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Latest: Aegean files for Chapter 11, Mercuria to be ‘stalking horse bidder’

Mercuria to provide $532 million in postpetition financing to fund chapter 11 process and working capital.
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New York-listed bunkering firm Aegean Marine Petroleum Network (Aegean) on Tuesday and certain of its subsidiaries (the debtors) filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the Bankruptcy Court for the Southern District of New York.

The debtors enter this process with the support of Mercuria Energy Group Limited (Mercuria), a key strategic partner and one of the world’s largest independent energy and commodity companies.

Mercuria has agreed to provide more than $532 million in postpetition financing to fund the chapter 11 process and Aegean’s working capital needs. It has also agreed to serve as the stalking horse bidder in a sale process designed to optimise the value of the company as a going concern.

The debtors have filed a motion with the bankruptcy court seeking to jointly administer all of the debtors’ Chapter 11 cases under the caption In re Aegean Marine Petroleum Network Inc., et al. 

The debtors will continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the bankruptcy court and in accordance with the applicable provisions of the US Bankruptcy Code and orders of the bankruptcy court.

The group have filed a series of first day motions with the bankruptcy court that seek authorisation to continue to conduct their business in the normal course, including in relation to employees, customers and suppliers, among others.

They are seeking approval of the Mercuria-led postpetition financing. This financing is designed to ensure Aegean has adequate working capital to fund the business and continue ordinary course operations during the Chapter 11 Cases and to fund the sale process.

In connection with its restructuring efforts, Kirkland & Ellis LLP is acting as legal counsel to Aegean, Moelis & Company LLC is acting as investment banker to Aegean, and EY Turnaround Management Services LLC is acting as restructuring advisor to Aegean.

Related Debtors of Aegean are as follows:

  1. Lead Debtor: Aegean Marine Petroleum Network
  2. Aegean (Fujairah) Bunkering S.A.
  3. Aegean Ace Maritime Company
  4. Aegean Agency (Gibraltar) Limited
  5. Aegean Breeze Maritime Company
  6. Aegean Bunkering (Gibraltar) Limited
  7. Aegean Bunkering (Jamaica) Ltd.
  8. Aegean Bunkering (Singapore) Pte. Ltd.
  9. Aegean Bunkering (Trinidad) Ltd.
  10. Aegean Bunkering (USA) LLC
  11. Aegean Bunkering Combustibles Las Palmas S.A.
  12. Aegean Bunkering (Hong Kong) Limited
  13. Aegean Bunkering Morocco SARL AU
  14. Aegean Bunkering Services Inc.
  15. Aegean Caribbean Holdings Inc.
  16. Aegean Gas Maritime Company
  17. Aegean Holdings S.A.
  18. Aegean Investments S.A.
  19. Aegean Maistros Maritime Company
  20. Aegean Management Services M.C.
  21. Aegean Marine Petroleum S.A.
  22. Aegean Oil (USA), LLC
  23. Aegean Oil Terminal Corporation
  24. Aegean Petroleum International Inc.
  25. Aegean Ship III Maritime Company
  26. Aegean Ship VIII Maritime Company
  27. Aegean Ship XII Maritime Company
  28. Aegean Shipholdings Inc.
  29. Aegean Tankfarms Holdings S.A.
  30. Aegean Tanking S.A.
  31. Aegean Tiffany Maritime Company
  32. Aegean VII Shipping Ltd.
  33. Amorgos Maritime Inc.
  34. AMPN USA, LLC
  35. AMPNI Holdings Co. Limited
  36. AMPNI Investments Co. Limited
  37. Andros Marine Limited
  38. Benmore Services S.A.
  39. Caribbean Renewable Energy Sources Inc.
  40. Cephallonia Marine S.A.
  41. Dilos Marine Inc.
  42. Eton Marine Ltd.
  43. Halki Navigation S.A.
  44. I.C.S. Petroleum Ltd.
  45. I.C.S. Petroleum (Montreal) Ltd.
  46. Ingram Enterprises Co.
  47. Ios Marine Inc.
  48. Ios Shipping Ltd.
  49. Ithaki Marine S.A.
  50. Kassos Navigation S.A.
  51. Kerkyra Marine S.A.
  52. Kimolos Maritime Inc.
  53. Kithnos Maritime Inc.
  54. Kythira Marine S.A.
  55. Lefkas Marine S.A.
  56. Maistros RORO Shipholdings Ltd.
  57. Milos Shipping (Pte.) Ltd.
  58. Mykonos I Maritime Limited
  59. Nevado Navigation S.A.
  60. Ostria RORO Shipholdings Ltd
  61. Paros Maritime Inc.
  62. Paxoi Marine S.A.
  63. Santon Limited
  64. Santorini I Maritime Limited
  65. Sealand Navigation Inc.
  66. Serifos Maritime Inc.
  67. Serifos Shipping (Pte.) Ltd.
  68. Sifnos Marine Inc.
  69. Symi Navigation S.A.
  70. Tasman Seaways Inc.
  71. Tempest Shiptrade Ltd
  72. Tilos Shipping (Pte.) Ltd.
  73. Tinos Marine Inc.
  74. West Coast Fuel Transport Ltd.
  75. Zakynthos Marine Limited

A timeline organised list of events preceding the current development have been recorded by Manifold Times below:

Related: Aegean auditors alleges up to $300 million ‘misappropriated’
Related: Aegean: Forensic auditors target investigations on four companies
Related: President of Aegean to leave, effective November 15
Related: Rumours: Alleged changes at Aegean’s management
Related: Mercuria starts ‘sole lender’ arrangement with Aegean
Related: Aegean establishes new management committee
Related: Mercuria bails Aegean out with $1 billion credit
Related: Ocean Intelligence comments on Aegean credit downgrade
Related: Aegean shares down 71%, to face legal investigations
Related: Aegean audit uncovers $200 million account discrepancy
Related: Aegean unfolds several business developments
Related: Aegean drops founder, elects new board members
Related: Aegean requests for ‘additional time’ to file annual report
Related: Aegean welcomes new Chief Financial Officer
Related: Lawsuit filed against Aegean’s H.E.C. acquisition
Related: Aegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
Related: Aegean in $367 million acquisition of port reception facilities services group
Related: Aegean shareholders ‘gravely concerned’ over board’s silence
Related: Shareholders nominate ‘highly qualified’ candidates to Aegean board
Related: Aegean Marine Petroleum Network under shareholder pressure

Published: 6 November, 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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16 hours ago

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September 3, 2026

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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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16 hours ago

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September 3, 2026

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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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16 hours ago

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September 3, 2026

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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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