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Aegean: HEC acquisition ‘driven by intense competition’

‘We don’t want to be playing defense for the next two years in anticipation of 2020,’ says President.
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The move to acquire maritime and offshore waste treatment firm H.E.C. Europe Limited (HEC) has been “driven by intense competition”, says the President of New York-listed bunkering firm Aegean Marine Petroleum Network (ANW).

“The strategic decision to buy HEC and align Aegean into this new environmental sector is not going to diminish our focus on writing the core business and optimsing the core business,” Jonathan Mcilroy said in his latest earnings conference call.

“But one thing with this is that, as we've said, the bunker market is very mature, it's overpopulated, it's ultra-competitive, and we're looking at a two-year window prior to 2020 where we think that these factors are going to remain prevalent in the market.

“And we don't want to be playing defense for the next two years in anticipation of 2020.”

The strategy behind ANW’s acquisition of HEC lies in the potential synergy of both firms. HEC is responsible for performing treatment on oily waste where it sells the recovered oil to clients in the open market.

The company will be able to leverage on Aegean’s client base to provide waste disposal services, with Aegean’s existing relationships providing additional recycled oil sales opportunities to the former.

The development allows HEC to redeploy or repurpose underutilised Aegean ships, lowering potential capex requirements for ANW, and the consolidation of offices worldwide could reduce corporate expenses for both entities.

HEC is also able to leverage on Aegean’s existing team and port relationships to expedite market expansion.

Overall, the development is supposed to help diversify ANW’s current business model and reduce its dependency on bunker-market related sales.

ANW has forecast a $28.2 million net loss for its fourth quarter of 2017 (Q4 2017) results.

Related: Aegean in $367 million acquisition of port reception facilities services group
Related: Aegean forecasts a $28.2 million net loss for Q4 2017

Photo: Aegean Marine Petroleum Network
Published: 26 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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