Fri 9 Mar 2018, 12:13 GMT

Aegean could sell Fujairah storage terminal: CFO


Would be 'one alternative' to generate liquidity, but 'not a good time' to sell.


Aegean Marine Petroleum Network Inc storage tank facility.

NYSE-listed Aegean Marine Petroleum Network Inc could potentially sell its storage terminal facility in Fujairah, UAE, in order to generate more liquidity for the company, CFO Spyros Gianniotis confirmed on Thursday.

Speaking during a quarterly review of the company's results, Gianniotis noted that the sale of its storage business in Fujairah was "one alternative", whilst also explaining that, given the current state of the market, "it's not a good time" to sell.

Discussing the Fujairah storage facility, president Jonathan McIlroy added: "We're going to explore any opportunities that we find to generate the liquidity that we need. So when we're looking at our assets, obviously that's one of them."

McIlroy also noted that there were "no definitive plans for the Fujairah terminal at the moment".

"Given how weak the market is right now, now's not actually the best time to be looking to sell the terminal," he added.

Aegean completed the construction of its Fujairah terminal in the third quarter of 2014.

The facility, which has approximately 465,000 cubic metres of storage, is designed to store Class I, Class II, and Class III products, including fuel oil, gasoline and naptha.

The terminal includes 15 storage tanks and direct pipeline access to the Port of Fujairah's common jetty manifold system, in-tank and in-line blending, tank and pipeline heating and a truck loading station with two bays.

As previously reported, Aegean looks set to withdraw from the Fujairah bunker market as a physical supplier in a move designed to improve overall sales margins and profitability for the company.


Map showing existing and planned Emission Control Areas (ECAs). IMO adopts Northeast Atlantic ECA covering waters from Portugal to Greenland  

New ECA to enter into force in September 2027, connecting existing European zones with Canadian Arctic waters.

Renewable and low-carbon methanol project pipeline chart as of April 2026. Renewable methanol project pipeline reaches 61 MMT as China groundbreakings accelerate  

GENA Solutions reports pipeline growth despite concerns over construction readiness for Chinese projects.

Rendering of a diesel-electric chemical tanker. Berg Propulsion to supply propulsion system for Akdeniz-built chemical tanker  

Turkish shipyard Akdeniz orders diesel-electric propulsion package for an 8,000-dwt vessel destined for Transka Tankers.

Ningyuan Diankun vessel. China Classification Society certifies 740-teu pure-electric container ship  

Ning Yuan Dian Kun features battery-swapping capability and is claimed to eliminate 1,462 tonnes of CO2 annually.

UK ETS and FuelEU Maritime event graphic. Lloyd’s Register to host UK ETS and FuelEU Maritime briefing in London  

Event on 12 May will examine maritime emissions regulations ahead of UK ETS expansion.

Ruri Planet vessel. Japanese shipbuilder delivers dual-fuel LNG bulk carrier Ruri Planet  

The 209,000-tonne Capesize vessel can run on heavy fuel oil or LNG.

L&T Energy GreenTech and Itochu agreement signing. L&T Energy GreenTech signs 300,000-tonne green ammonia supply deal with Itochu  

Indian firm to supply Japanese trading house from planned Kandla facility for marine fuel applications.

CMA CGM Iron vessel. Methanol-powered container ship is named CMA CGM D’Artagnan  

French shipping group adds vessel to methanol fleet as part of net-zero target.

Maersk Tahiti vessel. Bound4blue completes second suction sail installation for Maersk Tankers  

Four 24-metre eSAIL units fitted on Maersk Tahiti at Chinese shipyard in April.

Aerial view of Port of Yokohama. Asia-Pacific ports advance cross-sector hydrogen and e-fuel infrastructure  

Accelleron report highlights a coordinated approach combining energy, industry and shipping demand to stimulate market development.