Minerva Bunkering


Minerva Bunkering is a supplier of marine fuels and bunkering services headquartered in Geneva, Switzerland, and operating from hubs in Geneva, Athens, New York, Singapore, Antwerp and Las Palmas. It is a wholly owned subsidiary of Mercuria Energy Group and was established by Magid Shenouda, Mercuria’s Global Head of Trading, in 2015.

History

Minerva bunkering was established in 2015 when Mercuria sought to expand its fuel oil trading infrastructure and provide more services to its customers. It began with a core group of more than 40 marine fuel specialists who came from the bankrupt ship Danish fuel supplier OW Bunker in December 2014 to form a bunkering group within Mercuria.
In August 2018, Mercuria acquired almost one-third of the shares of Aegean Marine Petroleum Network Inc., with headquarters in Piraeus, Greece. In October 2018, an audit of AMPNI revealed accounting problems amounting to some US$300 million, and the company commenced a Chapter 11 reorganization process the next month in an attempt to improve its liquidity. Mercuria offered financing, and under the terms of the restructuring deal, received 100% of the common equity of the reorganized company. The US Bankruptcy court approved the company's reorganization plan in March 2019, and Minerva Bunkering assumed ownership of Aegean Marine’s operations and assets.
Aegean Marine
Aegean Marine Petroleum Network was established in 1995 by Dimitris Melissanidis. It began operations with one bunkering station in the Port of Piraeus. The second bunkering station was opened in Gibraltar in 1997, followed by stations in Fujairah, Kingston, Singapore, and other locations around the world. In 2006, it was listed on the New York Stock Exchange through a public offering. Its former assets and operations are now a part of Minerva bunkering.

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.