Minerva Bunkering
{{Short description|Petroleum refining and trading company}}
{{Distinguish|Aegean Oil}}
{{Infobox company
| name = Minerva Bunkering
| type = Subsidiary
| traded_as = {{ubl|{{Athex was|AMP}}|{{NYSE was|ANW}}}}
| logo = Minerva Bunkering Logo.png
| former_name = Aegean Marine Petroleum Network Inc.
| foundation = {{start date and age|1995}} in Athens, Greece as AMPNI
{{start date and age|2014}} in Singapore as Minerva Bunkers Pte Ltd.
{{start date and age|2019}} in Singapore as Minerva Bunkering
| founder = Dimitris Melissanidis (founder of AMPNI)
Mercuria (founder of Minerva Bunkers and Minerva Bunkering)
| area_served = Worldwide
| predecessors = Aegean Marine Petroleum Network Inc.
Minerva Bunkers Pte Ltd.
| successor =
| dissolved =
| location_city = Geneva
| location_country = Switzerland
| key_people = Tyler Baron (CEO){{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}}
| industry = Petroleum industry
| products = Maritime fuels
| services = Bunkering
| revenue =
| revenue_year =
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| net_income_year =
| assets =
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| 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
History
Roots of Minerva Bunkering go back to Aegean Marine Petroleum Network (AMPNI), established in 1995 by Dimitris Melissanidis in Piraeus, Greece,{{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}} and Minerva Bunkers Pte Ltd., established in December 2014 by Mercuria in Singapore.{{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}}{{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}} Aegean Marine Petroleum Network started to operate with one bunkering station in the Port of Piraeus.{{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}} 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.
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.{{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}}
In August 2018, Mercuria Energy Group acquired almost one-third of AMPNI's shares. In October 2018, an audit revealed substantial accounting problems at Aegean, to the tune of US$300 million.{{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}} 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.{{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}}{{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}} Consequently, Aegean Marine was acquired by Mercuria, and its assets were taken over by the newly Minerva Bunkering.{{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}}{{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}} 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.{{cite web|url=http://www.minervabunkering.com/about/|title=About|publisher=Mercuria Energy Group|accessdate=8 July 2020}}
Recently Minerva Bunkering Expanded Presence in Americas with Bomin Acquisition.{{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}}
See also
{{Portal|Greece|Energy|Companies}}
References
{{Reflist}}
External links
- {{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 Switzerland
Category:Shipping companies of Greece
Category:Shipping companies of Switzerland
Category:Companies that filed for Chapter 11 bankruptcy in 2018
Category:Energy companies established in 1995