EMEA News
Turkish Supplier CYE Petrol in Restructuring Process
Turkish bunker supplier CYE Petrol is in a restructuring process amid financial turbulence.
The company applied to the Turkish courts for financial protection in April, and is due to face another court hearing on July 27, sources told Ship & Bunker this week.
Other legal cases concerning some of the firm's partners are understood to be progressing through both the Turkish courts and in other jurisdictions.
Deniz Eraydin, CEO of CYE Petrol, told Ship & Bunker he expects his firm to re-emerge with new partners next month.
"We are in a restructuring period," he said on Friday.
"We are about to terminate our consortium agreements.
"There is no ban on our business, accounts or assets.
"We are commercially active, and expect to be fully active with new partners as of July 2023."
The Turkish bunker market saw a significant downturn last year as the war in Ukraine disrupted shipping in the Black Sea. Bunker demand in the country dropped by 18% on the year.
More recently market sources in the region have reported the Black Sea grain export deal has caused further problems for the market, with extensive inspection requirements causing delays and cutting demand. The emergence of international bunker firms in Egypt over the past month may also draw some volumes away from Turkey.
About Jack Jordan
Jack Jordan is the Managing Editor of Ship & Bunker, the world’s most read marine fuel-focused publication.
He is an experienced financial editor and reporter with a first-class degree in Arabic and Russian, a postgraduate diploma in newspaper journalism and several years' history of covering the oil and shipping industries and capital markets.
Jack is based in London, UK.
About Ship & Bunker
Ship & Bunker is the world's most read publication focused on the marine fuel markets. Completely independent, it is the leading industry authority providing comprehensive daily news, exclusive in-depth features and analysis, along with daily & historical bunker price indications.
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