Aegean puts figure on OW exposure
25th November 2014 15:21 GMT

Aegean Marine says its exposure to OW Bunker is a lot less than has been reported.

The company had said earlier that the $20 plus million figure circulating in the market was "grossly overstated".

That was confirmed in its third quarter earnings call, when company CEO Nicholas Tavlarios said Aegean's exposure to OW stood at $7.8 million.  

These sums were "fully recoverable" as OW "did not hold title or have any separate rights" over the fuel.

Tavlarios said that the loss would be recorded in Aegean's next set of financial results adding that it would have no impact on the company's cash-flow.

Tavlarios went on to talk up Aegean's business model saying it was not speculative but founded on physical supply.

In the aftermath of the OW's collapse, he could see the pendulum swinging back as "risk-adverse shipowners" shied away from traders to the security afforded by the physical supplier.

Aegean could increase market share as a result of OW's exit and might hire ex-OW staff.


Julian Macqueen, 25th November 2014 15:21 GMT
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