NEW YORK – Aegean Marine Petroleum Network Inc. announced today that its plan of reorganization became effective and it has emerged from the voluntary Chapter 11 restructuring commenced on November 6, 2018. The company will now operate as Minerva Bunkering, a leading global physical supplier of marine fuels and a fully-owned subsidiary of Mercuria Energy Group Limited (Mercuria).
“We are pleased that Aegean has completed its restructuring, and now as part of Mercuria, is a significantly stronger company with greater supply capabilities and access to liquidity,” said Aegean Board Director Tyler Baron. “As the new Minerva Bunkering, the company looks forward to capitalizing on its enhanced platform and delivering greater value to its customers. With IMO 2020 less than a year away, Minerva is uniquely positioned to provide an unparalleled set of solutions to the marine fuel market, leveraging the combination of Mercuria’s global reach, risk-management expertise and trading operations with our extensive physical supply capabilities.”
Mercuria is one of the largest, privately-held energy and commodities groups in the world with an annual turnover in excess of 100 billion dollars. As an integral part of Mercuria, Minerva Bunkering is one of the industry’s most creditworthy counterparties with an expansive supply network.
Magid Shenouda, Global Head of Trading at Mercuria, said, “Today marks a new chapter for Minerva, as it gains Aegean Marine’s industry-leading team and physical network. Minerva was built on the premise of selling fuel to its customers where and when they need it in the most cost-effective way. Now the new Minerva will be able to provide end-to-end service and physically supply fuels in the locations most important to our customers.
“Minerva Bunkering is here to serve the entire ship-owning community,” concluded Shenouda. “With our extensive network, rigorous transparency and strong balance sheet, we are a dependable partner providing reliable service and high-quality products.”