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Aegean reports ‘significant pressures’ in Q4 2017 results

Anticipates bunker sales volume expansion at ARA, Germany, Savannah and US East Coast in 2018.
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New York-listed Aegean Marine Petroleum Network (AMPN) posted losses in its financial and operating results for the fourth quarter (Q4) ended December 31, 2017.

The company recorded net loss of $28.6 million in Q4 2017, compared to net profit of $16.0 million in Q4 2016, according to financial statements.

Revenue was $1.36 billion in Q4 2017, higher than revenue of $1.19 billion in the similar quarter of 2016.

According to AMPN, its Q4 2017 loss of $28.6 million includes roughly $15.3 million of non-recurring expense items including $11.0 million of non-cash charges.

In addition, the company experienced approximately $12 million of hedging losses during Q4 2017 due to its first in, first out (FIFO) reporting method of inventory cost; the loss was recovered in January 2018 when inventory was sold at market prices, and the hedges were closed.

In Q4 2017, AMPN ceased operations as a physical supplier in Singapore where the company delivered its last physical cargo in Singapore in January of 2018.

In addition, AMPN downsized operations in Fujairah and recalibrated its U.S. West Coast footprint while expanding in Germany, where the company established a presence in Kiel.

Moving on, AMPN says it will seek new opportunities to replace volumes ceded by the group in both Singapore and Fujairah by seeking volume growth elsewhere in the network, where margins are more sustainable.

Key elements of this strategy are the anticipated expansion in volumes in the Amsterdam-Rotterdam-Antwerp region, Germany and Savannah on the East Coast of the US.

The company recorded bunker sales volume of 3.51 million metric tonnes (mt) in Q4 2017, down from sales of 3.95 million mt in Q4 2016.

“Our decision to cease operations in Singapore and downsize operations in Fujairah in order to focus on higher return areas contributed to a 15.2% decrease in sales volume when compared to the prior quarter,’ said Spyros Gianniotis, Chief Financial Officer at AMPN.

He expects future results of AMPN to be positive due to the recent acquisition of HEC.

“While our recent results show the significant pressures on the markets in which we operate, we remain confident that we are taking the right steps to position Aegean for long-term growth.

“The acquisition of HEC diversifies the company’s revenue streams, opens up growth opportunities in the environmental services market and creates potential for synergies within our existing network.

“Once completed, we expect the addition of HEC to be immediately accretive to our operating and financial results and the combined company to accelerate growth moving forward.”

Related: HEC acquisition ‘driven by intense competition’
Related: Aegean forecasts a $28.2 million net loss for Q4 2017
Related: Aegean in $367 million acquisition of port reception facilities services group
Related: Aegean exits Singapore accredited bunker supplier list
Related: Aegean to start Kiel Canal bunker ops in 2018

Photo credit: Aegean Marine Petroleum Network
Published: 8 March, 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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July 8, 2026

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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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