World News
Aegean Shareholder Group Presses Ahead with Board Nomination Plans
A group of shareholders in Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean) who last month criticized the bunker supplier in an open letter to the company Chairman, has now filed paperwork with the United States Securities and Exchange Commission (SEC) signalling their intent to nominate directors at the next annual shareholder meeting scheduled for May.
The Schedule 13D filed by the group, which consists of five shareholders representing around 12% of Aegean's shares and calls itself the Committee for Aegean Accountability, also gave further details of the groups's members and their respective shareholding.
As previously reported by Ship & Bunker, the group says the company's shares are underperforming having fallen 75% since it listed on the New York Stock Exchange, and believes changes in Aegean's management and governance would allow the company to realise its full potential.
"This is not a stunt to get a quick pop in the share price," Tyler Baron of Sentinel Rock Capital, who leads the Committee, told Ship & Bunker.
"We've been involved as shareholders for several years and there's tremendous value in Aegean's network, which we believe is also particularly well placed to take advantage of the upcoming changes to the industry as a result of IMO 2020. Our goal is to unlock that value for all shareholders and to improve the Company's standing in the industry."
Baron noted the Committee's plans to submit its formal nomination letter of four candidates to the Board in coming days in accordance with the Company's bylaws.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 648.00 | 2.00 | 808.00 | 10.00 |
| Rotterdam | 613.50 | 4.50 | 792.00 | 21.50 |
| Houston | 646.00 | 3.00 | 851.00 | 13.50 |
| Fujairah | 647.50 | 1.50 | 900.00 | 0.50 |
| Global 20 Ports Average | 672.50 | 0.50 | 896.50 | 0.50 |
| Global 4 Ports Average | 638.50 | 2.00 | 838.00 | 4.00 |
| Global Average Bunker Price | 727.00 | 2.00 | 943.00 | 2.00 |
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