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Aegean forecasts a $28.2 million net loss for Q4 2017

Company incurred approximately $14.5 million in non-recurring charges through various advisory fees and write-offs during the period.
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New York-listed bunkering firm Aegean Marine Petroleum Network has forecast a $28.2 million net loss for its fourth quarter of 2017 (Q4 2017) results.

It noted Q4 2017 results being impacted by $14.5 million in non-recurring charges; $4.5 million was spent on legal, tax and advisory fees while $10.0 million was related to tax and accounting changes, currency translation, non-cash severance, write-offs from the company’s closure in Singapore and the loss on the sale of a vessel.

A further $12 million of losses was recorded as a result of the Aegean’s first in, first out (FIFO) reporting method of inventory cost that created a “mismatch” when compared to the mark-to-market of the company’s respective hedges at December 31, 2017.

However, the above $12 million loss was recovered in January 2018 when inventory was sold at market prices with hedges being closed at market.

According to Aegean, the company has taken steps to cut costs and offset the competitive operating environment in 2017.

Among measures were its exit of the physical supply business in Singapore; recalibration of West Coast U.S. storage footprint; reduction of volumes and increased focus on more profitable businesses in the Fujairah market; and the introduction of a dynamic chartering program for its vessel fleet.

“Despite what has continued to be a challenging period in our core business, I am proud of the definitive action our management team has taken to offset market weakness,” says Jonathan McIlroy, President of Aegean.

“Our expected fourth quarter headline results do not tell the full story of the cost cutting and bold steps we have taken—such as ceasing our physical supply business in Singapore during the quarter.

“While business was slower to come back in the wake of third quarter’s severe hurricane season and refinery outages in Mexico, our core business showed signs of modest improvement from third quarter’s results.

“2018 is likely to be another tough year for our core business, but Aegean is amidst a transformation that we firmly believe will unlock significant value for all shareholders over time.”

Photo credit: Aegean Marine Petroleum Network
Publication date: 22 February, 2018
 

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Biofuel

China: Chimbusco completes first bonded B24 bunkering operation in Shenzhen

Chimbusco Marine Bunker (Shenzhen) completed the operation after supplying 1,300 mt of B24 marine biofuel oil for “Xin Chi Wan” vessel, at Shekou Container Terminal.
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China: Chimbusco completes first bonded B24 bunkering operation in Shenzhen

Zhuhai Chimbusco Petroleum Co Ltd (Chimbusco Zhuhai), a subsidiary of China Marine Bunker (PetroChina) (Chimbusco), on Monday (6 July) said the company completed its first bunkering operation since receiving its local licence in Shenzhen. 

Chimbusco Marine Bunker (Shenzhen) completed the operation after supplying 1,300 metric tonnes (mt) of B24 marine biofuel oil for the Xin Chi Wan vessel, owned by COSCO Shipping Group, at the Shekou Container Terminal in Shenzhen.

The operation adopted the “cross-customs direct supply bunkering” model with the cooperation of Shenzhen and Gongbei Customs and maritime authorities.

Looking ahead, Chimbusco Marine Bunker (Shenzhen) said it will build on its local licensing and policy advantages to expand its bonded marine fuel bunkering business in Shenzhen.

The company plans to optimise its bunkering processes and improve service quality to help strengthen the city’s bonded marine fuel supply capabilities while supporting the shipping industry’s green transition.

 

Photo credit: Zhuhai Chimbusco Petroleum
Published: 8 July, 2026

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Sanctions

US reinstates Iran oil sanctions, orders wind-down by 17 July

US has revoked a licence permitting the purchase of Iranian crude oil, petrochemical products and petroleum products, with the restrictions taking effect immediately.
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The US Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday (7 July) revoked a licence that had temporarily authorised transactions involving crude oil, petrochemical products and petroleum products of Iranian origin.

Under the new licence, the purchase of Iranian crude oil, petrochemical products and petroleum products is prohibited with immediate effect.

The latest licence replaces an authorisation issued on 22 June, which had been scheduled to remain in force until 21 August. The previous authorisation permitted the bunkering of vessels engaged in the approved transactions.

Parties that entered into contracts for Iranian oil during the period in which the authorisation was in effect have until 17 July to wind down Iran-related transactions.

 

Photo credit: Zbynek Burival on Unsplash
Published: 8 July, 2026

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Legal

Russian court orders marine fuel supplier Transbunker assets transferred to state

A Moscow court has reportedly ordered the transfer of assets belonging to Russian marine fuel supplier Transbunker to state ownership.
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July 8, 2026

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A Moscow court has reportedly ordered the transfer of assets belonging to Russian marine fuel supplier Transbunker to state ownership.

This comes following a lawsuit alleging the company was illegally controlled through offshore corporate structures, according to The Moscow Times. 

The ruling grants the Russian Prosecutor General’s Office’s claims in full and takes immediate effect. Prosecutors argued that Transbunker, one of Russia’s largest marine fuel suppliers, was subject to restrictions on foreign ownership because the companies within the group qualify as strategic enterprises. 

The case targets Transbunker founders Iosif Sandler and Sergei Pugachev, both Cypriot citizens, along with Transbunker Management CEO Yelena Zavyalova. 

Prosecutors alleged the founders concealed control of the group through offshore entities in jurisdictions including Cyprus and the British Virgin Islands, while transferring profits abroad. Authorities claim RUB 19.3 billion (USD 247 million) has been moved out of Russia since 2020.

Founded in 1991, Transbunker has developed a nationwide marine fuel supply network serving Russian ports in the Baltic, Black Sea and Far East. The group owns fuel terminals in Novorossiysk, Vanino, Sakhalin and the Leningrad region, among other assets.

 

Photo credit: Egor Filin on Unsplash
Published: 8 July, 2026

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