Aegean Gets Credit Downgrade From Marine Credit Agency Ocean Intelligence

Monday May 21, 2018

Marine credit reporting agency Ocean Intelligence (OI) has downgraded its rating on New York-listed bunker fuel supplier Aegean Marine Petroleum Network [NYSE:ANW].

According to OI, the company's rating is now "credit a matter of trust in principals".

OI's global head Jason Silber told Ship & Bunker that Aegean's failure to file its annual report (for 2017), its first quarter report (of 2018) as well as its failure to set a date for its annual general meeting prompted the assessment.

"The change in assessment is based on the facts in the public domain," Silber said. 

Profitability at Aegean has been weak in the last year while a recent move to acquire marine disposal firm Hellenic Environment Centre stalled on the back of shareholder disquiet, and was subsequently shelved

An agreement with shareholders -- called the committee for Aegean responsibility -- saw changes at board level as pending legal action (between the committee and the company) was also shelved.

OI is part of SP Platts Global.