Marine fuel logistics company Aegean Marine Petroleum Network is winding up six of its inactive shipping companies in Singapore.
S&P Global Platts cited Aegean Marine’s president Jonathan McIlroy as saying that the liquidation of the shipping entities was “procedural”, adding that the process had been going on for a long time.
The Singapore-registered shipping firms, including Paros Shipping, Naxos Shipping, Lefkas Shipping, Kimolos Shipping, Ithaki Shipping and Anafi Shipping, have reportedly been placed under voluntary liquidation.
Platts further said that the businesses, which were established in Singapore between 2008 and 2011, are to be wound up after an extraordinary general meeting was held at the bunker supplier’s office on Friday.
In late October, Aegean Marine decided to exit the Singapore market as a physical supplier as of January 2018, after almost 11 years. The decision was made amid competition pressure.
“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,” McIlroy earlier said.
At the time, the company said that it would keep a trading presence in the Singapore market by continuing to employ a team of traders and support staff to support its clients in the market.