World Bunkering > News > Spring 2010 > All change

Volumes down in Rotterdam – but gas oil on the up

While Rotterdam retains its position as the second busiest bunkering port in the world, sales figures for 2009 show that the world shipping slowdown has had a considerable effect on bunker demand. Sales of bunkers in Rotterdam fell by 6%, from almost 13 to 12.2 million tonnes. This still reflects a moderate success for the bunker sector under the circumstances, given that cargo throughput was down by 8.5% over the same period. In total, 302,607 tonnes of gas oil, 11,732,038 tonnes of fuel oil, 22,715 tonnes of diesel oil and 110,232 tonnes of lubricating oil were bunkered. That resulted in total sales of 12,167,592 tonnes. The number of bunker deliveries fell slightly, from 21,864 to 20,748.

A port of Rotterdam spokesman said that the decline was “due to the credit crisis”. The bunkering of gas oil rose last year in Rotterdam by about 20%, from 252,414 tonnes to 302,607 tonnes. Sales rose considerably at the end of 2009 ahead of the 0.1% sulphur limit for oceangoing vessels which berth for more than two hours, imposed by the European Union, which came into force on 1 January 2010.

Ownership shake-up as Aegean acquires Verbeke

Aegean Marine Petroleum Network announced at the beinning of January that it is to acquire ARA-based physical suppliers Verbeke Bunkering. The acquisition, which is the largest since Aegean went public three years ago, is scheduled to close by the end of the first quarter of 2010. According to reports in Lloyds List, the transaction price is in the region of $40 million. The acquisition was preceded by Aegean’s announcement in December of a $100 million credit facility from BNP Paribas, which Aegean president Nikolas Tavlarios said at the time would allow the company to take advantage of opportunities for consolidation. Aegean subequently announced the issue of a further 3.9 million shares.

Verbeke Bunkering covers the entire ARA region, including key ports surrounding the main ARA complex, including Ghent, Zeebruges, Flushing, Terneuzen, and Sluiskil. Sales volumes for the year ending 31 December 2009 are expected to be approximately 3.5 million tonnes. The company provides bunkering services in port to a diverse group of shipoperators as well as marine fuel traders, brokers and other users. Verbeke focuses on purchasing quality marine fuels from refineries and major oil producers, and providing same-day sales and delivery services to customers. Verbeke Bunkering operates a total of 18 bunkering vessels, of which nine are owned and nine are chartered-in. Two of the nine owned vessels are joint ventures in which Verbeke holds a minority stake. Aegean has agreed to purchase the nine owned bunkering vessels and assume the contracts for the nine vessels chartered-in by Verbeke. Aegean will assume the contract for a bunkering tanker newbuilding, of which Verbeke holds a 50% stake, scheduled to be delivered in 2010.

According to Mr Tavlarios, “Verbeke represents our largest acquisition to date, positioning Aegean well to significantly increase future sales volumes and strengthen the company’s global brand recognition. Based on its extensive operating history and strong reputation for high-quality service, Verbeke has built a leading market position in the ARA region. We intend to capitalise on the favourable growth prospects in the world’s second largest bunkering market and meet the demand for our comprehensive marine fuel services. In addition to establishing a strategic presence in this important region with considerable ship traffic, we expect to realise meaningful operating synergies with our Belgium-based subsidiary, Bunkers at Sea, which Aegean acquired in 2007”.

Verbeke will operate as a wholly-owned subsidiary of Aegean and maintain its headquarters located near Antwerp. Verbeke will continue to be led by its Chief Executive Officer, Tony Vertommen. Commenting on the announcement, Mr. Vertommen said: “By joining Aegean’s premier global network, we expect to expand our opportunities for long-term growth and strengthen our leading position in our core markets.”

Aegean is also extending its reach in the UK, having committed its new 5,500 dwt bunker tanker Paxoi to its UK operation.