Global bunker supplier Aegean Marine Petroleum Network Inc’s president Jonathan McIlroy told S&P Global Platts Monday that the liquidation of its Singapore shipping entities was “procedural”.
“The shipping entities have been completely inactive, and the winding up process had been going on for a long time,” he said.
Six Singapore-registered Aegean Marine Petroleum shipping companies have been placed under voluntary liquidation, notices placed in The Business Times Friday showed.
Paros Shipping Pte. Ltd, Naxos Shipping Pte. Ltd, Lefkas Shipping Pte. Ltd, Kimolos Shipping Pte. Ltd, Ithaki Shipping Pte. Ltd and Anafi Shipping Pte. Ltd are to be wound up after an extraordinary general meeting was held at the bunker supplier’s office Friday.
Audit Alliance has been appointed as liquidator for the companies.
The six companies are subsidiaries of Aegean Marine Petroleum SA and were established in Singapore between 2008 and 2011, shipping databases showed. The company’s main business activities are ship management, chartering, and barge operations.
Aegean Marine Petroleum said at the end of October it was exiting the Singapore bunker market in January after 11 years as a physical bunker supplier and, as part of that process, cutting the size of its Singapore office.
The New York-listed bunker supplier posted a net loss of $3.8 million for the third quarter of 2017, a fall of more than 120% compared to the same period last year. Sales of marine fuel oil slipped 2.8% to 4,139,624 mt.
“We experienced an extremely challenging market environment during the third quarter of 2017. Despite modest improvement in some segments of the shipping industry, the oil markets and the marine fuel sector remain under great pressure with intense competition leading to further margin deterioration,” McIlroy said in a statement November 15.