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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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Vessel Arrest

Malaysia: MMEA detains two vessels over suspected illegal ship-to-ship transfer off Johor

Other than the vessels, MMEA also seized a cargo of oil, bringing the total value of the seizure to MYR 260 million (USD 61.9 million).

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Malaysia: MMEA detains two vessels over suspected illegal ship-to-ship transfer off Johor

The Malaysian Maritime Enforcement Agency (MMEA) detained tugboat and dredger suspected of conducting an unauthorised ship-to-ship (STS) transfer in Malaysian waters.

The two Malaysian-registered vessels were detained at around 3.20am on Wednesday by an MMEA patrol boat after the agency received public information about two suspicious vessels seen operating alongside each other about 1.4 nautical miles northwest of Tanjung Buai.

MMEA Tanjung Sedili Zone Acting Director Maritime Commander Mohd Najib Sam said further inspection found that the tugboat was operated by five crew members, including its skipper, comprising Malaysian and Indonesian nationals aged between 26 and 58.

The dredger was operated by 13 crew members, including its skipper, all Malaysian nationals aged between 22 and 51.

“Further inspection also found a quantity of oil cargo believed to be without any documents relating to ownership and delivery,” Najib said.

Both vessels and the oil cargo have been seized for further investigation. The total value of the seizure, including the two vessels and the oil cargo, is estimated at MYR 260 million (USD 64 million).

The case is being investigated under Section 491B(1)(K) of the Merchant Shipping Ordinance (MSO) 1952 for allegedly conducting ship-to-ship activities without authorisation from the Malaysian Director of Marine.

The vessels are also being investigated under Section 491B(1)(L) of the MSO 1952 for allegedly anchoring without permission, as well as under the Customs Act 1967 in connection with the oil cargo suspected of lacking the required documentation.

 

Photo credit: Malaysian Maritime Enforcement Agency
Published: 3 September, 2026

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Battery

WK NatPower expands inland shipping electrification drive into Jiangsu

WK NatPower and Jiangsu Port Investment will strengthen collaboration across the maritime, port and clean energy sectors, bringing together expertise in shipping, port infrastructure and electrification technologies.

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WK NatPower expands inland shipping electrification drive into Jiangsu

Wah Kwong NatPower (WK NatPower) on Wednesday (2 September) said it signed a Memorandum of Understanding (MoU) with Jiangsu Port Group Investment Management Co Ltd (Jiangsu Port Investment), a wholly owned subsidiary of Jiangsu Port Group, at the Jiangsu International Maritime Conference in Nanjing. 

The company said the MoU strengthens collaboration across the maritime, port and clean energy sectors, bringing together expertise in shipping, port infrastructure and electrification technologies.

As China’s leading province for inland waterway transport, with the country’s largest inland waterway network, Jiangsu plays a critical role in the nation’s shipping and logistics system. 

“The partnership represents a strategic step in WK NatPower’s China strategy,” the company said in a statement. 

Building on the momentum of its Zhejiang projects, WK NatPower is extending its footprint further into one of the country’s most significant inland shipping areas. By leveraging the strengths of their respective parent companies, Jiangsu Port Group, Wah Kwong Maritime Transport and NatPower, the parties will also establish a cooperation mechanism to explore opportunities for deeper collaboration and enhance the complementary use of global maritime and port resources.

From a technological perspective, WK NatPower is evolving from individual charging infrastructure towards integrated energy systems combining charging, battery storage and battery-swapping solutions capable of serving a broader range of operational scenarios. 

By combining the international experience and global network of WK NatPower and its partner NatPower Marine, with Jiangsu Port Group’s local resources and project delivery capabilities, the partnership will promote coordinated regional development. 

It also demonstrates WK NatPower’s commitment to the electrification of China’s inland waterway transport sector.

 

Photo credit: Wah Kwong NatPower
Published: 3 September, 2026

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Alternative Fuels

Hercules Tanker Management’s ‘Ultra-Spec Series’ tanker “Vanessa” begins maiden voyage

Designed for worldwide deployment, the series can transport and supply conventional marine fuels as well as alternative fuels up to B100 and methanol.

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Hercules Tanker Management’s ‘Ultra-Spec Series’ tanker “Vanessa” begins maiden voyage

Hercules Tanker Management (HTM) on Wednesday (2 September) said its latest Ultra-Spec Series of next-generation tankers, Hercules Vanessa, has commenced her maiden voyage.

HTM is the shipping venture launched by John A. Bassadone, founder and CEO of independent marine fuel supplier Peninsula.

The 10-vessel programme forms part of the company’s long-term fleet renewal strategy, replacing ageing tonnage with more efficient vessels while delivering the future-ready capability needed to support the maritime industry’s evolving energy landscape. 

Designed for worldwide deployment, the series can transport and supply conventional marine fuels as well as alternative fuels up to B100 and methanol. 

Hercules Vanessa is also the first in the series to feature MarineLINE, a high-performance cargo tank coating system. 

The vessel is currently en route to Port Louis to take bunkers and provisions before continuing southbound towards Cape Town. It is scheduled to discharge a cargo of biofuel, loaded at Nansha Terminal in China, in Ghent later this year.

“HTM’s Ultra-Spec Series continues to gather momentum as we build a modern fleet capable of supporting cleaner marine fuel supply chains,” the company said. 

Related: Hercules Tanker Management launches ‘Ultra-Spec Series’ bunker tanker “Harriet”

 

Photo credit: Hercules Tanker Management
Published: 3 September, 2026

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