Sweeping changes for Aegean Marine Petroleum Network

Sweeping changes for Aegean Marine Petroleum Network

New York-listed bunker supplier Aegean Marine Petroleum Network has made a raft of changes that will see a new chairman take over and a move away from its old headquarters in Piraeus.

Three new independent directors have joined the board while Donald Moore, a former high flyer with Morgan Stanley, has taken over as chairman of the board.

Aegean said it will also look at its existing footprint and make changes to its ports network to improve profitability.

Moreover, following the recent termination of the company’s consulting agreement with Dimitris Melisanidis, Aegean’s founder, the company is planning to relocate its principal offices from the current location in a building owned and operated by Melisanidis. The Aegean headquarters have been a prominent bit of real estate on the Piraeus shoreline for many years.

Melisanidis stepped down from the company two years ago, netting a $100m payout. The company, which managed a first quarter profit this year, faced a significant shareholder revolt last year, which saw famous Greek tycoon Peter Georgiopoulos ousted as chairman.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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