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| former_name = Aegean Marine Petroleum Network Inc.
| former_name = Aegean Marine Petroleum Network Inc.
| foundation = 1995 ([[Athens]],[[Greece]])
| foundation = 1995 ([[Athens]],[[Greece]])
| founder = [[Magid Shenouda]]
| founder = [[Dimitris Melissanidis]]
| area_served = Worldwide
| area_served = Worldwide
| successor =
| successor =
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==History==
==History==
Minerva Bunkering was formerly known as Aegean Marine Petroleum Network (AMPNI), an oil company established in 1995.<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> It 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/>
Aegean Marine Petroleum Network was established in 1995 by [[Dimitris Melissanidis]].<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> It 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/>


In August 2018, Mercuria Energy Group acquired almost third of the AMPNI's shares.<ref name=ft011118/>  In October 2018, an audit revealed substantial accounting problem, 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 | agency=[[Reuters]] | date=2019-03-27 | accessdate=2019-09-12}}</ref> Consequently, Aegean Marine was acquired by 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> The headquarters of the company was moved to [[Geneva]], Switzerland.
In August 2018, Mercuria Energy Group acquired almost third of the AMPNI's shares.<ref name=ft011118/>  In October 2018, an audit revealed substantial accounting problem, 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 | agency=[[Reuters]] | date=2019-03-27 | accessdate=2019-09-12}}</ref> Consequently, Aegean Marine was acquired by 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> The headquarters of the company was moved to [[Geneva]], Switzerland.

Revision as of 15:32, 10 May 2020

Not to be confused with Aegean Oil.
Minerva Bunkering
FormerlyAegean Marine Petroleum Network Inc.
Company typeSubsidiary
IndustryPetroleum industry
Founded1995 (Athens,Greece)
FounderDimitris Melissanidis
Headquarters
Geneva
,
Switzerland
Area served
Worldwide
Key people
Tyler Baron (CEO)[1][2]
ProductsMaritime fuels
ServicesBunkering
Number of employees
850 (2018)
ParentMercuria Energy Group
Websiteminervabunkering.com

Minerva Bunkering (former name: Aegean Marine Petroleum Network Inc. (AMPNI)) is a supplier marine fuels and bunkering services headquartered in Geneva, Switzerland and formerly in Piraeus, Greece. It was publicly listed in New York Stock Exchange before it became a wholly owned subsidiary of Mercuria Energy Group.

History

Aegean Marine Petroleum Network was established in 1995 by Dimitris Melissanidis.[3] It started to operate with one bunkering station in the Port of Piraeus.[4] 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.[3]

In August 2018, Mercuria Energy Group acquired almost third of the AMPNI's shares.[3]  In October 2018, an audit revealed substantial accounting problem, to the tune of US$300 million.[3][5]  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.[6][7] Consequently, Aegean Marine was acquired by Minerva Bunkering.[1][8] 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.

See also

References

  1. ^ a b "Aegean Marine Is Now Minerva Bunkering". Ship & Bunkering. 2019-04-04. Retrieved 2019-09-12.
  2. ^ "Minerva Bunkering Appoints Tyler Baron as Chief Executive Officer". Hellenic Shipping News. 30 April 2019. Retrieved 12 September 2019.
  3. ^ a b c d Hope, Kerin (2018-11-01). "Auditors probe potential $200m fraud at Aegean Marine". Financial Times. Retrieved 2019-09-12.
  4. ^ "Amid Fraud Allegations, Aegean Marine Files for Bankruptcy". The National Herald. 2018-11-08. Retrieved 2019-09-12.
  5. ^ "A $300mn fraud case sinks Aegean Marine Petroleum". in.gr. 2018-11-05. Retrieved 2019-09-12.
  6. ^ "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
  7. ^ Payne, Julia (2019-03-27). "Energy trader Mercuria gets green light to buy Aegean Marine Petroleum". Reuters. Retrieved 2019-09-12.
  8. ^ "Restructured Aegean Marine Becomes Minerva Bunkering". World Maritime News. 2019-04-05. Retrieved 2019-09-12.
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