World News
Aegean and Shareholder Group Start Talks
Shareholder group the committee for Aegean accountability and bunker company Aegean Marine Petroleum Network's [NYSE:ANW] management are in talks to try and resolve the outstanding issues between them.
Events came to a head when the committee, which controls some 13% of company shares, sought -- and was granted -- a temporary restraining order by a New York court on the Aegean's acquisition of slops disposal firm Hellenic Environmental Center (HEC).
The committee's beef is that the deal returns Aegean founder Dimitris Melissanidis, who owns and controls HEC, to a pivotal position in the company. Melissanidis's Aegean share holding was bought out in 2016.
Aegean, listed in New York in 2006, has since seen its share price fall in value. The shareholder committee raised concerns over the fall in shareholder value but felt they were not listened to.
An election for directors to the company board is in the offing at the next annual general meeting (AGM) where the committee is backing a slate of four candidates.
A date for AGM has yet to be set.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 550.00 | 2.00 | 679.00 | 3.00 |
| Rotterdam | 513.50 | 4.00 | 651.00 | 2.50 |
| Houston | 550.50 | 3.00 | 678.50 | 3.00 |
| Fujairah | 548.50 | 2.00 | 748.50 | 2.00 |
| Global 20 Ports Average | 575.50 | 1.50 | 760.00 | 0.50 |
| Global 4 Ports Average | 540.50 | 0.00 | 689.50 | 1.50 |
| Global Average Bunker Price | 626.50 | 0.50 | 805.00 | 0.00 |
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