OW Bunker collapsed exactly four years ago today, and on Tuesday, another major player in the bunker sector went down for the count as Greek-based Aegean Marine Petroleum Network announced that the company has filed for Chapter 11 in the US due to its financial woes.
As was the case four years ago, when OW Bunker crumpled overnight, Aegean Marine Petroleum's troubles coincide with the International Bunker Industry Association, IBIA's annual gathering. And Aegean's situation does raise concerns, says IBIA Chairman Michael Green, who works as Global Technical Manager at Intertek ShipCare.
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