GLOBAL: Aegean bondholders attack Mercuria’s ‘aggressive’ loan-to-own strategy
The Ad-Hoc group of convertible bondholders, who are owed a total of $267 million, says that Mercuria’s relationship with Aegean has been detrimental and the instigation of Chapter 11 proceedings is ‘designed to complete Mercuria’s acquisition of [Aegean’s] assets at less than fair value through an expedited insider-sponsored section 363 sale process.’
EUROPE: Saras to develop VLSFO bunkering terminal in Sardinia
The Italian refiner is reportedly investing in infrastructure that will allow ships to dock outside its Sarroch refinery in Sardinia to directly load very-low-sulphur marine fuel oil.
GLOBAL: ‘World’s largest’ plug-in hybrid vessel marks next construction phase
The hull of the battery-powered M/S Color Hybrid has arrived at Ulstein Verft for completion.
ASIA PACIFIC: LOC joins marine LNG coalition
The independent marine and engineering consultancy and survey organisation has become the latest member to join the LNG Marine Fuel Institute.
GLOBAL: Jamaican government seeks clarity on money owed to Petrojam
The state-run oil refinery has denied that it is owed over $3.1 million by Aegean Marine, which filed for Chapter 11 in a New York court earlier this week.
GLOBAL: Avance Gas weighing up marine LPG for 2020
The very large gas carrier shipowner and operator says it is ‘evaluating how to position’ towards the global sulphur cap and says it could turn to liquefied petroleum gas to comply with the regulation.