Marine fuel logistics company Aegean Marine Petroleum Network has decided to exit the Singapore market as a physical supplier as of January 2018 after 11 years of operations in the country, although it will still maintain a trading presence in Singapore.
The company is working with Maritime and Port Authority of Singapore (MPA) and its partners to arrange its orderly withdrawal from the physical supply market. All deliveries and contracts that the company has booked with clients’ vessels, cargo providers and barge contractors will be fulfilled.
“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, president of Aegean Marine Petroleum Network, explained.
According to McIlroy, the company will continue to employ a team of traders and support staff to support its clients in in Singapore and Southeast Asia.