A class action lawsuit has been launched on behalf of US-based Vertex Energy, a significant production partner of marine fuels firm Bunker One, over its hedging activities.
The lawsuit alleges that Vertex, prior to its acquisition of the Mobile refinery in Alabama from Shell, did not disclose derivatives exposure the company had that subsequently limited its profits from refined product sales from the plant.
Vertex completed its acquisition of the refinery in early 2022. The company subsequently announced significant losses from the plant for the second quarter of last year.
Bunker One holds a small stake in Vertex, and has the right to purchase up to 100% of the marine fuel produced at its Marrero, Louisiana plant up to 2029. This agreement was extended to supply fuels from the Mobile refinery to both Shell and Bunker One after the Mobile refinery sale.