Aegean Marine Petroleum announced that it has decided to exit the Singapore market as a physical supplier as of January 2018. Aegean will maintain a trading presence in the Singapore market.
At the moment, Aegean is arranging its orderly withdrawal from the physical supply market in Singapore in cooperation with with the Maritime and Port Authority of Singapore (MPA) and its barging and cargo partners in the market.
Aegean’s President, Jonathan McIlroy, emphasized that all deliveries and contracts that the company has booked with clients’ vessels, cargo providers and barge contractors will be fulfilled.
He also added that Aegean will retain its presence in the Singapore market, to support its client base in Asia.
“The bunkering market in general, and the Singapore market in particular, are extremely competitive. We had hoped that enforcement of mandatory mass flow meter (MFM)-equipped bunker barging in January would have driven commercial improvement in the Singapore market allowing Aegean to compete profitably. However, 2017 has seen heightened commercial pressures in Singapore, and as a result, management has determined that Aegean’s resources can be more profitably deployed elsewhere,” Jonathan McIlroy, said.