Aegean Bunkering Germany GmbH, now rebranded as Minerva Bunkering, tells Bunkerspot that the new management will weigh up a possible return to the German port later this year.
Aegean Marine Petroleum Network (Aegean), which filed for Chapter 11 in November 2018, halted operations at the German port in January. Mercuria Energy Group Limited acquired Aegean Marine on 4 April, after it emerged from Chapter 11 and a restructuring programme, and the company, which has a 41-strong barge fleet and terminal facilities, is now operating under the Minerva Bunkering branding. The company will now look into re-establishing a presence at the Port of Hamburg.
‘During the second half of this year together with the new management of the company we will investigate the feasibility in returning to the market, Andreas Athanasiadis, Managing Director of Aegean Bunkering Germany GmbH, told Bunkerspot.
Aegean opened its Hamburg office in January 2015. In March 2018, having pulled out of the Singapore market, and scaled back operations at the Port of Fujairah, former president Jonathan McIlroy said the company was anticipating an escalation of business in Hamburg.
However, Aegean was dogged by alleged financial mismanagement issues throughout 2018. Last June, it emerged that the company might have to write off $200 million due to potentially fraudulent transactions. In August, Aegean announced a raft of managerial changes and departures and this was followed by the departure of McIlroy in September.
At the beginning of November, it emerged that up to $300 million of the company’s assets and cash had been misappropriated and Aegean officially filed for Chapter 11 on 6 November.
According to Aegean’s website, the company operated one bunker barge in the Port of Hamburg – the 925 GT Antonie. AIS data shows that this vessel is currently in the Port of Amsterdam.