Aegean Marine Winds Up Six Singapore Registered Subsidiaries

first_imgGlobal bunker supplier Aegean Marine Petroleum Network Inc has decided to wind up six of its Singapore registered companies which are defunct.According to sources, Paros Shipping, Naxos Shipping, Lefkas Shipping, Kimolos Shipping, Ithaki Shipping and Anafi Shipping, are to be wound up after an extraordinary general meeting was held at the bunker supplier’s office on Friday.These companies have been placed under voluntary liquidation and Audit Alliance has been appointed as liquidator for the companies.Aegean Marine’s president Jonathan McIlroy said 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.The six companies are subsidiaries of Aegean Marine Petroleum SA and were established in Singapore between 2008 and 2011. The company’s main business activities are ship management, chartering and barge operations.In the last week of October the company said that it was exiting the Singapore bunker market as a physical bunker supplier, and as a part of that process the company is cutting the size of its Singapore office.The New York-listed bunker supplier posted a net loss of USD 3.8 million for the third quarter of 2017, a fall of more than 120 per cent compared to the same period last year. Sales of marine fuel oil slipped 2.8 per cent 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.Sea News, November 28 Author: Baibhav Mishralast_img

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