ShippingWatch

Bunker association IBIA worried about Aegean case

Aegean Marine Petroleum's decision to file for Chapter 11 in the US following an alleged fraud case raises concerns at the International Bunker Industry Association, IBIA, which sees an increased need for an ethical compass in the sector, Chairman Michael Green tells ShippingWatch.

Photo: Ritzau Scanpix/AP/Dimitri Messinis

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.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Employee at Bunker Holding subsidiary charged for alleged corruption

A trader at KPI Oceanconnect, a subsidiary of Bunker Holding, has been charged with alleged corruption totaling at least USD 191,250 as rewards for nominating Straits for the supply of bunker fuel to KPI's customers. The employee has been suspended and his contract terminated, the company informs ShippingWatch.

Freight rates for furniture eat up almost entire profit

The price of shipping a 40-foot container with assembled furniture from Asia to the US West Coast is currently so high that freight rates make up almost 100 percent of the furniture's retail value, according to Sea-Intelligence.

Wallem Group appoints new CEO

Wallem Group appoints interim CEO since January 2021 as the new chief executive officer of the ship management company.

Further reading

Related articles

Trial banner

Latest news

See all jobs