Aegean Marine is Now Minerva Bunkering

Thursday April 4, 2019

Aegean Marine Petroleum Network Inc. today emerged from Chapter 11 Reorganization under a new name, Minerva Bunkering.

Minerva Bunkering is a wholly-owned subsidiary of Mercuria Energy Group Limited.

The change of name marks the end of a significant period of transition for the physical bunker supplier that began at the end of 2017 when a group of shareholders publicly voiced their unhappiness at how the company was being run.

"We are pleased that Aegean has completed its restructuring, and now as part of Mercuria, is a significantly stronger company with greater supply capabilities and access to liquidity," said Aegean Board Director Tyler Baron.

"As the new Minerva Bunkering, the company looks forward to capitalizing on its enhanced platform and delivering greater value to its customers. With IMO 2020 less than a year away, Minerva is uniquely positioned to provide an unparalleled set of solutions to the marine fuel market, leveraging the combination of Mercuria's global reach, risk-management expertise and trading operations with our extensive physical supply capabilities."

Magid Shenouda, Global Head of Trading at Mercuria, said: "Today marks a new chapter for Minerva, as it gains Aegean Marine's industry-leading team and physical network. Minerva was built on the premise of selling fuel to its customers where and when they need it in the most cost-effective way. Now the new Minerva will be able to provide end-to-end service and physically supply fuels in the locations most important to our customers.

Read More - Interview With Aegean: From the Brink of Liquidation to Ambitions of Growth