Minerva Bunkering is a supplier of marine fuels and

bunkering Bunkering is the supplying of fuel for use by ships (such fuel is referred to as bunker), including the logistics of loading and distributing the fuel among available shipboard tanks. A person dealing in trade of bunker (fuel) is called a bun ...

services headquartered in

Geneva , neighboring_municipalities= Carouge, Chêne-Bougeries, Cologny, Lancy, Grand-Saconnex, Pregny-Chambésy, Vernier, Veyrier , website = https://www.geneve.ch/ Geneva ( ; french: Genève ) frp, Genèva ; german: link=no, Genf ; it, Ginevr ...

, Switzerland. It was founded in 2019 as a wholly owned subsidiary of

Mercuria Energy Group Mercuria Energy Group Ltd is a Cypriot-domiciled multinational commodity trading company active in a wide spectrum of global energy markets including crude oil and refined petroleum products, natural gas (including LNG), power, biodiesel, base ...

. It quickly absorbed the larger Aegean Marine Petroleum Network (AMPNI), a public company listed on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...

, when Aegean was acquired by Mercuria, and Minerva Bunkers, another subsidiary of Mercuria founded in 2014

History

Roots of Minerva Bunkering go back to Aegean Marine Petroleum Network (AMPNI), established in 1995 by

Dimitris Melissanidis Dimitris Melissanidis (Greek: Δημήτρης Μελισσανίδης; born 8 March 1951) is a Greek business shipping and oil tycoon who is one of Greece's most successful businessmen. He is the current owner of AEK Athens Football Club. He ...

Piraeus Piraeus ( ; el, Πειραιάς ; grc, Πειραιεύς ) is a port city within the Athens urban area ("Greater Athens"), in the Attica region of Greece. It is located southwest of Athens' city centre, along the east coast of the Saron ...

, Greece, and Minerva Bunkers Pte Ltd., established in December 2014 by Mercuria in

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...

. Aegean Marine Petroleum Network started to operate with one bunkering station in the

Port of Piraeus The Port of Piraeus ( el, Λιμάνι του Πειραιά) is the chief sea port of Athens, Greece, located on the Saronic Gulf on the western coasts of the Aegean Sea, the largest port in Greece and one of the largest in Europe. The Chinese ...

. The second bunkering station was opened in Gibraltar in 1997, followed by stations in Fujairah (2001), Kingston, Kingston (2005),

(2006), and other locations around the world. In 2006, it was listed in

through a public offering. Minerva Bunkers began with a core group of more than 40 marine fuel specialists who came from the bankrupt Danish ship-fuel supplier OW Bunker in December 2014. In August 2018, Mercuria Energy Group acquired almost one-third of AMPNI's shares. In October 2018, an audit revealed substantial accounting problems at Aegean, to the tune of US$300 million. Aegean Marine commenced its Chapter 11 process in November 2018, reorganizing in order to improve its liquidity. Under the terms of the restructuring deal,

received 100% of the common equity of the reorganized company. The US Bankruptcy Court approved of the company's reorganization plan in March 2019. Consequently, Aegean Marine was acquired by Mercuria, and its assets were taken over by the newly Minerva Bunkering. Correspondingly, the headquarters of the company was moved to

, Switzerland.

Operations

Minerva Bunkering is a marine fuel logistics company that physically supplies and markets refined marine fuel and lubricants to ships in port and at sea. It operates from hubs in

Athens Athens ( ; el, Αθήνα, Athína ; grc, Ἀθῆναι, Athênai (pl.) ) is both the capital and largest city of Greece. With a population close to four million, it is also the seventh largest city in the European Union. Athens dominates ...

, New York,

, Antwerp and

Las Palmas Las Palmas (, ; ), officially Las Palmas de Gran Canaria, is a Spanish city and capital of Gran Canaria, in the Canary Islands, on the Atlantic Ocean. It is the capital (jointly with Santa Cruz de Tenerife), the most populous city in the auto ...

References

External links

* {{Authority control Companies formerly listed on the New York Stock Exchange Oil and gas companies of Greece Oil and gas companies of Switzerland Shipping companies of Greece Shipping companies of Switzerland Energy companies established in 1995 Transport companies established in 1995 Greek companies established in 1995

History

Operations

See also

References

External links