined marine fuel and lubricants to ships in port and at sea. As a physical supplier, Aegean Marine Petroleum purchase marine fuel from refineries, major oil producers and other sources and resell and deliver these fuels using our bunkering tankers to a broad base of end users. We provide fueling services to virtually all types of ocean-going vessels and many types of coastal vessels, such as oil tankers, container ships, drybulk carriers, cruise ships and ferries. Aegean Marine Petroleum customers include a diverse group of ocean-going and coastal ship operators and marine fuel traders, brokers and other users.
Roots of Minerva Bunkering go back to '''Aegean Marine Petroleum Network''' ('''AMPNI'''), established in 1995 by [[Dimitris Melissanidis]] in [[Piraeus]], Greece,<ref name=ft011118>{{cite news | url = https://www.ft.com/content/ffc4e71a-dd30-11e8-9f04-38d397e6661c | title = Auditors probe potential $200m fraud at Aegean Marine | first1 = Kerin | last1 = Hope | newspaper =[[Financial Times]] | date=2018-11-01 | accessdate=2019-09-12| url-access=subscription}}</ref> and Minerva Bunkers Pte Ltd., established in December 2014 by Mercuria in [[Singapore]].<ref name=sb040215>{{cite news | url = https://shipandbunker.com/news/features/industry-insight/959417-industry-insight-where-did-ow-bunkers-staff-resurface | title = Industry Insight: Where Did OW Bunker's Staff Resurface?| first1 = Matt | last1 = Atkins | work = Ship & Bunker | date=2015-02-04 | accessdate=2020-08-06}}</ref><ref>{{cite press release|url=https://www.mercuria.com/media-room/business-news/mercuria-announces-expansion-minerva-maritime-fuel-business|title=Mercuria Announces Expansion to Minerva Maritime Fuel Business|publisher=Mercuria Energy Group|date=12 March 2015|accessdate=8 July 2020}}</ref> Aegean Marine Petroleum Network started to operate with one bunkering station in the [[Port of Piraeus]].<ref name=tnh081118>{{cite news | url = https://www.thenationalherald.com/219247/amid-fraud-allegations-aegean-marine-files-for-bankruptcy/ | title = Amid Fraud Allegations, Aegean Marine Files for Bankruptcy | newspaper =[[The National Herald]] | date=2018-11-08 | accessdate=2019-09-12}}</ref> The second bunkering station was opened in Gibraltar in 1997, followed by stations in Fujairah (2001), Kingston, [[Jamaica|Kingston]] (2005), [[Singapore]] (2006), and other locations around the world. In 2006, it was listed in [[New York Stock Exchange]] through a public offering.<ref name=ft011118/>


Minerva Bunkers began with a core group of more than 40&nbsp;marine fuel specialists who came from the bankrupt Danish ship-fuel supplier OW Bunker in December 2014.<ref name=sb040215/><ref>{{cite news|url=https://www.offshore-energy.biz/mercuria-adds-over-40-former-ow-bunker-employees/|title=Mercuria Adds over 40 Former OW Bunker Employees|publisher=Offshore Energy|date=16 December 2014|accessdate=8 July 2020}}</ref>
Aegean Marine Petroleum is a large oil and shipping company in Greece and has a global presence in 25 markets, including [[United States|America]], [[Canada]], [[Mexico]], [[The UK]], [[France]], [[Belgium]], [[Cyprus]], [[Spain]], [[Portugal]], [[Italy]], [[Bulgaria]], [[Russia]], [[Serbia]], [[The Netherlands]], [[Romania]], [[Turkey]], [[Switzerland]], [[South Africa]], [[Jamaica]], [[Trinidad and Tobago]], [[Ghana]], [[Singapore]], [[Morocco]], [[Gibraltar]] and [[Fujairah]]<ref>[http://www.ampni.gr/ Aegean Inc]</ref>.

In August 2018, Mercuria Energy Group acquired almost one-third of AMPNI's shares.<ref name=ft011118/> In October 2018, an audit revealed substantial accounting problems at Aegean, to the tune of US$300 million.<ref name=ft011118/><ref name=ingr051118>{{cite news | url = https://www.in.gr/2018/11/05/english-edition/300mn-fraud-case-sinks-aegean-marine-petroleum/ | title = A $300mn fraud case sinks Aegean Marine Petroleum | website = in.gr | date=2018-11-05 | accessdate=2019-09-12}}</ref> Aegean Marine commenced its Chapter 11 process in November 2018, reorganizing in order to improve its liquidity. Under the terms of the restructuring deal, [[Mercuria Energy Group]] received 100% of the common equity of the reorganized company. The [[U.S. bankruptcy court|US Bankruptcy Court]] approved of the company's reorganization plan in March 2019.<ref>{{cite press release|url=http://aegeanmarine.gcs-web.com/news-releases/news-release-details/aegean-marine-petroleum-network-inc-plan-reorganization|title=Aegean Marine Petroleum Network Inc. Plan of Reorganization Confirmed by Court |date=March 27, 2019|access-date=September 11, 2019|publisher=Aegean Marine Petroleum Network Inc. |quote= Aegean Marine Petroleum Network Inc. announced today that the U.S. Bankruptcy Court…has confirmed its plan of reorganization. This development paves the way for the Company to emerge from Chapter 11 restructuring next week as a wholly-owned subsidiary of Mercuria Energy Group Limited}}</ref><ref name=reuters270319>{{cite news | url = https://www.reuters.com/article/us-mercuria-aegean-marine/energy-trader-mercuria-gets-green-light-to-buy-aegean-marine-petroleum-idUSKCN1R80OF | title = Energy trader Mercuria gets green light to buy Aegean Marine Petroleum | first1 = Julia | last1 = Payne | work=[[Reuters]] | date=2019-03-27 | accessdate=2019-09-12}}</ref> Consequently, Aegean Marine was acquired by Mercuria, and its assets were taken over by the newly Minerva Bunkering.<ref name=sb040419>{{cite news|url=https://shipandbunker.com/news/world/938153-aegean-marine-is-now-minerva-bunkering|title=Aegean Marine Is Now Minerva Bunkering|work=Ship & Bunkering| date=2019-04-04 | accessdate=2019-09-12}}</ref><ref name=wmn050419>{{cite news | url = https://worldmaritimenews.com/archives/274560/restructured-aegean-marine-becomes-minerva-bunkering/ | title = Restructured Aegean Marine Becomes Minerva Bunkering | work = World Maritime News | date=2019-04-05 | accessdate=2019-09-12}}</ref> Correspondingly, the headquarters of the company was moved to [[Geneva]], Switzerland.

== Operations ==
Minerva Bunkering is a marine fuel logistics company that physically supplies and markets refined marine fuel and lubricants to ships in port and at sea. It operates from hubs in [[Geneva]], [[Athens]], New York, [[Singapore]], [[Antwerp]] and [[Las Palmas]].<ref>{{cite web|url=http://www.minervabunkering.com/about/|title=About|publisher=Mercuria Energy Group|accessdate=8 July 2020}}</ref>

Recently Minerva Bunkering Expanded Presence in Americas with Bomin Acquisition.<ref>{{Cite web |date=2024-10-09 |title=Minerva Bunkering Expands Presence in Americas with Bomin Acquisition |url=https://bunkermarket.com/minerva-bunkering-expands-presence-in-americas-with-bomin-acquisition/ |access-date=2024-10-27 |language=en-US}}</ref>

==See also==
{{Portal|Greece|Energy|Companies}}
* [[Aegean Oil]]
* [[Energy in Greece]]


==References==
==References==
{{reflist}}
{{Reflist}}


==External links==
==External links==
*{{official|http://www.aegeanoil.gr}}
* {{Official website|www.minervabunkering.com}}

{{Authority control}}


[[Category:Companies formerly listed on the New York Stock Exchange]]
[[Category:Oil and gas companies of Greece]]
[[Category:Oil and gas companies of Greece]]
[[Category:Power companies of Greece]]
[[Category:Oil and gas companies of Switzerland]]
[[Category:Shipping companies of Greece]]
{{Greece-stub}}
[[Category:Shipping companies of Switzerland]]
[[Category:Companies that filed for Chapter 11 bankruptcy in 2018]]
[[Category:Energy companies established in 1995]]
[[Category:Transport companies established in 1995]]
[[Category:Greek companies established in 1995]]

Latest revision as of 17:09, 27 October 2024

Not to be confused with Aegean Oil.
Minerva Bunkering
FormerlyAegean Marine Petroleum Network Inc.
Company typeSubsidiary
IndustryPetroleum industry
PredecessorsAegean Marine Petroleum Network Inc.
Minerva Bunkers Pte Ltd.
Founded1995; 29 years ago (1995) in Athens, Greece as AMPNI
2014; 10 years ago (2014) in Singapore as Minerva Bunkers Pte Ltd.
2019; 5 years ago (2019) in Singapore as Minerva Bunkering
FounderDimitris Melissanidis (founder of AMPNI)[1]
Mercuria (founder of Minerva Bunkers and Minerva Bunkering)
Headquarters
Geneva
,
Switzerland
Area served
Worldwide
Key people
Tyler Baron (CEO)[2][3]
ProductsMaritime fuels
ServicesBunkering
Number of employees
850 (2018)
ParentMercuria Energy Group
Websiteminervabunkering.com

Minerva Bunkering is a supplier of marine fuels and bunkering services headquartered in Geneva, Switzerland. It was founded in 2019 as a wholly owned subsidiary of Mercuria Energy Group. It quickly absorbed the larger Aegean Marine Petroleum Network (AMPNI), a public company listed on the New York Stock Exchange, when Aegean was acquired by Mercuria, and Minerva Bunkers, another subsidiary of Mercuria founded in 2014

History

[edit]

Roots of Minerva Bunkering go back to Aegean Marine Petroleum Network (AMPNI), established in 1995 by Dimitris Melissanidis in Piraeus, Greece,[1] and Minerva Bunkers Pte Ltd., established in December 2014 by Mercuria in Singapore.[4][5] Aegean Marine Petroleum Network started to operate with one bunkering station in the Port of Piraeus.[6] The second bunkering station was opened in Gibraltar in 1997, followed by stations in Fujairah (2001), Kingston, Kingston (2005), Singapore (2006), and other locations around the world. In 2006, it was listed in New York Stock Exchange through a public offering.[1]

Minerva Bunkers began with a core group of more than 40 marine fuel specialists who came from the bankrupt Danish ship-fuel supplier OW Bunker in December 2014.[4][7]

In August 2018, Mercuria Energy Group acquired almost one-third of AMPNI's shares.[1] In October 2018, an audit revealed substantial accounting problems at Aegean, to the tune of US$300 million.[1][8] Aegean Marine commenced its Chapter 11 process in November 2018, reorganizing in order to improve its liquidity. Under the terms of the restructuring deal, Mercuria Energy Group received 100% of the common equity of the reorganized company. The US Bankruptcy Court approved of the company's reorganization plan in March 2019.[9][10] Consequently, Aegean Marine was acquired by Mercuria, and its assets were taken over by the newly Minerva Bunkering.[2][11] Correspondingly, the headquarters of the company was moved to Geneva, Switzerland.

Operations

[edit]

Minerva Bunkering is a marine fuel logistics company that physically supplies and markets refined marine fuel and lubricants to ships in port and at sea. It operates from hubs in Geneva, Athens, New York, Singapore, Antwerp and Las Palmas.[12]

Recently Minerva Bunkering Expanded Presence in Americas with Bomin Acquisition.[13]

See also

[edit]

References

[edit]
  1. ^ a b c d e Hope, Kerin (2018-11-01). "Auditors probe potential $200m fraud at Aegean Marine". Financial Times. Retrieved 2019-09-12.
  2. ^ a b "Aegean Marine Is Now Minerva Bunkering". Ship & Bunkering. 2019-04-04. Retrieved 2019-09-12.
  3. ^ "Minerva Bunkering Appoints Tyler Baron as Chief Executive Officer". Hellenic Shipping News. 30 April 2019. Retrieved 12 September 2019.
  4. ^ a b Atkins, Matt (2015-02-04). "Industry Insight: Where Did OW Bunker's Staff Resurface?". Ship & Bunker. Retrieved 2020-08-06.
  5. ^ "Mercuria Announces Expansion to Minerva Maritime Fuel Business" (Press release). Mercuria Energy Group. 12 March 2015. Retrieved 8 July 2020.
  6. ^ "Amid Fraud Allegations, Aegean Marine Files for Bankruptcy". The National Herald. 2018-11-08. Retrieved 2019-09-12.
  7. ^ "Mercuria Adds over 40 Former OW Bunker Employees". Offshore Energy. 16 December 2014. Retrieved 8 July 2020.
  8. ^ "A $300mn fraud case sinks Aegean Marine Petroleum". in.gr. 2018-11-05. Retrieved 2019-09-12.
  9. ^ "Aegean Marine Petroleum Network Inc. Plan of Reorganization Confirmed by Court" (Press release). Aegean Marine Petroleum Network Inc. March 27, 2019. Retrieved September 11, 2019. Aegean Marine Petroleum Network Inc. announced today that the U.S. Bankruptcy Court…has confirmed its plan of reorganization. This development paves the way for the Company to emerge from Chapter 11 restructuring next week as a wholly-owned subsidiary of Mercuria Energy Group Limited
  10. ^ Payne, Julia (2019-03-27). "Energy trader Mercuria gets green light to buy Aegean Marine Petroleum". Reuters. Retrieved 2019-09-12.
  11. ^ "Restructured Aegean Marine Becomes Minerva Bunkering". World Maritime News. 2019-04-05. Retrieved 2019-09-12.
  12. ^ "About". Mercuria Energy Group. Retrieved 8 July 2020.
  13. ^ "Minerva Bunkering Expands Presence in Americas with Bomin Acquisition". 2024-10-09. Retrieved 2024-10-27.
[edit]
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